Pepe Shakes Off CZ's Views on Meme Coins, Shoots Up 701%
Pepe Coin has emerged victorious in the battle against skepticism and doubt, with an incredible rally that left even its harshest critics astounded.
Despite the naysayers, including Changpeng “CZ” Zhao, the CEO of Binance, who openly expressed his confusion towards meme coins, Pepe proved to be a force to be reckoned with.
The coin has experienced a stunning resurgence, with Coingecko reporting a jaw-dropping 100% rally in just 24 hours, putting its price at $0.00000221.
The momentum didn’t stop there, as the coin continued its meteoric rise, boasting a remarkable seven-day increase of 708%, defying all expectations and proving its worth as a contender in the world of meme coins.
Source: Coingecko
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CZ Expresses Confusion Over Meme Coins
During a recent Twitter Spaces conversation, CZ expressed his confusion over the concept of meme coins. Despite this, he stated that Binance’s decision to list such coins is primarily based on user interest and trading volume, rather than his personal understanding of the coins.
“I personally never really understood meme coins,” the Binance chief said. “There are many successful people who do seem to understand them, including Elon Musk, and others, so we go by users.”
CZ did acknowledge that meme coins like Pepe have recently gained popularity, and while Binance does not base listing decisions purely on hype, they do consider the level of speculative interest surrounding a coin.
Pepe is a recent example of a meme coin that has seen an incredible surge in price since its launch on April 14, with a price increase of nearly 38,900%. While the Binance big boss may not fully comprehend the concept of meme coins, he remains neutral on listing decisions, leaving them in the hands of a separate team at his exchange.
Crypto total market cap currently at $1.16 trillion. Chart: TradingView.com
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Potential Factors Behind Impressive Rise Of Pepe Coin
Pepe’s incredible price surge can be attributed to several factors. Firstly, the current market is experiencing an upswing, with most coins and tokens seeing a rise in value following the announcement of a 25 basis point increase in interest rates by the US Federal Reserve.
Pepe Coin’s debut coincided with this market uptick, contributing to its initial spike in value.
Additionally, crypto whales have taken notice of Pepe Coin, with many investing in the latest meme coin. One notable example saw a crypto whale swapping all their assets for Pepe, immediately netting a profit of over $1 million.
Other whales have also used the price surge to lock in profits, resulting in exponential returns on investment.
-Featured image from Twitter/Watcher Guru
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