Pepe Coin Price Retreats 6% as Investors Take Profits Off Table

Highlights

• Investors have taken profits and the PEPE price is down 6% in the past week. 
• Crypto exchange Gemini is giving away 6 billion PEPE coins. 
• Dogecoin has introduced a new standard that will lead to the development of more meme coins.

Cryptocurrency exchange Gemini is doing all it can to keep the momentum going in Pepe token, the latest meme sensation in the cryptocurrency industry. Despite its efforts, Pepe is still down about 6% in the past week to $0.000001508 after trading in the $0.000004354 area in early May. Its market cap currently hovers at $580 million. 

Pepe, an Ethereum-based token crafted after internet meme Pepe the Frog, became an overnight sensation, grabbing some of the thunder away from original meme coin Dogecoin and the others. Gemini has jumped on the meme-coin bandwagon, not only listing PEPE but also launching promotions to drum up excitement around the coin. 

Most recently, the Gemini Foundation, an international derivatives platform, is giving away 6 billion PEPE to 100 of its users. Eligible participants will be chosen on a random basis with winners notching 60 million PEPE coins each. 

In addition to Gemini, Pepe is also listed on other major crypto exchanges including Binance, Kucoin, Crypto.com and others. Binance is in the No. 1 spot for trading volume with nearly 25% in the PEPE/USDT pair. 

Meme Coin Wonder 

While Pepe coin’s popularity has not yet reached the level of Dogecoin based on price, it’s certainly taken some of the attention. According to crypto research firm Messari, Pepe coin boasted over 107,000 holders after just over 20 days in the market, capturing a market cap of $1 billion at its height. 

While it’s since come down form those levels, it already made a statement. No other ERC-20-based token has risen to the heights that Pepe coin has attained in such as short period of time. 

Not to be outdone, Dogecoin investors have had reason to celebrate lately too. The original meme coin experienced a recent surge in transactions after introducing a new standard dubbed DRC-20. This standard will allow developers to create even more meme coins via the Dogecoin blockchain. Dogecoin’s price is up about 2% in the past week.