Pepecoin: Exploring the Meme Token with a $1.6 Billion Market Cap that Experienced a 70% Crash
Pepecoin, a meme token inspired by the “Pepe the Frog” meme, recently soared to a market value of over $1 billion before crashing 70%. While the token has no real use case, its wild volatility could jeopardize larger cryptocurrencies like bitcoin and ethereum. Meme coins, such as Pepecoin and Dogecoin, have zero underlying value but have gained popularity among traders due to their association with well-known memes. Pepecoin’s rise and fall could indicate a bubble, as speculators are attracted to high valuations and speculative tokens. The crypto sell-off coinciding with Pepecoin’s decline may negatively impact larger cryptocurrencies like bitcoin, ether, and solana. Despite Pepecoin’s recent losing streak, its circulating supply of nearly 392 trillion tokens still ranks it as the 66th-largest cryptocurrency by total valuation. The use of the Pepe symbol has been linked to far-right groups, and its usage by racists prompted criticism from Coinbase’s chief legal officer. Coinbase’s publication on meme coins sparked widespread backlash from the crypto community. As meme coins gain more attention, the broader discussion about their roles in the digital asset space continues.
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