#pepe $PEPE

Pepe's cryptocurrency rises 7,000% and experts warn about the risk of investing in “meme currencies”

May 29, 2023

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Inspired by a green frog shared as a meme on the Internet, the Pepe cryptocurrency rose almost 7,000% in less than 20 days of existence. CoinMarketCap figures point to a peak of $1.5 billion in market value on May 5.

On May 23, Pepe saw his market value drop to less than $625 million and this sparked a debate about "meme currencies," also called memecoins, which use viral Internet images to become popular.

On Monday afternoon (29), Pepe's assets were valued at 561 million dollars and only in the last 24 hours the devaluation was 4.25%. Analysts interviewed by the g1 portal warned of the high risk of investing in this type of product.

According to investment experts, this type of asset is highly speculative and should only be used for entertainment purposes. Memecoins are mass-produced assets with very low values ​​and are named after memes.

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The various financial market operators interviewed for the report also pointed out the lack of solid fundamentals, such as those that exist among more traditional cryptocurrencies, such as Bitcoin and Ethereum, which are the most popular virtual currencies.

It is worth noting that these meme currencies also tend to be less secure, in addition to not being well founded, that is, they do not have a specific purpose, such as being a means of payment or business model, for example. In general, they are just "jokes".

And you, do you invest in meme coins? Tell us in the comments below!