The token also made a sharp one-day move. $PEPE jumped roughly 15% on Friday, outperforming Dogecoin and Shiba Inu even as the Binance security breach rattled the broader market, Benzinga reported. Its $2.03 billion trading volume exceeded the combined volume of Dogecoin and Shiba Inu.
The gains have not been uninterrupted. FXStreet noted that $PEPE was particularly hit by the exploit on Thursday and was down 5.6% over a 24-hour period as the hack’s impact weighed on its price.
Hacker Sale of $PEPE Absorbed by Market
Pepe was also directly affected by the incident. A wallet linked to the Binance hack dumped 7.77 trillion $PEPE tokens, valued at around $32 million, according to 24/7 Wall St. The outlet said $PEPE still rose 8.5% in 24 hours because the sale was only 1.5% of daily trading volume. On-chain data shows the hacker has finished selling the $PEPE stolen from the exchange, according to CoinGape.
Pepe was not the only token to hold up. Hyperliquid (HYPE), MemeCore (M) and Quant (QNT) were among the best-performing cryptocurrencies this week, gaining 17%, 9% and 7%, respectively, FXStreet reported. The Clearing House announced in late September that it had selected Quant to power its On-Chain Money Initiative, a network for clearing and settling tokenized bank deposits. Quant’s network is tracked by @quantnetwork on X.
Memecoins remain highly volatile, and short-term outperformance during a market-wide sell-off does not guarantee continued gains. Traders are watching whether $PEPE can hold its recent levels as the fallout from the Binance incident continues.
Sources
FXStreet: Hyperliquid leads weekly crypto gainers as market sells off
Benzinga: Pepe Jumps 15% While Dogecoin, Shiba Inu Slide on Binance Hack
24/7 Wall St.: The Binance Hacker Dumped $32 Million of Pepe
