With the recent volatility in the market, perhaps users are very cautious about top cryptocurrencies like Bitcoin or Ethereum. Seizing this opportunity, the Meme coin project became a new wave in the cryptocurrency market. The most typical one can be mentioned as PEPE Meme Coin, which is a project running on the Ethereum chain and is inspired by Pepe the Frog, a very famous Meme in the 21st century.
What is Meme Coin?
As we all know, every coin has its own purpose. However, not all coins are like this, and Meme coin is one of them. Most Memes currently available on the market do not have a specific community service purpose, they only have the effect of creating trends within a certain period of time. Meme coins offer investors great investment opportunities and high returns, but they also come with great risks associated with Scam and Rug Pull techniques. Additionally, the cryptocurrency market is extremely volatile and not suitable for people who prefer stability.
But when it comes to cryptocurrency markets, the line between good and bad is so thin that it’s almost untenable. A typical example can be mentioned Luna Terra, which was once one of the leading coins in the market. But in the present moment, all that remains of it is the aura of its past. Even Sam Bankman Fried’s FTX, once the second-ranked centralized exchange on the market, is now ashes. And both owners of this exchange suffered huge consequences.
At the time of writing, despite being past its peak, PEPE is still valued at over $1.1 billion and is still growing over time. PEPE currently ranks 49th in terms of market capitalization, according to Coingecko.
Just four days after its listing, PEPE’s value increased more than 500 times, and the token’s trading volume exceeded 25,000 times. In addition, the number one search keyword on Twitter also mentioned PEPE. From this data, it is easy to see that the market has FOMO for memecoin, not just PEPE.
On the afternoon of May 5, Binance Exchange also announced that this memecoin would be included in its trading platform, which shows that Binance Exchange cannot miss the PEPE craze.
Huge profits from PEPE
As we all know, PEPE not only brought new vitality to the market, but also brought record high returns to some early investors.
For example, one user wallet made a profit of over 4,500% in less than a week holding the coin. Specifically, this user spent 0.125 ETH (equivalent to $251) to obtain over 5.9 billion PEPE tokens. It is estimated that if sold at this time, users would make a profit of $1.14 million. While it's not a lot compared to its predecessors like Doge or Shiba Inu, it's still a huge gain in this period of declining markets.
So far, many centralized and decentralized exchanges have listed the token. Typical examples can be mentioned: MEXC, Huobi, Bitget or Gate, etc. This is further proof of the community’s confidence in PEPE and its huge risk tolerance.
in conclusion
Through this article, I hope you can understand the current "meme currency" objectively and standardly. However, there are always huge risks in the cryptocurrency market. Therefore, what we need to remember is to only participate in the transaction of "meme coins" with money we can afford. You should only buy $100 to try your luck, rather than investing all your money in the hope of increasing your wealth.
