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Gemini to Give Away 1 Billion PEPE to One Verified User
To celebrate its entry into the ecosystem, Gemini announced a giveaway of one billion PEPE.
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On Friday, May 12th, the Winklevoss twins’ Gemini announced it is conducting a 1 billion PEPE giveaway to celebrate the memecoin joining the ecosystem. Since its introduction several weeks ago, the twins made several positive Tweets on the frog-themed cryptocurrency. Additionally, PEPE trading became available on Gemini earlier this week.
Gemini to Give Away ~$1,200 in PEPE In Celebration of the Frog-Themed Memecoin
This Friday, Gemini announced a giveaway of 1 billion PEPE. According to the post, anyone can enter the competition as long they meet a certain set of criteria. Participants should be followers of Gemini’s Twitter account and should share the announcement post.
Additionally, in order to win, participants have to be registered and verified users of Gemini with a linked source of funding. The winner of the giveaway will receive PEPE worth around $1,350 at the time of writing.
Submissions will remain open until 11:59 PM EST on Sunday, May 14th. According to the post, the giveaway is meant to celebrate PEPE’s entry into Gemini’s ecosystem. The meme coin became available for trading on the platform on Wednesday, May 10th.
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PEPE’s Rapid Rise and Decline
Since it appeared on the scene about a month ago, PEPE has taken the crypto community by storm. Over the course of only a few weeks, its value skyrocketed turning some traders that entered early millionaires out of initial investments of only several hundred dollars.
Last week, the memecoin received another major boost after Binance confirmed it will list it on its platform causing it to jump another 100% within a single day. This week, PEPE entered a steep decline and lost $1 billion in market cap between Monday and Thursday.
After deciding not to follow in the footsteps of firms like Binance and Gemini, and reasoning that PEPE is a “hate symbol” Coinbase faced severe backlash from the community. The response to the exchange’s decision led to an official apology, but the memecoin is yet to be confirmed for listing on Coinbase.
Do you think PEPE will continue to decline, or will it make a major comeback? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
