PEPE 2.0: Why skepticism dominates despite this major development
- PEPE 2.0 ruffles feathers in the memecoin segment.
- As per recent data, PEPE’s volume witnessed a growth by 1,261% as compared to its initial days.
PEPE recently took the memecoin world by storm, especially with its robust growth. It has since lost its momentum and PEPE 2.0. This is because its successor was showing promise as the next potentially major memecoin.
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Multiple other memecoins have attempted to replicate PEPE’s recipe for success. It is the same strategy that other successful memecoins used in the past but not all attempts are successful. PEPE 2.0 is perhaps the latest attempt that has so far yielded some degree of success. It might actually have a chance at becoming the next major memecoin and here’s why.
PEPE 2.0’s first wave announces its presence
PEPE 2.0 volume has been on the rise for the last few days. Recent findings indicated that its volume has been so robust that it managed to surpass Shiba Inu’s daily volume at some point. In short, this made it the top memecoin by daily volume.
Pepe 2.0 is shaping up to becoming the #1 memecoin. It just surpassed #SHIB by 24 hour trade volume. I am BEYOND impressed! Binance, coinbase, kraken, crypto dot com, OKX, and others will follow @kucoincom in listing. ???????????????? pic.twitter.com/ribj1Sgajr
— YourPOP (@Yourpop8) July 7, 2023
To put PEPE 2.0’s growth into perspective, it is one of the more recent entries into the memecoin fold. Its earliest recorded price and volume data on Coinmarketcap date as far back as 28 June.
Hence, it has been around for less than two weeks. During that time its lowest daily volume was less than $12 million. In contrast, it registered its highest daily volume figure at $163.32 million in the last 24 hours.
The data indicated that PEPE 2.0’s volume has so far grown by 1,261% compared to its initial daily recorded volume. This gives a rough idea of how much it has grown in such a small duration. Unfortunately, it is still too young that marketcap data is still not available.
Is it a risk worth taking?
New generation memecoins have interesting characteristics. As mentioned, they have an initial phase where whales buy frantically, rapidly driving up visibility and volume. Once they gain critical mass, they start attracting retail traders.
At this point, the focus is not really a long-term outlook but rather profit-taking. This may explain why these new memecoins have been running out of steam after a short burst of fame.
So, where is PEPE 2.0 right now? Well, there is one critical stage through which the early investors secure exit liquidity. This is the stage where the memecoins start looking for exit liquidity from the exchanges. The exit liquidity’s end game is listing on major exchanges.
This stage is often characterized by a sudden surge in popularity due to heavy marketing. It is followed by retail activity which provides the aforementioned liquidity.
How many are 1,10,100 PEPE 2.0s worth today
PEPE 2.0 evangelists are now pushing for major exchanges such as Binance, Kraken and Coinbase to list this new memecoin. But will it follow the same fate as its predecessor? Welly, the PEPE coin does not have a special use case as far as we know. As always, DYOR is best before you make your own conclusion.