Doge Disappears From View As Users Swoon Over New Memecoin

There seems to have been a major upheaval in the memecoin space as crypto Twitter looks to move past the Doge and Shiba Inu and get into PEPE.

According to observers, the new obsession are meme coins branded after the internet meme Pepe the Frog. 

The newest entry in the meme coin space is a token called PEPE, which has caught the fancy of profit chasers in the crypto ecosystem. So far, the PEPE token has defied all expectations and the low momentum prevailing in crypto over the weekend. As a result, it has seen a price surge not seen since the 2021 crypto bull run. The token was launched on Sunday and has since surged over 21,000%, pulling in an astonishing $30 million in trading value on Uniswap. As a result, its market capitalization on Tuesday morning stood at $33 million. 

The new memecoin’s website describes it as the “most memorable memecoin in existence.” 

“The most memeable memecoin in existence. The dogs have had their day; it’s time for Pepe to take reign.”

According to data from Etherscan the user base for the new memecoin shot up to 6000 before surging to 10,000 individual holders. This shows that the meme token was quickly picked up by swathes of investors looking to make a profit. The memecoin has a circulating supply of 420 trillion, a play on the “4/20,” another popular cannabis culture slang. 

However, despite being a token that is intended as a complete joke, the trading statistics for the token are definitely not a joke. For example, a trading pool on Uniswap created for PEPE tokens has locked up around $1.3 million in liquidity, all of which has been given by providers. However, the token in question has no relation with the Pepe the Frog meme, or the creator of the original meme, Matt Furie. 

The Pepe the Frog meme originated in 2005 and is depicted by a green frog with a humanoid body. In the years since its inception, it became a big part of popular internet meme culture. 

The astonishing success of Dogecoin and Shiba Inu means they are the benchmarks against which all other meme coins are judged. All other meme coins aspire to gain the level of success that Dogecoin and Shiba Inu have managed to achieve. So will the newest meme coin on the block see the same level of success? While PEPE is seeing an astounding level of success and activity, the possibility of a crash is quite high. One example can be cited in the case of the Solana-based BONK memecoin, which saw a considerable initial rally before fizzling out, with investors facing massive losses. 

Market data suggests that PEPE could already have hit its first hurdle, with demand waning. After its price hit a high of $0.0000000789, its value dropped around 40%. However, despite this, PEPE remains one of the top tokens on the Ethereum blockchain. 

Crypto Twitter has a knack for discovering new memecoins, especially after the stellar success of Dogecoin and Shiba Inu. So it should come as no surprise that a new meme coin is hailed as the next DOGE or SHIB from time to time. However, most of the new tokens run out of steam after the initial hype, lasting only for a few weeks. This is because anyone can issue tokens on the Ethereum blockchain. 

Some investors and crypto enthusiasts believe that meme coins will always feature prominently in the crypto ecosystem. Founder of crypto fund DFG, James Wo, commented, 

“Meme coins are huge parts of the crypto trading landscape, whether we like it or not. While the biggest currencies, like bitcoin and ether, have very low volatility, it’s only natural that traders will look for opportunities elsewhere. Meme trading is a risky way to try to seek excessive returns, but when it pans out, the upside can be huge. So even in a bear market, some of the meme coins will have large up-swing, even if it’s just short term.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.