From its debut on 16 April, PepeCoin, the Memecoin, has surged by 7,000%, surpassing Dogecoin.
PepeCoin, a memecoin inspired by the internet meme frog ‘Pepe’, has seen a meteoric rise of nearly 7,000% in just 17 days since its launch, reaching a market value of $1.8 billion by May 5. The success of PepeCoin has reignited investor interest in memecoins, which are coins based on popular internet memes. Because memecoins lack practical use beyond speculation, some market players have warned that investors could get badly burned by them. Furthermore, cryptocurrency prices recently came under selling pressure following news that institutional liquidity providers Jane Street and Jump Crypto would be dialing back their crypto-trading businesses in the US, where regulators have been cracking down on the crypto industry. Just a few months ago, three US government bodies – the US Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency – issued a joint statement warning banks of the liquidity risks associated with banking crypto firms.
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