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Doge Hype is Dying, "Pepe the Frog" Meme Tokens Take Spotlight

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By Augustine Mbam - - 5 Mins Read
Pepe the frog meme and a trading chart background
Pepe meme coin (Twitter)

It seems like crypto traders are outgrowing the native Shiba Inu meme coins and are moving towards the Pepe the Frog token. Tokens such as Dogecoin seem to be abandoned by those who trade meme coins as their attention is shifting to a new token named Pepe.

The new crypto Pepe token was just launched on Sunday, and it has already increased in price by more than 21,000% in the last 3 days, and it does not seem like it will be stopping very soon. Within the same time frame, the meme coin has raked more than $30 million in trade volume. For a new token launched 3 days ago, its market capitalization has increased astronomically to $33 million. 

According to a note from the Crypto Pepe website, why noted that the dog-related meme coins have had their fame, and frog-faced meme coins have taken over. "The most memeable memecoin in existence. The dogs have had their day, it’s time for Pepe to take reign," the note read from the website. Data from blockchain tracker Etherscan has shown that the number of users holding the PEPE token has increased too. More than 10,000 individual holders already have the token. According to more data, FOMO has already entered the market, and many traders are trying to profit from the new meme coin. 

With a circulating supply of 420 trillion, PEPE is already receiving much bigger support for a meme coin. Its community is also growing, which can be witnessed after a trading pool on Uniswap for Pepe tokens locked up over $1.3 million in liquidity.

Like the OG of meme coins, Dogecoin, PEPE started as a joke and is growing to become bigger than most altcoins. From different analysts, meme coins like PEPE won't be going down anytime soon. Past events, as in the case of Dogecoin, dogelon mars, and Shiba Inu, shows that traders are very much interested in meme coins. 

Meme Coins Provide Good Trading Opportunities 

James Wo, founder of crypto fund DFG, while speaking to CoinDesk, said meme coins wouldn't be going down anytime soon. He said it has grown to become part of the crypto ecosystem. He highlighted the major reason traders keep going back to meme coins. He said due to the ups and downs of top cryptocurrencies like Bitcoin, it was only logical that traders seek trading opportunities in meme coins.

"Meme coins are huge parts of the crypto trading landscape, whether we like it or not. While the biggest currencies like bitcoin and ether have very low volatility, it's only natural that traders will look for opportunities elsewhere," James Wo said. 

James Wo said the excessive returns traders get from trading meme coins is a big contributor to why they go back to it. Since most meme coins come from trending topics, they are a quick opportunity to make money in the crypto market.

"Meme trading is a risky way to try to seek excessive return, but when it pans out, the upside can be very huge. So even in a bear market, some of the meme coins will have a large up-swing, even if it's just short term. The premise doesn’t matter: if there’s money to be made peddling trendy topics; expect a market for it somewhere in niche "s**tcoin," James Wo explained.