Meme coins are all the rage, and now it appears one based on the infamous image of Pepe the Frog is making waves in the crypto industry and witnessing price hikes like no other in its category.
Pepe the Frog Is Now a Currency!
Meme coins have always been extremely popular. One of the biggest ones – Dogecoin – was initially created as a joke. It was literally built to make fun of the crypto arena and all those that sought to utilize its offerings or that had any respect for it. By some odd chance of fate, the currency has literally become one of the biggest digital currencies out there. It presently boasts a market cap that exceeds $1 billion and has been the subject of heavy praise from Elon Musk.
Dogecoin spawned other assets such as the Shiba Inu coin. The Shiba Inu dog long served as the cute little mascot for the parent digital asset Doge, and it wasn’t long before a spinoff of sorts was conceived in the Shiba Inu currency, which has also long been loved amongst crypto fans.
But Pepe the Frog appears to be on an entirely different playing field. At the time of writing, the currency is shooting up in price by a whopping 21,000 percent, and this is a currency that was only launched a few weekends ago. It now sits as the sixth-largest meme currency by market cap, which at press time, exceeds $150 million.
In a recent report, crypto research company Messari explained:
Meme coins are once again polarizing the crypto world. A new project, Pepe, has amassed a $100 million market cap in less than one week. Similar to previous meme coin price surges, Pepe has generated eye-popping returns for its early investors.
Pepe the Frog has been adopted by a wide array of online communities. The image has a circulation of about 420.69 trillion, though it’s not without controversy. The meme currency, for example, comes with a warning on sites like Coinmarketcap.com, which says traders should “exercise caution” if they choose to purchase or trade the asset.
The Messari report also said that while the currency may presently be doing well on paper, it doesn’t feel like it has any real future as a method of payment or as an actual digital token. Right now, the liquidity pool for the meme coin sits at a mere $3 million. Compare this with Ethereum, for example, whose daily trading volume is just shy of $800 million.
Try to Be Careful
The report said:
One of the earliest buyers has turned a 0.125 Ethereum purchase into close to $2 million on-chain. However, since this individual owns 1.4 percent of the total supply, they will not be able to realize these returns without crashing the market.
