Pepe (PEPE) saw its price rebound over 19% earlier today after Binance launched a new promotion on its Simple Earn platform.

This promotion is enticing new demand for PEPE as traders take advantage of increased earnings potential.

Meanwhile, Polygon-based meme coin Sponge V2 (SPONGEV2) has extended its rally yet again – and is now up 126% since launching on February 5.

New Binance Promo Sparks PEPE Price Rally

PEPE’s price pump comes right after Binance, the world’s leading cryptocurrency exchange, launched a new series of promotions for the token.

Binance aims to boost PEPE demand with these promotions, offering both free tokens and higher interest rates.

The first part of the promo involves gifting 700,000 PEPE tokens to the first 50,000 people who learn about the project through an online quiz.

The second part of the promo allows all Binance users to earn up to 9% extra interest on top of the standard rate just for holding PEPE in the exchange’s flexible savings protocol.

Both of these elements incentivize investors to buy and hold more PEPE.

The result is that PEPE has experienced a wave of buying pressure, pushing the token’s price up to $0.00000140 earlier today.

However, since that intraday peak, PEPE’s price has dropped 8% as investors likely took profits.

Lack of Use Cases Presents Challenge for PEPE’s Future

While the promotions might spark short-term interest in PEPE, the token still faces long-term challenges around its utility.

Unlike meme coins on other blockchains like Solana, where integration with DeFi dApps or NFT projects is common, PEPE lacks a clear use case beyond speculation.

This raises the question of whether the token can sustain its value over the long run.

Several Solana-based meme coins with tangible utility have recently outperformed PEPE massively, even without exchange promotions.

For example, based on social media hype alone, dogwifhat