Over the past few days, the cryptocurrency market has remained relatively stagnant, with the US Federal Reserve’s rate hike failing to provoke the usual volatility. One notable exception, however, is the memecoin – PEPE. The frog-inspired cryptocurrency has captured attention as it continues its impressive bull run, propelling it into the top 100.
In the meantime, Bitcoin’s price has been flatlining at $29K, with no significant changes in the past 24 hours. Although the price briefly touched $29.5K, it quickly retraced due to the inability of bulls to maintain momentum. Consequently, the Bitcoin price is locked in a tight range, with a breakout in either direction likely to determine its course in the short term. Presently, the volatility remains minimal, supported by the fact that Bitcoin liquidations in the last 24 hours amount to only $26 million.
The majority of altcoins also did not perform remarkably in the past day. Pepe, the memecoin, is the only exception to this underwhelming trend. Launched less than three weeks ago, PEPE is already approaching a staggering market cap of $1 billion. This rapid development has generated substantial returns for early investors, assuming they haven’t sold their holdings. Numerous stories have emerged of individuals transforming small double-digit sums into hundreds of thousands of dollars.
Despite the current lack of momentum in the cryptocurrency markets, it is worthwhile to question whether PEPE’s growth will be sustained. Furthermore, it remains to be seen if it will eventually rival fellow memecoins – SHIB and DOGE.
Market observers should approach memecoins with a healthy dose of skepticism, given their rapid and unpredictable price movements. While the recent bull run of PEPE certainly grabbed attention, one ought to tread carefully in a market driven by factors that can change dramatically in short periods.
In conclusion, although the market, led by Bitcoin, has experienced a lull recently, the rise of memecoin PEPE stands out as an intriguing development. Though some may argue that memecoins are a bubble waiting to burst, their undeniable impact on the cryptocurrency landscape cannot be ignored. Investors should conduct thorough research and exercise caution when navigating the ever-shifting waters of the crypto world.
Source: CryptoPotato
