PepeCoin (PEPE), a newly launched memecoin, has been a focal point of investors’ interest in the last few days due to its massive market gains. In a crypto market that is generally bleeding red, PepeCoin, along with a host of other memecoins, has been quite profitable for investors. 

PEPE Gains 42% In 24 Hours

According to data from CoinMarketCap, PEPE’s market price has increased by 42.03% in the last day, making it one of the biggest gainers in the crypto space. More interestingly, PEPE has gained over 528.17% following its launch on Monday, April 17.

As earlier stated, PepeCoin (PEPE) is a memecoin; however, it differs from most popular memecoins as it was inspired by the cartoon character Pepe the Frog rather than the Shiba Inu dog. According to the bio on its official Twitter handle, PEPE is described as “the most memeable memecoin in existence” by its developers.

Interest quickly grew around PEPE following a high-profile purchase that saw an investor reap nearly 4,500 times his initial investment. 

Barely days after purchasing 5.9 trillion PEPE tokens with 0.125 ETH, valued at $250, this memecoin investor saw his investment surge to a peak value of $1.8 million. As expected, this led to a massive influx of investors into the PEPE market as everyone is seeking to make a quick profit.

However, there is still much concern about PEPE, as with all memecoins. For PepeCoin, its major concerns center on the currently low liquidity of the token. Without a moderate liquidity level, it may be hard for investors to convert their tokens to profit regardless of how high their value rises.

At the time of writing, PepeCoin is trading around 0.0000003341, with a daily trading volume of $87.98 million. Based on additional data from CoinMarketCap, the token has also attained an impressive market value of $145.66 million. 

Memecoins Record Heavy Gains, Draw Investors’ Interest

Memecoins are a type of cryptocurrency based on internet memes and are promoted majorly by celebrities’ engagements. While these tokens are usually criticized for their lack of utility, they can serve as a source of quick and large gains – especially upon launch – as seen with PepeCoin.

In addition to PEPE, some other meme coins have generated significant profit in recent times, even amidst the general crypto market dump. 

Examples of such tokens include Tamadoge (TAMA), ArbDoge AI (AIDOGE), and Good Gensler (GENSLR), which have gained by 160.34%, 608.36%, and 1719.46%, respectively, in the last seven days. 

According to a report by on-chain analytics firm, Santiment, meme keywords such as “pepe”, and “baby doge” have trended at a high frequency in the past week, demonstrating the growing interest in the memecoin market. 

Unfortunately, prominent memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been well affected by the market’s general mood, recording losses to the tune of 10.88% and 10.00% in the last week.

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Filed under: Bitcoin - @ April 23, 2023 11:30 am