PEPE, the frog-themed cryptocurrency, has hopped its way to the forefront of the crypto world with a staggering 1,500% surge in just two weeks.
As investors and enthusiasts alike scramble to get their hands on the memecoin, Pepe has secured a spot among the top 50 coins by market cap, surpassing the billion-dollar milestone in a matter of weeks.
With the hype only continuing to grow, one can’t help but wonder just how high this little frog can leap.
Pepe Meteoric Rise Not Without Risks
The meme coin’s price is a mere $0.000003211 according to CoinMarketCap, but don’t let that fool you – this meme coin has been on a wild ride lately. In the past 24 hours alone, it’s rallied to an impressive 48%, and over the course of a week, its value has increased a staggering 930%.
Perhaps most jaw-dropping of all is its 14-day high, which saw the coin surge a mind-boggling 1,503.9%. With numbers like these, it’s clear that Pepe is no ordinary coin.
Source: CoinMarketCap
Pepe’s recent surge can be partly attributed to Binance’s decision to list both Pepecoin and Floki Inu (FLOKI) on its “innovation zone” platform. This move by the popular exchange signaled a level of mainstream acceptance for these meme coins, and likely contributed to their increased popularity among traders.
However, Binance also issued a warning to potential investors, noting that at the time of writing, Pepe had no underlying value support mechanism.
Additionally, there were indications that some insiders or team members were able to purchase 7% of the total token supply shortly after the Token Generation Event (TGE).
Source: Coingecko
Despite these cautionary notes, it seems that the allure of Pepe’s skyrocketing value has been too tempting for many investors to resist.
Meme Tokens’ Mixed Fortunes Amid Pepe’s Surge
Pepe’s remarkable rise has led to a surge in the value of other meme tokens, with WOJAK and PEEPO experiencing growth of over 600% in just one week. However, while these lesser-known tokens are flourishing, more established meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have struggled to keep pace.
BTCUSD slightly above the $29K level on the weekend chart at TradingView.com
Despite being hailed as the original meme coin, Dogecoin’s value declined by 2.8% over the week, while Shiba Inu fell by 3.7%. This mixed performance highlights the unpredictable nature of cryptocurrency markets, and the fact that even well-established coins are not immune to volatility.
As investors continue to navigate the unpredictable world of meme tokens, the meteoric rise of Pepe and its peers serves as a stark reminder that high risk can sometimes be accompanied by high reward.
-Featured image from CoinChapter