The Price Of This New Crypto Meme Coin Rose 21,000% As Bitcoin And Ethereum Stalled—But Theres A Nasty Catch
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Bitcoin: Bitcoin: and Ethereum fell this week due to the recent rally on Federal Reserve uncertainty.
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Bitcoin fell below $30,000 per bitcoin, down 10% from last week, as Ethereum's price fell to around the same level after founder Vitalik Buteri warned of upcoming bulls.
Now, a new meme coin set to rival Dogecoin is up 21,000% over the past weekend, already becoming the sixth largest meme coin with a market cap of around $150 million.
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“Mem Coins are once again polarizing the crypto world. Pepe's new venture has raked in a $100 million market cap in less than a week," analysts at market research firm Messari wrote in a report this week. "Like the previous surge in meme coin price, pepe delivered amazing returns for its early investors."
Pepe, based on the Pepe the Frog meme adopted by various online communities, has "own" sales of $420.69 trillion, and Coinmarketcap's listing warns sellers to "use with caution."
Messari analysts also warned that while early investors could make huge gains on paper, it would be difficult for them to convert their money into another cryptocurrency, let alone dollars. Pepe's liquidity pool is only $3 million compared to Ethereum's daily trading volume of $775 million.
“The first buyer turned their purchase of 0.125 Ethereum into approximately $2 million,” the report reads. "But since this guy owns 1.4% of the total supply, he can't make those profits without crashing the market."
Earlier this year, a similar dogecoin challenger, the Solana Bonk, challenged the memcoin throne but failed to sustain its massive gains.
