Economist Steve Hanke recently compared cryptocurrencies to the fairy tale, "The Princess and the Frog". He compared investors in cryptocurrencies to the Princess looking for a prince, suggesting that no matter what, the 'crypto-frog' will never turn into a prince. Hanke has been an outspoken critic of cryptocurrencies, arguing that it is unreliable, unstable, and vulnerable to fraud, among other reasons.

Despite Hanke's view, the meme-based cryptocurrency, PEPE, has recently started to show some impressive growth over the last few days. As of writing, the price of PEPE has surged by over 70%, trading at $0.000001657. It has also been listed on several major cryptocurrency exchanges and rumours suggest that it may soon be supported by Coinbase as well.

The cryptocurrency's growth has also caught the attention of several “smart money” wallets with many of them beginning to buy PEPE. According to Look on Chain, an early SHIB investor purchased 72.83 billion PEPE and an additional whale purchased almost 2 trillion PEPE - these investments have already seen returns up to $95,610 and $2 million, respectively.

It remains to be seen if PEPE will be able to sustain its growth or end up following in the footsteps of other meme-based cryptocurrencies. However, at the moment PEPE appears to be defying the doubts of Hanke, making early investments a wise move.



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