CFTC Initiates Enforcement Sweep Targeting Opyn and Other DeFi Operations
Binance Supercharges Bitcoin and Ether Trading in Argentine, Brazilian, and South African Currencies with Exciting Fee Promotion
Unusual PEPE Transfers Unnerve Crypto Investors and Lead to a 15% Drop in Meme Coin's Value
In certain corners of the crypto market, the newest trend gaining traction is to invest in microcaps that claim to be the reincarnation of popular meme coins, catering to those who previously missed out on the opportunity.
Tokens such as pepe 2.0, floki 2.0, and bobo 2.0 have recently emerged in the market, claiming to be upgraded versions of the well-known pepe, floki, and bobo tokens. Within just a week of their release, these tokens have experienced a significant surge in trading volumes, reaching millions of dollars. They have also managed to attract hundreds of thousands of dollars in liquidity, allowing some investors to transform a mere few dollars into substantial six-figure fortunes almost overnight.
The majority of these trends are short-lived, typically lasting no more than a few weeks. Last year, people eagerly jumped on the bandwagon of articles written in English and the rise of grimacecoin, which was triggered by a joking tweet from McDonald's.
With the accessibility of smart contracts on Ethereum (or other blockchains), anyone can initiate token creation for a minimal cost. Furthermore, the existence of decentralized exchanges enables the swift issuance of tokens, provision of liquidity, and immediate trading opportunities.
On Tuesday, pepe 2.0, which appeared to be the most widely embraced among its clones, recorded a trading volume of nearly $7 million within the previous 24-hour period. Its market capitalization stood at $18 million, experiencing a decline from its peak of $45 million the previous week.
In less than 24 hours, a single wallet managed to turn an initial investment of $900 in pepe 2.0 into a staggering amount of over $176,000. Upon analyzing the situation, it was revealed that the wallet strategically capitalized on the token's surge by selling portions of it in 2 ether (ETH) increments.
The on-chain analysis tool Bubblemaps has highlighted the centralized behavior exhibited by certain initial buyers who potentially monopolized a significant portion of the pepe 2.0 supply during its launch and are now steadily offloading their tokens. This concentration of ownership could have played a role in the substantial price surge due to increased buying interest and the notably limited selling activity from these early buyers.
The genuine pepecoin (PEPE) continues to allure investors, as notable acquisitions further amplify the gains of an impressive 80% rally witnessed in the last fortnight.
On Monday, Lookonchain data revealed that two wallets acquired a substantial number of tokens, signaling a niche market segment that is placing bets on the frog-themed tokens surpassing popular meme coins like dogecoin (DOGE) and shiba inu (SHIB) in the years ahead. These investors foresee a potential flip in fortunes for the frog-themed tokens, propelling them to new heights.
