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Memecoin PEPE stood at $0.00002479 at 7:30 am on November 14, a 94.43 per cent jump over the $0.00001275 price recorded at 12:35 pm on November 13, according to coinmarketcap.com.
Pepe Coin Price.
Even as the cryptocurrency market is surging since Donald Trump won the US presidential elections last week, meme coins like Dogecoin and Shiba Inu are also gaining huge popularity among investors. One such memecoin Pepe has almost doubled within a day on Thursday, surging nearly 94.43 per cent.
Pepe stood at $0.00002479 at 7:30 am on November 14, a 94.43 per cent jump over the $0.00001275 price recorded at 12:35 pm on November 13, according to coinmarketcap.com. Its market cap has also surged over 90 per cent to over $10 billion, with the volume skyrocketing over 250 per cent on Thursday. Here’s everything you need to know:
What Is A Meme Coin?
A meme coin is a type of cryptocurrency that originates from internet memes or jokes, often without a serious project behind it. These coins, like Dogecoin or Shiba Inu, gain value largely through online hype and social media popularity rather than tangible utility or technology.
What is Pepe Meme Coin?
The Pepe memecoin is a cryptocurrency inspired by the popular internet character Pepe the Frog, a meme originally created by artist Matt Furie. This token, like other memecoins, is primarily driven by community enthusiasm and social media buzz rather than inherent utility or technological innovation.
95% Jump In A Day: Why Is Pepe Rising So Fast?
Cryptomarket experts said the surge in Pepe is part of overall exuberance in the cryptocurrency market.
“The explosive growth of Pepe, now the third-largest meme coin, underscores the renewed excitement in the crypto space, especially in meme-driven assets. The significant price surge and the breach of its all-time high, can be largely attributed to its listings on major exchanges like Robinhood and Coinbase. These platforms not only provide legitimacy but also facilitate wider access for retail investors,” said Avinash Shekhar, co-founder and CEO, Pi42.
CoinSwitch Markets Desk said it was a strong day for meme coins, as Pepe and Bonk were both listed on Coinbase, fuelling substantial demand and pushing their prices up by a huge margin.
“Additionally, Pnut, a new meme coin listed on Binance, saw an impressive 250%+ price jump in just one day,” it said.
A market observer said pepe meme coin saw rapid price surges in early 2023 due to viral marketing and speculation, appealing to meme enthusiasts and crypto investors looking for quick gains.
“However, it’s highly volatile and considered a speculative investment with substantial risks,” he said.
What Is The Tax Implication of Crypto Assets In India?
In the Union Budget 2022, India introduced a 30 per cent tax on income from the transfer of cryptocurrencies and other virtual digital assets (VDAs). Additionally, a 1 per cent TDS is applied on the sale of crypto assets more than Rs 50,000 (Rs 10,000 in certain cases) within a single financial year.
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