This Ethereum Altcoin Turned $251 Investment Into $1,4M Fortune in 3 Days
- Pepe token, inspired by the internet meme Pepe the Frog, has seen a surge of over 21,000% in the past three days.
- Pepe token has reached a market capitalization of as high as $33 million, with 10,000 individual holders.
Pepe Token Goes Viral in Crypto Community
Pepe token, inspired by the internet meme Pepe the Frog, has taken the crypto community by storm. The token, launched on Sunday, has seen a surge of over 21,000% in the past three days, reaching a market capitalization of as high as $33 million on Tuesday morning. Pepe hit 10,000 individual holders on Tuesday, with data from blockchain tracker Etherscan showing that the token was quickly purchased by swathes of investors hoping to turn a profit.
10,000 holders ☑️ $pepe pic.twitter.com/vZoXTboaf3
— Pepe (@pepecoineth) April 18, 2023
The tokens have a circulating supply of 420 trillion, a reference to “4/20,” another popular cannabis culture slang. The trading action is rather serious for a token intended to be a complete joke. A trading pool on Uniswap for Pepe tokens locks up over $1.3 million in liquidity, all supplied by providers. Despite this, the tokens have no connection to the actual Pepe the Frog meme or Matt Furie, the meme’s original creator.
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The Frenzy of Meme Cryptocurrencies Continues with Pepe Token
Pepe token’s success is just one example of the frenzy of meme cryptocurrencies that continues to sweep the crypto market. Crypto Twitter has a history of jumping on memecoins, with tokens such as dogecoin (DOGE) and shiba inu (SHIB) experiencing huge success in the previous bull market.
While most of these memecoins do not last beyond a few weeks, professional investors believe that they will always remain a part of the crypto ecosystem. Meme trading is a risky way to seek excessive returns, but when it pans out, the upside can be huge, even in a bear market.
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