Binance’s listing has helped push the PEPE memecoin’s market worth above the $1 billion level

Since its launch on April 14, the value of the new frog-themed memecoin has increased by more than 4,000%.

PEPE’s main selling point is the absence of a selling point. Investing in the token is described as follows in the disclaimer section of the cryptocurrency’s official website:

“Meme coins, like $PEPE, are worthless and should not be invested in. Neither a team nor a plan is in place formally. The coin is entirely pointless and intended only for amusement.”

The entrepreneur Elon Musk’s outspoken endorsement of the token on Twitter drove a 23,000% increase in DOGE in 2021.

Similarly, SHIB used Dogecoin as a springboard to increase its popularity, and its value increased by more than 1,250% during the crypto bull market of 2021.

Because they are not based on anything real, investments in memecoins are risky and subject to wild price fluctuations. Pepe insiders have been engaging in several suspicious on-chain transactions, as revealed by a deeper examination of this behavior.

Lookonchain, a blockchain analytics tool, reports that five addresses suspected of being associated with the Pepe team earned $1.23 million in a low-volume market. Over 90% of their 8.87 trillion PEPE holdings were sold on Uniswap at a profit.

Some of the largest holdings of PEPE are centralized exchanges, which is worth highlighting. However, as seen by analyst “008.eth,” non-exchange PEPE whales have been trimming their holdings as of late, suggesting profit-taking together with the May 3 price fall.

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