Move over dogecoin?
"Memecoins" - a hyper-speculative, ultra-volatile and somewhat peculiar class of crypto - are back in the spotlight after the latest digital token hit the market with stratospheric gains.
"Memecoins just flare up on occasion, and it'd historically happened when the market's a bit choppy or sideways," said Todd Groth, head of index research at CoinDesk Indices. "It's almost like, if the market is not moving up fast enough, traders find these smaller tokens to trade with." Reuters couldn't immediately identify pepe's creators, and its Twitter account didn't respond to a request for a comment.
The coin is the fastest-growing cryptocurrency hosted on Ethereum, the second-largest blockchain, data firm Messari said. The centralized listings also opened the door for derivative trading for pepe, with leveraged exposures and volatility pushing Ethereum transaction fees higher, Devens said.
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