Mirror, mirror on the wall, who’s the memest of them all? PEPE surges as speculators dive into the latest memecoin on the market.
PEPE token has spiked in value since in launch, eclipsing the likes of DOGE and SHIB. Source: Nansen Query
Data provided from Nansen Query shows the massive spike in token value and market capitalization of PEPE in relation to the other top five memecoins. Yi also notes that the infographic does not paint a complete picture, given that the data for PEPE reflects its listing on CoinGecko, which came a couple of weeks after its inception.
“Since memecoins have no intrinsic value, it relies on catalysts such as social relevance and also events like 4/20, which is known as DOGE day, can affect the prices of the token as well.”into “smart money” cryptocurrency traders and holders by labeling wallets and tracking trades. The rise of PEPE has also attracted a significant number of smart money holders, as per on-chain data highlighted by Yi.
“Nonetheless, gains on one good coin can easily surpass the cost of the other ‘failed’ coins, which is probably why these memecoins remain attractive for most traders to ape into. Hence, it really depends on the investor’s risk appetite.” Nevertheless, Yi also pointed out that the inherent risk of memecoins often leads to liquidity crunches, where major tokenholders dump their holdings, leaving smaller investors reeling from losses.A number of cryptocurrency exchanges listed PEPE in the wake of its launch and subsequent investor appeal, including the likes of OKX, MEXC Global, Bitget, Gate.io and Huobi.
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