Cryptocurrency has been in the space since the launch of Dogecoin in 2013. Recently, Pepecoin (PEPE) has emerged as a hot topic in the memecoin market due to its 2.000% spike in value recorded in late April 2023. This surge has been attributed to the current hype around memecoins, which has strongly been expressed on Twitter and other social media platforms.

The Pepecoin website stresses that the token has no intrinsic value and serves only as mere entertainment with no expectations of financial return. According to Nansen, a data analytics company, the total value of the memecoin market is close to $20 billion. The top five tokens, namely DOGE, SHIB, PEPE, BABYDOGE and FLOKI, make up more than $18 billion of this.

Nansen data analytics suggests that the rise of PEPE’s market capitalization can be attributed to smart money investor sentiment as well as the increased popularity of memecoin related hashtags on Twitter, boosted by followers of celebrities such as Elon Musk. Furthermore, Yi from Nansen notes that liquidity crunches are an inherent risk for memecoin investments because the token holders are often tempted to dump their holdings and smaller investors do not have enough funds to absorbs the losses.

At present, PEPE is listed on various exchanges such as OKX, MEXC Global, Bitget, Gate.io and Huobi. All in all, it is safe to say that memecoin mania is still sweeping across the crypto space and PEPE is doing its bit to keep up the momentum. As fundaments, regulations, institutional and retail investors all try to make their mark in the field, it appears Pepecoin’s wild run is only just beginning.



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