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Memecoins: The Pepecoin Crypto Craze Continues

Thu 30 May 2024 ▪ 4 min of reading ▪ by Mikaia A.
Altcoins

The crypto universe has recently been shaken by the emergence of new tokens inspired by internet memes, including PEPE. These memecoins, like PEPE, have experienced a meteoric rise, overshadowing other altcoins. Since its inception, PEPE has achieved impressive milestones, reaching unimaginable heights. And this is far from over.

Fire-breathing frog inspired by the PEPE meme

Pepecoin sets new records

The recent approval by the SEC of Ethereum ETFs has propelled Pepecoin and Floki prices by more than 27% in one week. Both altcoins, built on Ethereum’s ERC-20 standard, now pulse to the rhythm of the crypto markets.

Crypto enthusiasts saw red this month, or rather green, with the explosion in the number of blockchain addresses transacting in Pepecoin (PEPE). Within 30 days, the number of daily active addresses holding this meme crypto has increased by 230%, reaching 9,830, according to IntoTheBlock data. This meteoric rise far exceeds that of its mimetic counterparts. In comparison, Floki’s active addresses only surged by 179%, while the venerable Dogecoin’s addresses painfully increased by 10% reaching 53,000.

Launched last April to relative indifference, Pepecoin, inspired by the famous Pepe the Frog meme created by Matt Furie in 2005, is experiencing a resurgence. The meme trend, although volatile and risky, stands out as an unavoidable phenomenon. Thus, Pepecoin is at the forefront among the cryptocurrencies monitored by investors, demonstrating that even the most improbable can sometimes become the kings of the blockchain.

The memecoin frog leaps to the top of the blockchain

While Wall Street took a day off for Memorial Day, crypto traders were busy, propelling Pepecoin to a new high of $0.00001698. These spectacular gains brought this memecoin’s annual rise to an impressive 1,000%.

But on Tuesday, the momentum faltered, with a drop of 4.8%. Despite this setback, most PEPE crypto holders are rubbing their hands: 97% of them are recording gains on paper, according to IntoTheBlock, while only 2.73% are break-even.

With the growing recognition of digital assets on Wall Street and the approval of related financial products, memecoins elicit as much enthusiasm as they do concern among experts. Industry leaders warn against potential pitfalls. Yet, the appeal of these digital curiosities to traders remains undiminished.

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Ranked 22nd among cryptocurrencies with a market cap of $6.75 billion, Pepecoin is making headlines. In terms of 24-hour trading volume, it ranks 7th, with $1.7 billion traded, just behind heavyweights like Bitcoin, Ethereum, Solana, and a few stablecoins.

A performance worthy of a frog determined to establish itself among the bulls of finance.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.