There is a new hot meme cryptocurrency in the market now, and it takes the mascot of a significant internet trend known as Pepe the Frog, with the new coin called "Pepecoin," which is nearing a $1 billion valuation. All the fans, supporters, and whales who rode on its fame and pushed for a massive rally to raise the coin's value are getting the upside of its newfound fame.
However, some will suffer from what PEPE does in the market, particularly with its rapid and massive growth that is influenced by those that believe in meme coins.
(Photo : Joseph Chan on Unsplash)
Pepecoin is a New Meme Crypto that Now Rallies for $1 Billion
Pepecoin, a new meme cryptocurrency, is making waves in the digital currency market as it nears an astounding $1 billion valuation. According to CoinDesk, the coin has captured the attention of both meme enthusiasts and investors alike, leading to a remarkable surge in its price.
Over the past two weeks alone, Pepecoin has experienced a staggering 500% increase, leaving short sellers who bet against the crypto counting their losses as the valuation skyrockets, as per CoinGecko (via CoinDesk).
Pepecoin, named after the famous Pepe the Frog internet meme, has gained a substantial following among meme aficionados who appreciate its playful and lighthearted nature. However, the recent rally in its price has attracted the attention of serious investors as well.
The combination of meme culture and the potential for significant financial gains have fueled a buying frenzy, driving the value of Pepecoin to unprecedented heights.
Read Also: Hackers Are Reportedly Stealing Crypto from AT&T Emails
Short Sellers are to Suffer Amidst PEPE's Gains
The meteoric rise of Pepecoin has left short sellers in a precarious position. Short selling involves betting against the price of an asset, with the hope of profiting from its decline.
However, as Pepecoin defies expectations and surges in value, short sellers find themselves incurring substantial losses. While short selling is a common practice in financial markets, the volatile and unpredictable nature of cryptocurrencies can lead to significant risks for those who choose to go against the prevailing trend.
According to CoinGlass, short sellers already saw $11 million in losses with PEPE shorts in the past 24 hours, with $5.5 million of it happening on OKX alone.
Meme Cryptocurrencies Rising
As Pepecoin continues its upward trajectory, it is important to note the inherent risks associated with investing in cryptocurrencies. The volatile nature of the market means that prices can fluctuate dramatically in short periods.
Meme cryptocurrencies are notorious for making fast money, as it is best known for seeing fame immediately in the market, but is no sure-cut way in doing so. One example is Dogecoin which experienced a massive high before falling after many's efforts.
This is just the way it is for meme coins, with a previous famous one, Floki Inu, another dog-meme crypto, who failed to sustain its market lead.
The soaring valuation of Pepecoin highlights the power of internet culture and its ability to influence financial markets. As the coin continues to captivate meme enthusiasts and investors alike, the crypto community eagerly watches to see whether Pepecoin will maintain its remarkable momentum or experience a market correction.
Related Article: Tech Investor Claims Crypto is Dead in America - Why?
