Memes are quickly becoming the new way to gain popularity and fame in cryptocurrencies. Meme-based cryptocurrencies, ranging from Dogecoin to Shiba Inu, have grown in popularity recently. However, a new entrant in the meme coin space has recently made waves. PEPE, a meme coin inspired by Pepe the Frog, has experienced an unexpected surge in popularity, with its price increasing by more than 51% in the last week.
Despite PEPE’s unexpected success, Robinhood customers are clinging to their Dogecoin and are not selling. According to DogeWhaleAlert, Robinhood customers now have 33,562,118,525 DOGE in their wallets, equivalent to $2,642,446,278 USD. This represents 24.11% of all Dogecoin supply in circulation, demonstrating Robinhood customers’ trust and faith in the meme-based cryptocurrency.
On the other hand, PEPE is a new meme coin launched in April by an unidentified team of developers. It has no utility but has recently gained enormous popularity and has been listed on many cryptocurrency exchanges, including Huobi and OKX. Binance has also announced that PEPE will be added to its Innovation Zone, which is a section where new promising coins are added.
Because of the sudden surge in the popularity of PEPE, many whales and “smart money” wallets have sold their Shiba Inu and NFTs to purchase the new trendy coin. One “smart money” whale exchanged 6 billion Shiba Inu for 325 billion PEPE after purchasing several hundred SHIB for $224,000 in 2021 and earning $3.84 million on the transaction.
David Gokhshtein, a cryptocurrency influencer and vocal supporter of meme coins such as DOGE, SHIB, FLOKI, and now PEPE, tweeted that many people are selling their NFTs at low prices to buy PEPE. PEPE is now more expensive than Shiba Inu, the second largest canine crypto in market cap after Dogecoin, with a price of $0.000002966.
While the sudden rise of PEPE has piqued the interest of many crypto enthusiasts, Robinhood’s DOGE stash has remained unaffected by the craze. Customers of Robinhood are clinging to their DOGE, indicating that they still believe in the meme-based cryptocurrency. With the recent rise of meme coins, it will be interesting to see how these currencies evolve and what their future holds.
