The
internet’s
resident
amphibian
is
back
in
the
spotlight,
but
this
time
Pepe
the
Frog
isn’t
gracing
troll
forums
–
he’s
maneuvering
his
way
to
the
top
of
the
cryptocurrency
charts.
PEPE,
the
meme
coin
named
after
the
internet
legend,
is
experiencing
a
historic
surge,
fueled
by
a
potent
mix
of
nostalgia
and
retail
investor
fervor.

Related
Reading

From
Backwater
To
Bullfrog:
PEPE’s
Rise

PEPE’s
recent
ascent
is
nothing
short
of
meteoric.
Trading
volume
has
skyrocketed
by
an
impressive
300%
in
the
past
24
hours,
with
the
price
reaching
an
all-time
high.
This
dramatic
rise
coincides
with
a
resurgence
in
Gamestop
(GME)
stock,
leading
many
to
believe
that
the
retail
investor
army
of
2021
is
back
for
round
two,
armed
with
meme
coins
as
their
weapon
of
choice.

 

The
return
of
Keith
Gill,
better
known
online
as
“Roaring
Kitty,”
has
acted
as
a
rallying
cry
for
these
digital
warriors.
Gill’s
surprise
post
on
his
dormant
Reddit
account
sent
shockwaves
through
the
market,
reigniting
the
nostalgic
flames
of
the
original
Gamestop
saga.
Analysts
suggest
this
nostalgia
has
spilled
over
into
the
crypto
market,
sparking
a
full-blown
meme
coin
craze.

PEPE,
already
experiencing
a
steady
climb
since
mid-April,
has
emerged
as
the
unlikely
champion
of
this
digital
meme
menagerie.

Whales
Take
A
Dip
In
The
Pepe
Pond

It’s
not
just
the
small-time
investors
driving
the
PEPE
surge.
Big
money,
or
“whales”
in
crypto
speak,
are
also
diving
headfirst
into
the
frenzy.
On-chain
data
reveals
a
whale
recently
splashing
out
a
cool
1.86
million
USDC
for
a
whopping
195
billion
PEPE
tokens.
Another
whale
scooped
up
a
hefty
406
million
PEPE,
further
propelling
the
price
upwards.

This
guy
spent
1.86M

$USDC
to
buy
195B

$PEPE
12
hours
ago
and
has
now
made
an
unrealized
profit
of
$236K.https://t.co/TSngBKN2yC

pic.twitter.com/Oszxx3nIO2

—
Lookonchain
(@lookonchain)

May
14,
2024

But
Is
It
All
Golden
Memes
And
Rainbows?

While
PEPE’s
current
trajectory
is
a
dream
come
true
for
early
adopters,
a
cautionary
tale
lurks
beneath
the
frothy
surface.
Meme
coins
are
notorious
for
their
wild
volatility.
Their
value
is
often
built
on
hype
and
fleeting
internet
trends,
not
robust
financial
fundamentals.
This
means
a
sudden
shift
in
sentiment
could
trigger
a
dramatic
price
crash,
leaving
investors
holding
the
Pepe
bag.

Related
Reading

Furthermore,
PEPE
is
a
relatively
new
player
in
the
crypto
game,
with
an
uncertain
future.
Unlike
established
cryptocurrencies,
PEPE
lacks
a
proven
track
record.
Its
long-term
viability
remains
a
question
mark.

 

Featured
image
from
@GameStopPepe/X,
chart
from
TradingView

Go to Source
Author: Christian Encila

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