On May 1, cryptocurrency alternate OKX introduced that it might be itemizing memecoin Pepe (PEPE) at 17:00 Hong Kong Time (HKT) and open Pepe withdrawals on May 2 at 17:00 HKT. In supporting the itemizing resolution, OKX employees wrote:
“Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body; this is one of the most popular memes in the world.”
Several cryptocurrency exchanges, together with MEXC Global, Bitget, Gate.io and Huobi, listed Pepe trading pairs two weeks prior, stirring what seems to be a trading frenzy. The token has returned 2,340% since April 17 and is now trading at $0.000001223 apiece at publication. Following information of the OKX itemizing, Pepe’s worth has surged over 50% up to now 24 hours.
Created on the Ethereum blockchain by nameless builders, the Pepe token was created, in response to CoinMarketCap, “as a tribute to the Pepe the Frog internet meme,” with the purpose of capitalizing on the recognition of memecoins comparable to Shiba Inu (SHIB) and Dogecoin (DOGE).
In 2021, DOGE surged by over 23,000%, partly resulting from American enterprise magnate Elon Musk’s vocal help for the coin on social media. Similarly, SHIB surged by over 1,250% through the 2021 cryptocurrency bull market after gaining tailwind recognition from its sister Dogecoin token. Despite the latest traction, OKX employees wrote in its Pepe itemizing announcement:
“Digital assets are innovative investment products with high price fluctuations and risks. Before investing, [OKX] hopes you have a full understanding of digital assets, rationally judge your investment ability, and make investment decisions prudently.”
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