Cryptocurrency traders on Twitter seem to be focusing on a new meme coin project lately. A newcomer to the market, a cryptocurrency has made 21x in the last three days. Here are the details…
This new meme coin has made a splash
A Pepe token (PEPE) released on Sunday has gained over 21,000 percent in the past three days, reaching $30 million in trading volume on Uniswap and a market cap of $33 million on Tuesday morning. “The most memeable memecoin in existence. The dogs have had their day, it’s time for Pepe to reign,” says the Pepe website. Pepe reached 10,000 individual owners on Tuesday, according to data from blockchain tracker Etherscan; This means that the token is quickly being bought by masses of investors who are participating in the ongoing frenzy and hoping to make a profit.
The tokens have a circulating supply of 420 trillion in reference to “4/20”. Trading is pretty serious for a purely joke token: A trading pool for Pepe tokens on Uniswap is locking in over $1.3 million in liquidity, all provided by providers. Therefore, the tokens are not affiliated with the actual Pepe the Frog meme or the meme’s original creator, Matt Furie.
The Pepe meme, a green frog with a humanoid body, appeared in the 2005 Boy’s Club comic. In the years that followed, it went viral and became a popular part of internet culture. The cryptocurrency community on Twitter also has a distinct knack for “jumping” into meme coins, especially after the rise of tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) whose market cap jumped to tens of billions in the previous bull market.
The importance of the meme coin narrative
Anyone can make a smart contract on Ethereum (or other Blockchains) and issue tokens for a few cents, and the existence of decentralized exchanges means that tokens can be issued instantly, liquidated, and traded shortly. Some professional investors have previously said that meme coins and narratives will always remain a part of the crypto ecosystem.
At the height of such meme coin excitement, James Wo, founder of crypto fund DFG, said, “Meme coins are an essential part of crypto trading, whether we like it or not. With the biggest currencies like Bitcoin and ETH having very low volatility, it’s only natural for investors to look for opportunities elsewhere. Breast trading is a risky way of trying to generate excessive returns, but when it does end up, the upside can be huge. So even in the bear market, some meme coins can show big gains, albeit short-term,” he said.
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