A new meme coin called Pepe Coin, which is based on Pepe the Frog, has increased by almost 270% in the last day, reaching a price of $0.000000265475, or a staggering 1,000,000% gain since its inception on Sunday. Despite the token’s lack of genuine fundamentals outside its virality, many traders are investing in it. On Uniswap, where it is usually exchanged alongside Wrapped Ethereum (WETH), Pepe accounts for trading volume of little over $86 million. Given that other meme tokens provide genuine use and value, it seems doubtful that the token will be able to sustain its present value.
On the other hand, some meme coins have much stronger fundamentals that could support consistent growth. Examples include Tamadoge (TAMA), which is about to list on a “Tier 1” exchange, and Love Hate Inu (LHINIU), an Ethereum-based play-to-earn metaverse platform that offers a variety of arcade games with a Doge theme.
Pepe Coin has a tiny online community of supporters and cheerleaders despite the possible hazards involved, with many Twitter accounts popping up to make ludicrous claims for it. Even while Pepe’s performance could continue for a few days on the strength of this alone, its long-term viability is still unknown.