Pepe, a popular memecoin, recently had an all-time high on May 6, causing one investor to purchase 962.3 billion tokens with Wrapped Bitcoin (WBTC) and Ether (ETH). Unfortunately, the price quickly dropped 42%, leading to a paper loss of over $600,000 for the investor. As of May 5, Pepe has had over $636 million in trading volume within the last 24 hours, and single-handedly burning over 5,000 ETH in related gas fees via Uniswap trading.

Despite the volatility in Pepe's price, the number of individual holders has increased steadily over the past three weeks, with 144,534 individual holders of the token at the time of writing. Memecoins have been a part of the cryptocurrency industry since 2013, with the most well-known example being Dogecoin (DOGE). Investing in memecoins can be a risky trading strategy since there are no underlying fundamentals to the token.

The excitement for memecoin trading has also caused fees on the Bitcoin network to surge to their highest levels in two years, due to the increase in BRC-20-related transactions. However, investors need to be aware of the risk associated with memecoins and make well-informed decision before investing in them.



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