• Binance allowing users to borrow against PEPE tokens might have contributed to the surge.
• Daily active addresses spiked to a 25-day high.

Frog-themed meme coin Pepe [PEPE] witnessed frantic trading activity in the last 24 hours.

The asset pumped nearly 20% during the U.S. trading hours on 4th November, shrugging off a shaky start to the day during which it fell more than 8%, AMBCrypto discovered using CoinMarketCap’s data.

The wild swings in market value attracted traders in hordes.

The daily trading volume increased fourfold from the previous day to more than $438 million, as per data fetched by AMBCrypto from Santiment.

Could this be the catalyst?

While the surge could be easily attributed to the market-wide optimism on cryptos, developments specific to PEPE might also played a big role.

World’s largest crypto exchange Binance [BNB] announced a new promotion for Binance loans, as part of which any token can be borrowed from the exchange while holding PEPE as collateral.

The promotion period would last till the end of the month. The first 800 users who borrow at least 30 Tether [USDT] equivalent of any token would become eligible for rewards up to 10 million in PEPE, the blog post read.

Naturally, the allure of rewards prompted investors to accumulate PEPE tokens, causing a spike in its price.

However, not everyone was waiting for rewards. Few traders started profit-taking, breaking PEPE’s momentum and causing it to slide to

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Author: Aniket Verma

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