Pepecoin Leads the Memecoin Rally with a 14% Overnight Surge
Popular memecoins like Pepecoin, Dogecoin, Shiba Inu, and FLOKI are experiencing a surge in value alongside heavyweight cryptocurrencies such as Bitcoin and Ethereum. Pepecoin, a frog-themed memecoin, has seen an overnight rally of almost 14%. Despite its rise, PEPE is still valued at fractions of a penny, currently trading at $0.00000120 per CoinGecko. Over the week, Pepecoin has soared by an impressive 90%.
The Origins of Pepecoin and the Memecoin Craze
Pepecoin draws inspiration from the Pepe the Frog meme created by artist Matt Furie. The character was unfortunately appropriated by the alt-right political movement and parts of the crypto community. In response, Furie issued a series of NFTs to reclaim ownership over Pepe. However, the token’s backstory took a backseat once investors realized its profit potential. One investor turned $250 into $1 million in just four days.
Dogecoin and Other Memecoins Follow Suit
Dogecoin, another popular memecoin, has also experienced double-digit growth, reaching $0.73 at press time. Shiba Inu and FLOKI, two other dog-themed coins, have jumped 7% overnight and 18% since last Thursday and have risen over 20% and 70% respectively over the week.
A Bullish Trend for Memecoins but All-Time Highs Remain Unattainable
While memecoins are currently on an upward trend, they are still far from reaching their all-time highs. Even assets like Solana, which has gained over 33% since last week, are still a long way off from their peak. For example, Solana needs to rise another 87% to reach its 2021 all-time high. Pepecoin is still down by more than 70%, and Dogecoin and Shiba Inu would require a 90% increase to reclaim their previous highs.
Hot Take: The Memecoin Rally Continues, but Caution is Advised
The recent surge in memecoins demonstrates the continued popularity of these assets among investors. However, it’s important to approach these investments with caution and understand the volatility associated with memecoins. While they may provide opportunities for significant gains, they also come with substantial risks. It’s crucial to conduct thorough research and seek professional advice before making any investment decisions in the crypto market.
Disclaimer:
The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Edited by Stephen Graves
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