Over the past two weeks, the journey of the meme-inspired cryptocurrency, PEPE, has attracted significant attention. Unlike typical newbie coins with outlandish origins, PEPE’s value has not dropped rapidly, despite its amusing backstory. Created in response to the popular Pepe the Frog meme, the cryptocurrency has only strengthened since its mid-April launch.
In the last 24 hours alone, PEPE gained another 90%, trading near its all-time high. Many market players hope to strike it rich with this token, and early investors have made remarkable returns. Data from crypto analytics provider Lookonchain revealed that three smart traders have pocketed over $1 million in profits within just two weeks.
However, debate arises as to whether these newfound PEPE millionaires can realize their profits without negatively impacting the cryptocurrency’s value. The pressure on this crypto-asset makes the payout process difficult. On the other hand, the fact that modest investments have turned adventurous traders into millionaires generates FOMO, similar to the epic rally of the original memecoin, DOGE.
Exchange listings have also contributed to the hype around PEPE’s price this week. Top centralized platforms, such as Huobi, Gate.io, and MEXC, announced support for the token, fueling its upward trajectory further. The Seychelles-based crypto exchange, OKX, also declared the listing of PEPE on its spot trading markets, with PEPE/USDT trading pairs.
The main conflict surrounding PEPE revolves around whether the cryptocurrency can maintain its rapid growth and defy expectations, despite its whimsical origin. Moreover, skepticism arises regarding the realization of profits for these new millionaires without destabilizing the entire crypto-asset.
The pros of this situation involve impressive returns for early investors, strong market performance, and attractive listings on major exchanges – all thanks to a sense of FOMO generated by traders who initially took a risk with PEPE.
In contrast, the cons include concerns about the volatility of the cryptocurrency, the risk that attempting to realize profits could negatively impact PEPE’s value, and the lingering perception that the token lacks seriousness due to its meme-inspired origin.
In conclusion, PEPE’s rise as a memecoin has, so far, defied expectations, created millionaires, and caught the attention of major cryptocurrency exchanges. Nevertheless, skepticism remains around its future and the potential consequences for those within the PEPE market. Only time will tell whether this memecoin will continue to soar or face inevitable decline.
Source: Cointelegraph
