The resident amphibian of the internet is back in the news, but this time Pepe the Frog is negotiating his way to the top of the bitcoin charts instead of gracing troll sites. Driven by a strong mix of nostalgia and retail investor fervour, PEPE, the meme coin honouring the internet icon, is seeing a historic rise.
From Backwater To Bullfrog: PEPE’s Rise
The recent climb of PEPE is simply explosive. With the price at an all-time high and trading volume soaring by an amazing 300%, over 24 hours This explosive increase is accompanied by a comeback in Gamestop (GME) shares, which has many people thinking that the army of retail investors of 2021 is returning for round two armed with meme coins as their preferred weapon.
For these digital warriors, the comeback of Keith Gill, better known online as “Roaring Kitty,” has served as a rallying cry. Gill’s unexpected statement on his inactive Reddit account rocked the market and stoked nostalgic embers of the original Gamestop saga once more. Analysts say this nostalgia has permeated the crypto market and spurred a full-scale meme coin frenzy.
Already showing a consistent increase since mid-April, PEPE has become the odd champion of this digital meme menagerie.
Whales Take A Dip In The Pepe Pond
Not only are the PEPE spike driven by small-time investors. Big money, sometimes known as “whales” in crypto terms, are also plunging right into the frenzy. On-chain data shows a whale lately paying out a cool 1.86 million USDC for an amazing 195 billion PEPE tokens. Another whale grabbed a big 424 million PEPE, which drove the price up even.
This guy spent 1.86M $USDC to buy 195B $PEPE 12 hours ago and has now made an unrealized profit of $236K.https://t.co/TSngBKN2yC pic.twitter.com/Oszxx3nIO2
— Lookonchain (@lookonchain) May 14, 2024
But Is It All Golden Memes And Rainbows?
For early adopters, PEPE’s present course is a dream come true; nevertheless, underneath the frothy surface lies a warning story. Wild volatility of meme coins is well known. Their value is frequently derived on excitement and fads on the internet rather from strong financial foundations. This implies that a rapid change in attitude could set off a significant price collapse, therefore leaving investors with the Pepe bag empty.
Related Reading: Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff
Moreover, PEPE is a rather new participant in the crypto scene with unknown future. PEPE lacks a demonstrated track record unlike more well-known cryptocurrencies. Its long-term survival is yet a mystery.
Featured image from @GameStopPepe/X, chart from TradingView