The world of digital assets continues to grow with new projects as of 2020. It is divided into categories within itself and continues to attract the attention of investors with the opportunities it offers. Cryptocurrencies similar to memes on the internet are starting to become incredibly popular with their trading volumes. Like the ERC-20 network in Ethereum, the BRC-20 network was created in April, and the money in the market is directed towards projects created on the BRC-20 network.
The Pepecoin frenzy is accompanied by different tokens, thus providing a great return to its investors. Among these categories, meme coins enriched with various images have been adopted by the communities. While the ‘joke money’ behind social media continues to increase day by day, we started to talk more with Pepecoin last week. In general, a meme coin does not have any projects or any added value it promises. However, when the desire of investors to make easy money comes into play, the appreciation of meme coins becomes inevitable.
Going back to history, the first meme started with Dogecoin and Shiba Inu. Dogecoin, which is at the top among the most popular, was valued together with Elon Musk. The Shiba Inu, on the other hand, attracted the attention of investors thanks to its collaborations with famous brands after it was created in April 2021. There are currently around 600 meme tokens and the total meme token market cap is roughly $18 million. Although we are in a bear market, they continue to be the focus of attention of investors with their increasing popularity.
Pepecoin, which was launched in April and attracted the attention of investors, reached $ 1 billion last week. Undoubtedly, this was due to the listing announcement of Binance, the global cryptocurrency exchange. In the previous developments, it was announced that Pepecoin, worth $ 8 million, was locked forever. Managers, who left unanswered the listing questions directed to Binance during the same time period, paved the way for the price increase by listing the meme coin. The meme coin, which was appreciated by a huge price increase last week, has profited over 50% in a one-day time frame and has the highest spot trading volume.
When we take a look at the features of the related token, about 94% of it was transferred to the liquidity pool. The undelivered portion was sold in company with liquidity providers. When we look at what it offers us in the roadmap, we see that it is a gradual roadmap. It is aimed to attract attention in the first place, then to be listed on the stock exchanges and eventually to start selling the giveaways. If all of these goals are completed, they plan to reach more than 100 thousand users.
As for the price peak, it has started to be listed on several exchanges operating globally. Thanks to this, it gained good momentum and the Binance CEO did not give a clear answer when asked about CZ. Two days have passed since this issue and Binance announced that they will list Pepecoin on all their global social media channels. After this announcement, there was a significant increase in the price of the meme token. Pepecoin is among the last to join the meme coin rush that started after 2020, but it will undoubtedly not be the last. After the opening prices with plenty of zeros, other instruments that appeal to a large audience and attract the attention of large investors seem to get what they expect globally.
It is very useful to consider past events as advice. These investments, where there is great speculation and many investors are upset, need more rational action. The biggest reason for the withdrawal of Bitcoin’s market dominance for several weeks is the popularization of meme tokens. Combined with macroeconomic developments, the declines in Bitcoin are inevitable. In April and May 2021, when the meme token became popular, inflows in BTC were in trouble. Likewise, the same table was encountered in November 2021. In May, the scenario in the past is experienced and this situation seems to continue for a while.
Finally, although it is difficult to foresee the future of meme tokens, the recent rises seem to continue to negatively affect Bitcoin.
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