Are memecoins over? Never, if the crypto community is to be believed. The newest favorite to date is PEPE, based on the meme of the same name. Its capitalisation has reached $110 million in the space of a few days. Zoom on this project, which attracts passions as much as critics.
PEPE, a memecoin that has just exploded in recent days
For the past few days, the crypto community has been buzzing with attention for a new memecoin: Pepe. Launched five days ago, the cryptocurrency has attracted a flurry of interest from investors willing to bet on the emergence of a new global craze. The price of PEPE has risen by 282% in the last 24 hours, and its market capitalisation reached nearly $120 million this morning, according to data shared by CoinGecko.
This sudden surge has taken it to 6th place in the rankings of the most important “memecoins” of the moment, alongside Doge-inspired cryptocurrencies:
PEPE’s capitalisation exploded just five days after its launch
While it only ranks 277th in the overall capitalization rankings, PEPE’s lightning breakthrough is no small feat, and it’s changing the landscape of memecoins, which are largely based on variants of the king of dogecoin (DOGE). The latter has partially succeeded in a more serious turn, and its place in the top 10 most capitalised cryptocurrencies shows that a portion of crypto investors still support the project.
An innocent memecoin, or a symbol of the community’s excesses?
As is often the case when a memecoin explodes, it divides the community. On the one hand, investors who placed at the right time were able to reap significant gains. On the other, some see it as a symbol of the excesses of crypto-currencies… Which could give grist to those who still see the ecosystem as a “casino”.
Another issue raised is that the rush to PEPE has had a very real effect on Ethereum’s fees. These have risen significantly, which seems to be related to the release of this new memecoin. Will the PEPE craze last? Cryptocurrencies of this type often only manage to exist for a few weeks. But the ambition of its creators is, as usual, particularly high. On the official website of the cryptocurrency, it reads:
” The dogs have had their moment. It’s time to crown Pepe. “
It hasn’t fallen on deaf ears so far, but one wonders if the craze will last.
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