PEPE triggered an “insane” rally with a 74 percent surge despite concerns surrounding the project. 
The asset is cumulatively up by 2600 percent in the last three months with neutral market sentiment.

PEPE extended its bullish run with a 74 percent surge in the last seven days before losing some of the gains to end at around 44 percent. This takes its 90 days price surge to 2,613 percent to trade at $0.000002. PEPE coin’s unprecedented rally was initially linked to unexplained hype, forcing experts to issue a caution to investors and potential investors about a potential crash.

Interestingly, the asset has built on the traction to sustain its growth over the past couple of months. Since its launch in April, it is reported that whales as well as sustained optimism from retail Investors have driven the asset all along. 

Around the middle of the month, the asset lost about 90 percent of its gain as it suffered from intense volatility and uncertainty. It was reported that a potential insider held about 1 trillion PEPE coins and its sale pushed the meme coin to a downward trajectory.

Following this, some market analysts predicted that the asset would struggle to hit such a considerable height again just as Shiba Inu triggered a prolonged price consolidation down the curve. This was coupled with a mass sell-off and increasingly bearish sentiment. PEPE currently has a neutral sentiment and has surged by 5.9 percent in the last 30 days. 

PEPE has a total supply of 420,690,000,000,000 with 93 percent of the supply sent to liquidity pools. According to reports, the LP tokens were burnt with the contract renounced. The remaining 6.9 percent was reportedly held in multi-sig wallets.

The asset is so far living up to the description on its official website which describes it as “the most memeable meme coin in existence.” According to the team, the assets have no intrinsic value and no formal road map. 

PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.

It also makes reference to other meme coins including Shiba Inu (SHIB), Floki Inu (FLOKI), and Dogecoin (DOGE). 

PEPE at the Center of Criticisms

It is expected that this asset emulates the leading meme coins to transcend into a technically efficient project. However, Benjamin Cowen, the CEO, and founder of Into The Cryptoverse, believes that these meme coins cannot be trusted as they are created to benefit their creators.

Daily reminder that this memecoinss that are flooding the market exist to make the founders rich. The “strong community” narrative is garbage. Most of these memes are created by the same group, just pumping and dumping until it no longer is profitable.

Coinbase recently labeled PEPE as “the meme coin of the moment,” and added that “Over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League.”

This was criticized by the crypto community with David Gokhshtein, founder of Gokhshtein Media and former Congressional candidate, warning that Coinbase can critically lose its clients over this. Later, the exchange issued an apology. 

PEPE has been predicted to trade as high as $0.000003 before the year ends. Averagely, the asset is predicted to be around the $0.000002 price point. 

 

 

 

 

 

 

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Filed under: Bitcoin - @ June 28, 2023 1:02 pm