Meme Coins Are Back: How PEPE Is Leading the Charge
Meme coins are once again capturing the attention of the crypto world, as highlighted in a recent tweet by Messari, a leading crypto research firm. The tweet breaks down the resurgence of interest in meme coins, thanks to the rapid growth of PEPE.
According to Messari, meme coins such as Dogecoin and Shiba Inu gained popularity during the 2021 bull market, despite lacking intrinsic value. However, they have captivated crypto users and retail audiences with their viral internet meme association. This phenomenon set the stage for Pepe, which coin was launched just over three weeks ago on April 14th and has already surpassed 100,000 holders on-chain.
1/ Nothing brings people together quite like meme coins.@chasedevens breaks down the resurgence of speculative interest in meme coins thanks to the parabolic growth of @pepecoineth. 🧵 pic.twitter.com/kTAC1cnt4D
— Messari (@MessariCrypto) May 9, 2023
What’s even more impressive is that Pepe’s growth has outpaced that of other fast-growing Ethereum-based tokens. Messari notes that Pepe coin is displaying a similar growth pattern to Shiba Inu (SHIB), but at a much faster pace, as measured by the market cap value per holder.
Quick centralized exchange listings have also contributed to Pepe’s hot start. It only took six days for Pepe to land its first centralized exchange listing via MEXC exchange and 22 days to get onboarded to the world’s largest crypto exchange, Binance.
The adoption of PEPE on centralized exchanges has also opened the door for derivatives trading, which has generated inherent volatility and spilled into Ethereum’s DeFi ecosystem, pushing fees to yearly highs.
Overall, the resurgence of meme coins, particularly the rapid rise of Pepe, is a reminder of the unpredictable and often speculative nature of the crypto market. While some investors may be drawn to these coins for their potential gains, it’s important to exercise caution and do your research before investing in any cryptocurrency.
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