Meme Coins led by the new PEPE token are increasing in trading value at a fast rate. Apart from PEPE, other meme coins are already rallying behind it. It can be seen with WOJAK, named after another popular memetic character. Within a day of the meme coin's launch, it grew to have more than $10 million market capitalization. Traders who jumped on these tokens while still in presale have made massive profits from them. Some have gotten thousands of what they initially invested in the tokens. Especially for PEPE investors, their return on investment was huge.
Despite the huge bullish trend meme coins are witnessing, many crypto analysts have condemned the recent trend. According to them, it only shows that the major use case of meme coins in the crypto industry is gambling. Ryan Watkins, the co-founder at Syncracy Capital, while speaking about the situation, said the current meme coins bull market is a "double-edged sword." He argued that while traders might be making profits from the recent meme coin price surge, it makes non-crypto enthusiasts regard the industry as a gambling sector. "It’s a double-edged sword. On one hand, meme coins make crypto more fun and accessible. On the other, they reaffirm many sceptics’ criticisms that the industry’s only use case is gambling," Watkins said.
What Watkins is saying is valid as many have meme coins list to buy, with the sole purpose of making profits off those meme coins. They are not there to support or grow the community of the project. They are just there to take their profits. This defeats the main purpose of ensuring long-term growth within the crypto industry. The major attraction now within the meme coins market is PEPE. The meme coin has been driving traders crazy within the past weeks. Z, a well-known pseudonymous trader, shared how he made thousands of dollars from buying PEPE in its presale days. "The PEPE pump is ringing the bell and waking everyone up to speculate. Seeing the memes that have always been around us and that we see daily become the top meme coins feels healing, cleansing," Z said.
Dog time is Over
It seems the dog-faced meme coins have had their days in the crypto market as the attention is shifting to other meme coins like PEPE. Dogecoin is arguably the biggest meme coin, followed by Shiba Inu. These two coins were virtually the face of the entire meme coin. But according to the developers of PEPE, dog-themed meme coins have had their day, and it is time for others to take over. To ensure they make their point known to the general public, one of the inscriptions that can be found on PEPE's website is "The dogs have had their day. It’s time for Pepe to take reign."
With PEPE taking center stage, there are concerns about the effects of the current meme coin Saga. Is now the time to exit the market? Leaving the market does not entirely solve the problem. According to the opinion of Ryan Watkins, the current meme coin craze should be handled with care. While profits are being made, traders should be careful not to cripple the entire market.