Cryptocurrency has become increasingly important part of the existing financial markets in the past few years. A perfect example of this is the Coin Twitter phenomenon that has generated a huge demand for memecoins, tokens shaped after popular internet characters and memes, such as the Pepe the Frog.

The Pepe token, which was introduced to the market on Sunday, has seen its value skyrocket, rising over 21,000% in the past 72 hours. It has also generated a strong trading volume of $30 million on Uniswap, and its market capitalization reached an impressive $33 million on Tuesday morning. It is currently being traded by 10,000 individual holders and locked up in a Uniswap trading pool of more than $1.3 million. It might be worth noting that, while the token takes its name and logo from Pepe the Frog, it has no connection to the meme or its creator, Matt Furie.

The current craze for meme coins is nothing new. Last year saw huge trading volumes for tokens based on articles from the English language, as well as McDonald’s-branded Grimacecoins. While some investors see only risks in the memecoin phenomenon, others believe it has a place in the cryptocurrency ecosystem.

Founder of DFG, James Wo, for example, has previously given his own opinion on the matter, stating that these coins offer traders a way to seek excessive returns, even in bear markets. Though, of course, one ought to keep in mind such trades are very risky. Regardless, it seems that as long as money can be mad from popular topics, there will always be a market for memecoins in the crypto world.



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