Is Pepe Coin The Next Big Memecoin?• May 4, 2023 8:31 pm • Comments
Crypto Twitter has been buzzing about a new meme coin and no, it doesn’t involve any dogs.
Based on the Pepe frog meme, PEPE has skyrocketed over 2,1000% in the last weeks since it debuted in April.
In the last seven days, PEPE has had one of the most active liquidity pools and has seen over 80,000 transactions respectively.
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Currently, the coin doesn’t offer any utility besides its meme value, but that never stopped memes such as DOGE and SHIB in the early days of its launch.
.@Uniswap’s V2 and V3 liquidity pools for PEPE-WETH are the most active liquidity pool contracts by number of transactions in the past seven days, data from blockchain analytics firm @Nansen_ai shows. @httpsageyd reportinghttps://t.co/TlafN46oD9
— CoinDesk (@CoinDesk) May 3, 2023
Here’s what Coin Desk reported:
PEPE, the hype-fueled meme coin that jumped more than 2,100% in price since it debuted last month, has been buzzing with interest on decentralized exchange Uniswap, becoming one of the most researched coins on data platform Nansen.
Uniswap’s version (v)2 and v3 liquidity pools for PEPE-WETH have been the most active liquidity pool contracts by number of transactions in the past seven days, with more than 82,750 and 72,950 transactions, respectively, according to Nansen data.
These two liquidity pools have garnered a combined total of nearly $900,000 in accrued fees in the same time period. The only two liquidity pools that had more accrued fees were the USDC-WETH and WETH-WETH liquidity pools, highlighting the recent obsession of pepe tokens.
— pepe (@im_pepe_) May 5, 2023
New memecoin Pepe (PEPE) has entered a sharp correction phase after surging by more than 2,000% since its debut a few weeks ago.
On May 3, the PEPE price dropped to $0.00000089, down about 35% from its record high of $0.00000138 established two days earlier. As a result of the correction, its market capitalization slipped by nearly $80 million, pushing PEPE out of the top 100 cryptocurrencies.
PEPE’s daily trading volumes declined across centralized and decentralized exchanges as prices fell. The same occurred on Google Trends for the keyword “Pepe Coin,” whose score is down from 100 to 7 in a day, suggesting that the retail hype has subsided in the past 48 hours.
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