Meme Coin Skyrocketed Again, Pepe (PEPE) Rally 7500x in Days
Meme coins have long been of interest to cryptocurrency enthusiasts. These pointless joke coins and semi-ironic community based stories are once again stealing the spotlight. Analysts have identified several coins that are now attracting the attention of the global “coin dog” community.
PEPE, a new cryptocurrency with the character “Pepe The Frog” as its mascot, is one of the most memeable memecoins. It just saw an unprecedented rally, racking up 7,500x in just a few hours. The Arkham cryptocurrency research team follows the narrative of its biggest potential whale, who bought 1.82 trillion PEPE for just $20. This position accounts for a sizeable portion of PEPE’s net circulating supply. The price of this allocation skyrocketed to over $150,000 in two days, resulting in a price increase of over 7,500x in a short period of time.
On the other hand, the whales seen by Arkham sold it too quickly. PEPE is still crying today, with the token up 50% in the last 24 hours. Its trading volume has reached $40 million, and CoinGecko and CoinMarketCap have started monitoring its progress.
However, PEPE isn’t the only meme-themed cryptocurrency gaining popularity in mid-April 2023. For example, the token ArbDoge AI (AIDOGE), which prefers not to be labeled a meme coin, has risen by more than 100% in the last year. 24 hours. In contrast to PEPE, it received a large number of listings in major markets. Huobi has opened a deposit and will start trading this cryptocurrency. Because it is built on Arbitrum (ARB), incorporates the Doge style, and is billed as an “AI-generated” product, the token exploits three important narratives of 2023.
Another token based on the BNB Chain, MTG, increased 100% overnight. Gate.io has listed it and it is available on the BSC-based PancakeSwap (CAKE) DEX.
This meme currency seems to have entered the mainstream, with more liquidity for the new generation DOGE and SHIB. The success of these tokens stems from the fact that they are community driven and often revolve around cult narratives or characters. Although it looks like a joke, it has piqued the interest of investors and traders alike, resulting in a significant rally.
Caution is advised with any cryptocurrency investment, as these coins can be very volatile and may have little real-world utility. Nonetheless, the advent of the meme coin has introduced a new layer to the cryptocurrency market, and it will be interesting to see where this token goes in the future.