As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the rise and fall of numerous trends, from dot-com bubbles to crypto mania. The latest development in the cryptocurrency market – the surge of memecoins like Pepe (PEPE) – is an interesting phenomenon that warrants careful observation.
On Binance.US, the well-known memecoin Pepe (PEPE) has been added to their listings, as American crypto platforms compete fiercely to capture a piece of the profitable memecoin sector.
As a crypto investor, I’m excited to share that starting from December 5, 6:00 am Eastern Time, I’ll be able to trade PEPE against Tether (USDT) on Binance.US, as announced on December 4. This stablecoin pairing promises an interesting dynamic in the crypto market!
As a researcher, I’ve observed that from its beginnings, PEPE has garnered substantial interest within the network, primarily fueled by the power of social media and an enthusiastic community backing.
On December 4th, the total market value of PEPE, as reported by CoinGecko, was close to $9 billion.
More memecoin listings
Cryptocurrency platforms such as Binance.US and Coinbase have been increasing the number of meme-based coins they offer, following the victory of President-elect Donald Trump on November 5th.
With a cryptocurrency-supportive administration under Trump, Coinbase anticipates being able to provide more services for certain tokens that were not previously available, according to Tom Duff Gordon, the company’s vice president of international policy, as he shared with Bloomberg in November.
“We’re talking more about some of the smaller tokens, some of the memecoin tokens,” Gordon said.
In the month of December, Coinbase added meme-based cryptocurrencies such as Moodeng (MOODENG), Mog (MOG), and Dogwhatt (WIF) to its platform.
In November, Binance.US listed Bonk (BONK), a popular dog-themed memecoin.
On December 4th, the combined market value of memecoins surpasses $130 billion, as reported by CoinGecko.
Memecoins have drawn mixed reactions from the crypto community. Some influencers, like Murad Mahmudov, argue that memecoins provide a legitimate use case for crypto by removing the speculation premium from altcoins.
People like Jimmy Song argue that memecoins are more likely to lose money for investors rather than make it, and they view them as the pinnacle of reckless speculation.
Pepe’s origins
Originating in 2005 from the creative mind of artist Matt Furie, Pepe emerged as a cartoon frog who gained immense popularity on the internet, especially within communities of cryptocurrency enthusiasts.
As a researcher delving into the fascinating world of memecoins, I’ve noticed that other creations similar to Furie have garnered significant popularity. These include Brett (BRETT), Andy (ANDY), and Landwolf (WOLF).
In the 2016 U.S. presidential election, images of Pepe, originally conceived as a harmless cartoon character, gained widespread use within alt-right communities, stirring up debate and causing controversy that contrasted sharply with Furie’s portrayal of him as a “friendly frog figure.
2019 saw Furie filing a lawsuit against InfoWars and its founder, Alex Jones, due to the use of the character in their political content.
As reported by the Anti-Defamation League, a group that monitors hate, the vast majority of instances where Pepe the Frog is used are not associated with bigotry.
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2024-12-04 22:56