While the prices of the main cryptocurrencies Bitcoin and Ethereum were crashing, a new crypto meme actually took off in just two weeks, skyrocketing 21 thousand percent.
In the past 10 days, BTC's price has slumped more than 10 percent, taking it from above the key psychological level of US$30,000, to around US$27,000. The bearish sign is again anticipated.
This Crypto Meme Costs Skyward
According to a Forbes report , at a time when most major cryptocurrencies are languishing, a new crypto meme called Pepe The Frog is gaining strong interest from investors, skyrocketing 21 percent in price since its launch this weekend.
With incredible growth, Pepe The Frog token sits in sixth place as the biggest crypto meme by market cap, at around US$150 million.
“ Crypto memes are once again polarizing the crypto world. A new project, Pepe , has amassed a US$100 million market cap in less than one week,” wrote Analysts at Crypto Research Firm Messari.
According to the analyst, the price spike on Pepe tokens is not much different from spikes seen in other crypto memes , giving early investors fantastic returns.
CoinMarketCap also posted a note on the Pepe token page, saying that traders should exercise caution before deciding to invest in this token.
According to Messari Analysts, early investors may now have seen huge returns on paper. However, it will be difficult to cash out into other cryptocurrencies or US dollars due to the low liquidity pool , only around US$3 million.
“One of the earliest buyers has turned a $0.125 buy of Ethereum into nearly US$2 million in sequence…However, since these individuals own 1.4 percent of the total supply, they will not be able to realize this return without destroying the market,” said the Analyst.
Previously, there was a dog-themed crypto meme named Bonk Inu which also had a fantastic price spike after its launch.
If they are to survive for a long time, crypto memes seem to need to have real, useful utility, lest they be abandoned by bored investors and see no benefit in them.