Move over dogecoin? Pepe’s rise has sparked renewed investor interest in memecoins as whole, with overall trading volumes jumping to $2.6 billion in the first week of May from $408,000 the week before, data from Dune Analytics data shows.
Indeed, the latest memecoin frenzy comes as bitcoin’s 2023 rally stalls. The No.1 cryptocurrency has slid 6% since mid-April to $27,416. Reuters couldn’t immediately identify pepe’s creators, and its Twitter account didn’t respond to a request for a comment.
Market players warned that traders and investors could get badly burned by memecoins. Since its launch in April, the token linked to Pepe the frog has raced up the list of meme coins in terms of market value. It has also leaped to the top of the list in terms of of daily trade volumes. headtopics.com
Pepe’s website says it was launched “for the people” with “no formal team or road map” and is “completely useless and for entertainment purposes only”. The surge in pepe’s popularity was amplified by its quick listings on major centralized exchanges, including top platform Binance, said Chase Devens, analyst at Messari.
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