The worth of the not too long ago launched memecoin with a frog theme has escalated by over 4,000% ever because it was launched on April 14.
Three weeks after its introduction on April 14, 2023, PEPE’s market cap has surpassed $1 billion, due to a rise of greater than 85 p.c prior to now twenty-four hours.
Curiously, PEPE’s most important level of worth is that it doesn’t have one. On the primary web site for the cryptocurrency, there’s a disclaimer that claims the next about investing within the token:
“$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. the coin is completely useless and for entertainment purposes only.”
Pepe appears to be following the identical highway as Dogecoin and Shiba, that are extra well-known memecoins.
Because of the absence of underlying fundamentals, investing in memecoins carries a excessive diploma of danger, and they’re infamous for his or her excessive volatility and enormous value fluctuations. A more in-depth examination of a number of the on-chain exercise of Pepe insiders reveals some suspicious transactions.
The blockchain analytics service Lookonchain says that 5 addresses associated to the Pepe staff made $1.23 million in a market with little liquidity. They purchased 8.87 trillion PEPE at a low value and made a revenue by promoting greater than 90% of it on Uniswap.
Notably, a number of the main PEPE holders are centralized exchanges. However, in keeping with knowledge monitored by analyst “008.eth,” non-exchange PEPE whales have not too long ago lowered their positions, indicating profit-taking that coincided with a value correction on Might 3.
Content material Supply: cointelegraph.com
