21,000% in a Week, Will Pepe Cash Hold or Fold?
Imagine a meme coin that pumps 21,000% in less than a week after launch. Now, open your eyes and realize you’re not imagining because that’s exactly what happened to Pepe Cash. But is it legit? Is any meme coin legit? Remember, meme coins are cryptocurrencies based on Internet jokes, like DOGE or SHIB. The biggest driving factor in the price for these meme coins is usually Internet hype and FOMO.
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Pepe Cash up 21,000%?
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Meme of the Day
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21,000%🚀 in a Week? Will Pepe Cash Hold or Fold?
Imagine a meme coin that pumps 21,000% in less than a week after launch. Now, open your eyes and realize you’re not imagining because that’s exactly what happened to Pepe Cash.
But is it legit?
Is any meme coin legit?
Remember, meme coins are cryptocurrencies based on Internet jokes, like DOGE or SHIB. The biggest driving factor in the price for these meme coins is usually Internet hype and FOMO.
Pepe Cash (PEPE) is based on the “Pepe the Frog” meme. There are 420.69 trillion tokens in circulation and it is currently at a market cap of $140 million. 10,000 addresses held PEPE as of last Tuesday.
One lucky Pepe believer paid $250 for 5.9 trillion PEPE tokens. That’s now worth ~$2 million!
But not so fast. PEPE holders can’t cash out cause there is only $3 million in liquidity. Meaning as soon as people start selling large amounts, the price will crash, causing more people to want to sell, causing the price to crash, and so on into a death spiral.
That is, unless everyone holds and doesn’t sell, and more people buy PEPE to keep the price going up and the party going. Only time will tell what will happen in this game theory hokey pokey.
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Tweet of the day 🐦
A few wallets holding $PEPE went from 500$ to more than $3.78M (7500x) in 5 days.
What if I told you that those wallets are in relation and might nuke the market if they sell their holdings?
An on-chain investigation using @bubblemaps 🧵 https://t.co/MS0yIeoyC9
— Louround 🥂 (@Louround_)
Apr 20, 2023
🧰 Web3 Tool of the Day ⚒️
Check out this sick tool called Bubblemaps! It helps you audit the supplies of DeFi tokens and NFTs. They use these funky, colorful bubbles that make visualizing on-chain data a breeze. And get this; you can investigate wallets, reveal connections, and cut through the noise of blockchain data! How awesome is that?! 😎👌
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