Memecoins
PEPE soars with open interest of $812 million
Continuing its meteoric run, Pepe, the frog-themed token, leads the troop of coins in open interest, highlighting its growing influence in the crypto market. Pepewith DOGE, Bonk and WifCoin from Dogecoin [WIF] stood out with a notable open stake of $812.60 million, second only to Solana [SOL]which claims $1.78 billion.
The increase in open interest level is almost half that of Solana, indicating significant investor interest. More importantly, it demonstrates the growing appeal that meme coins have gained, moving from simple internet jokes to serious investment options. On the other hand, early coins such as Dogecoin, which are often associated with tweets and mentions of Elon Musk, have maintained their popularity with a stable position among major cryptocurrencies.
Another thing to note is that there is a notable gap between Solana and major memecoins, illustrating the various investment strategies within the crypto community. While established cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] remain dominant, with open interest of $11.11 billion and $9.15 billion, respectively, the rise of memecoins signifies a change in market dynamics. These tokens, initially created as a joke, have attracted considerable attention and investment, reflecting their unique appeal and speculative potential.
Support for PEPE Coinbase
Overall, PEPE performed well, climbing 100% throughout the second quarter of 2024, and spearheaded the memecoin sector, outpacing all dogs and cats. Recently, it even reversed the market cap of Polygon’s MATIC. The frog-themed token was among the main components of VanEck’s new MarketVector Memecoin Index. What likely sparked an uptrend in May was a recent announcement.
In order to boost its adoption, cryptocurrency exchange Coinbase announced its support for Pepe perpetual futures as the price of the assets increased accordingly. Indeed, Coinbase reached out to X (formerly Twitter) to reveal the new support developed for the meme. piece of money term option which will begin today.
The rise of PEPE highlights the changing dynamics within the cryptocurrency market, where memecoins are gaining ground. Initially created as internet jokes, these tokens have transformed into serious investment options, driven by community engagement and social media influence. With its recent achievements, PEPE is well positioned to lead the memecoin sector into the next phase of growth and development.