The Pepe Token, based on arguably internet's biggest meme, made headlines recently soaring up 21000 percent in just 3 days. Generating a market capitalization of over 33 million and becoming one of the most popular tokens on decentralized exchange Uniswap, the token has amassed a wide following of traders along with some concerns. Its 10,000 individual holders was testament to the quick accumulation of the token, with concerns being raised on the large portion of the token supply being concentrated into 6 wallets.

This obviously raises alarms, in regards to the possibility of these 6 wallets controlling the price of Pepe and driving it to zero. Fueling further suspicion, these wallets were all filled within nearly the same amount of time, 4 days ago. Then, the internet took fire with the story of a trader who allegedly made millions from investing only 300 US dollars.

Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been very prosperous in the cryptocurrency market, recording growths of thousands of percent and eventually becoming an integral piece of the emerging industry. Sadly, a large number of such coins fail to sustain growth and eventually suffer huge drops. Noteworthy, both Dogecoin and Shiba Inu are currently ranked 8th and 14th on CoinMarketCap while supplying 420 trillion tokens, a reference to cannabis culture, Pepe has a way to go if it wishes to become as present and popular as the two mentioned coins are.

In the cryptocurrency world, anything is possible; with there being the potential of you making millions or having your investment drop to zero in an instant. As the sector has made both millionaires and bankrupts, exercising precaution and research should be done before investing in any promotional coin, no matter how promising it may look.



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