PepeCoin (PEPE) Rallies By 42% As Interest In Memecoins Rises
April 23 2023 - 7:30AM
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PepeCoin (PEPE), a newly launched memecoin, has been a focal point
of investors’ interest in the last few days due to its massive
market gains. In a crypto market that is generally bleeding red,
PepeCoin, along with a host of other memecoins, has been quite
profitable for investors. PEPE Gains 42% In 24 Hours
According to data from CoinMarketCap, PEPE’s market price has
increased by 42.03% in the last day, making it one of the biggest
gainers in the crypto space. More interestingly, PEPE has gained
over 528.17% following its launch on Monday, April 17. As earlier
stated, PepeCoin (PEPE) is a memecoin; however, it differs from
most popular memecoins as it was inspired by the cartoon character
Pepe the Frog rather than the Shiba Inu dog. According to the bio
on its official Twitter handle, PEPE is described as “the most
memeable memecoin in existence” by its developers. Interest quickly
grew around PEPE following a high-profile purchase that saw an
investor reap nearly 4,500 times his initial investment.
Barely days after purchasing 5.9 trillion PEPE tokens with 0.125
ETH, valued at $250, this memecoin investor saw his investment
surge to a peak value of $1.8 million. As expected, this led to a
massive influx of investors into the PEPE market as everyone is
seeking to make a quick profit. Related Reading: Solana (SOL)
Plunges Over 13% – Will It Bounce Back? However, there is still
much concern about PEPE, as with all memecoins. For PepeCoin, its
major concerns center on the currently low liquidity of the token.
Without a moderate liquidity level, it may be hard for investors to
convert their tokens to profit regardless of how high their value
rises. At the time of writing, PepeCoin is trading around
0.0000003341, with a daily trading volume of $87.98 million. Based
on additional data from CoinMarketCap, the token has also attained
an impressive market value of $145.66 million. PEPE trading
at $0.000000349 | Source: PEPEUSDT chart on Tradingview.com Related
Reading: Polkadot (DOT) Price Slumps Below $6 – Any Chances For
Reversal? Memecoins Record Heavy Gains, Draw Investors’ Interest
Memecoins are a type of cryptocurrency based on internet memes and
are promoted majorly by celebrities’ engagements. While these
tokens are usually criticized for their lack of utility, they can
serve as a source of quick and large gains – especially upon launch
– as seen with PepeCoin. In addition to PEPE, some other meme coins
have generated significant profit in recent times, even amidst the
general crypto market dump. Examples of such tokens include
Tamadoge (TAMA), ArbDoge AI (AIDOGE), and Good Gensler (GENSLR),
which have gained by 160.34%, 608.36%, and 1719.46%, respectively,
in the last seven days. According to a report by on-chain
analytics firm, Santiment, meme keywords such as “pepe”, and “baby
doge” have trended at a high frequency in the past week,
demonstrating the growing interest in the memecoin market.
Source: Santiment Unfortunately, prominent memecoins such as
Dogecoin (DOGE) and Shiba Inu (SHIB) have been well affected by the
market’s general mood, recording losses to the tune of 10.88% and
10.00% in the last week. Featured Image: Bitcoinist, Chart from
Tradingview
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