While the hype over the current momentum is sure to fade, experts believe that the Web 3.0 ecosystem cannot function now without memecoins and what they have to offer in the industry.
The arrival of the new Pepe the Frog memecoins has taken over crypto Twitter, a new revolution against the order of the iconic Shiba Inu dog-themed tokens. The Pepe the Frog memecoin is relatively new, but over the past week it has delivered solid returns for investors across multiple ecosystems embracing these digital currencies.
Core supporters of the PEPE memecoin believe that the reign of Dogecoin (DOGE) and Shiba Inu (SHIB) is over and that a new community-backed memecoin will take its place.
“The most memorable memecoin in existence. The dog theme is out and it’s time for Pepe to take over,” the team behind the PEPE memecoin wrote on the project’s website.
Launched on Sunday, PEPE has rallied more than 21,000% over the past three days and reached a market capitalization of $33 million on Tuesday morning.
Pepe Reached 10,000 individual holders On Tuesday, data from blockchain tracker Etherscan showed that meant the token was quickly bought by investors who joined the ongoing frenzy — and pinned their hopes on a quick profit.
Even though the memecoin is new, its popularity has skyrocketed in the past few days as it circles around the author behind the sacred Pepe the Frog. It’s worth noting, however, that the PEPE memecoin is not associated with the original creator of the character Pepe the Frog.
At the time of writing, PEPE is up over 98%, changing hands at $0.00000085. Its transaction volume has also increased by more than 45% to more than $42 million in the past 24 hours.
PEPE is a mobile psychographic digital currency tied to the BONK token, the first Solana-based memecoin. Earlier this year, Bonk overtook the Shiba Inu and Dogecoin duo into the limelight, and while it continues to make progress toward that goal, its growth rate and hype have slowed over the past few weeks.
Memecoins are notoriously volatile and do not last very long. While the massive 21,000% return on the PEPE memecoin will certainly flow to early backers, the current growth rate is unlikely to last for long.
While the hype around the current momentum will certainly diminish, experts believe that the Web 3.0 ecosystem cannot function now without memecoins and what they have to offer in the industry.
James Wo, founder of encryption fund DFG, said:
“Whether we like it or not, Memecoins are a huge part of the crypto trading landscape. While the biggest currencies like Bitcoin and Ethereum have very low volatility, holders will naturally look elsewhere for opportunities.”
While Dogecoin and Shiba Inu are currently building a utility that will make them enduring, the industry will surely see many other memecoins enter the industry in the short term.
- Meme creator Pepe the Frog accused of defrauding community and stealing $500,000
- Sad Frogs NFT Has Been Pulled From OpenSea After Creator Of “Sacred” Pepe the Frog Claims Copyright Infringement
According to Coinspeaker