Crypto enthusiasts have seen an influx of memecoins into the market in recent times, one of the most popular being PEPE. However, as of this week the token's market cap has plummeted below $500 million due to issues with its underlying technology or lack of market demand. Despite this, the community has not lost interest and more medecoin tokens such as Lady, Sponge, Four and Turbo are being developed, with several traders opting to sell their Pepe positions for the latter, which then led one trader to make a $14.5 million profit. Elon Musk's recent tweet relating to the Milady NFT has also sent LADYS's value soaring. Although this has provided an opportunity for some, it won't be the case for everyone, with one trader losing a massive 100 ETH. This exemplifies the risks associated with investing in memecoins and the need for do detailed research before any decisions are made.



Other News from Today