Viral35.com – Cryptocurrency traders on Crypto Twitter are shifting their attention from Shiba Inu-inspired tokens to those based on the internet meme Pepe the Frog. The Pepe (PEPE) token, which launched on Sunday, has skyrocketed by over 21,000% in the past three days, accumulating $30 million in trading volumes on Uniswap and reaching a market capitalization as high as $33 million on Tuesday morning.
Pepe Takes the Reigns
Described as “the most memeable memecoin in existence,” according to the Pepe website, the token has gained significant popularity among investors seeking to profit from the ongoing frenzy. Data from blockchain tracker Etherscan shows that Pepe has already garnered 10,000 individual holders in a short period of time.
Surprising Seriousness for a Joke Token
Despite its origins as a joke token, Pepe has gained serious trading action. With a circulating supply of 420 trillion, a reference to the popular cannabis culture slang “4/20,” Pepe has locked up over $1.3 million in liquidity in a trading pool on Uniswap, all supplied by providers. This trading activity is unexpected for a token that was initially intended to be a complete joke.
Pepe vs. Dogecoin and Shiba Inu
The rise of Pepe and other meme coins on Crypto Twitter mirrors the previous hype surrounding tokens like dogecoin (DOGE) and shiba inu (SHIB). In the previous bull market, DOGE and SHIB both reached market capitalizations in the tens of billions, capturing the attention of the crypto community and beyond. However, meme coins are known for their short-lived nature, with most not lasting beyond a few weeks. Despite this, some professional investors have acknowledged that meme coins and their narratives will likely continue to be a part of the crypto ecosystem.
The Risky Business of Meme Trading
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James Wo, founder at crypto fund DFG, explained that meme trading can be a risky way to seek excessive returns, but when it works out, the upside can be substantial, even in a bear market. Meme coins offer traders the opportunity to capitalize on short-term gains, as they tend to experience large price swings due to their speculative nature. However, it’s important to note that meme trading comes with significant risks and should be approached with caution.
Pepe’s Origins
Pepe the Frog is a green frog with a humanoid body that originated in the 2005 comic Boy’s Club, created by Matt Furie. The character gained viral popularity in the years following its creation, becoming a widely recognized part of internet culture. However, it’s important to note that Pepe the Frog meme and Matt Furie have no connection to the Pepe (PEPE) token or the frenzy surrounding it.
The Allure of Meme Coins
Meme coins have captured the attention of the crypto trading landscape due to their high volatility and potential for significant short-term gains. While established cryptocurrencies like bitcoin and ether tend to have low volatility, meme coins offer traders the opportunity to capitalize on quick price movements. However, it’s important to exercise caution when trading meme coins, as they can be highly speculative and come with significant risks.
