The most recent addition to the meme coin market is a token called PEPE, which has piqued the interest of profit-seekers in the crypto community. So far, the PEPE coin has defied all expectations and the weekend’s low crypto momentum. As a result, its price has risen to levels not seen since the 2021 crypto bull run. The coin was created on Sunday and has since increased by more than 21,000%, bringing in an incredible $30 million in trading value on Uniswap. As a result, its market capitalization was $33 million on Tuesday morning.
The website for the new memecoin promotes it as the “most memorable memecoin in existence.”
“The most memeable memecoin ever.” The dogs have had their day; now it’s Pepe’s turn.”
According to Etherscan data, the new memecoin’s user base grew to 6000 before soaring to 10,000 individual holders. This demonstrates that the meme token was immediately adopted by large groups of profit-seeking investors. The memecoin has a circulating supply of 420 trillion, which is a spin on “4/20,” another popular cannabis culture slang phrase.
Despite the fact that the token is intended to be a complete joke, the trading figures for the token are not. For example, a PEPE token trading pool on Uniswap has locked up about $1.3 million in liquidity, all of which has been provided by suppliers. However, the token in question has nothing to do with the Pepe the Frog meme or its originator, Matt Furie.
The Pepe the Frog meme, which depicts a green frog with a humanoid form, first appeared in 2005. It has become an important aspect of popular internet meme culture in the years after its creation.
Because of the phenomenal success of Dogecoin and Shiba Inu, they have become the standard against which all other meme coins are measured. All other meme coins want to achieve the amount of success that Dogecoin and Shiba Inu enjoy. So, will the newest meme coin achieve the same degree of success? While PEPE is experiencing unprecedented success and activity, the danger of a crash is very real. One example is the Solana-based BONK memecoin, which experienced a significant early surge before collapsing, leaving investors with large losses.
According to market data, PEPE may have already met its first stumbling block, with demand dwindling. Its value fell by roughly 40% after reaching a peak of $0.0000000789. Despite this, PEPE remains one of the most popular tokens on the Ethereum blockchain. Crypto After the phenomenal popularity of Dogecoin and Shiba Inu, Twitter has a flair for identifying new memecoins. As a result, it should come as no surprise that a new meme coin is occasionally heralded as the next DOGE or SHIB. However, most new tokens lose steam after the first euphoria and last only a few weeks. This is due to the fact that anyone can create tokens on the Ethereum network.
Some investors and crypto fans feel that meme currencies will continue to play an important role in the crypto ecosystem. “Meme coins are huge parts of the crypto trading landscape, whether we like it or not,” said James Wo, founder of crypto firm DFG. While the most popular currencies, like as bitcoin and ether, have very low volatility, it’s natural for traders to hunt for possibilities elsewhere. Meme trading is a dangerous technique to try to maximize earnings, but when it works, the rewards may be enormous. So, even in a negative market, some meme coins will experience significant upswings, even if only in the short term.”