Home / Altcoins / Pepe 2.0 Emerges Alongside Other Memecoin Clones: Legitimate Coins or Dangerous pump-and-Dumps?
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Pepe 2.0 Emerges Alongside Other Memecoin Clones: Legitimate Coins or Dangerous pump-and-Dumps?

Published July 5, 2023 10:30 AM
Teuta Franjkovic
Published July 5, 2023 10:30 AM
Key Takeaways
  • Pepe 2.0 ($PEPE2.0) is a new contender in the quickly developing meme coin market.
  • This meme coin, which was modeled after the original Pepe ($PEPE), has recently astounded investors with its ascent
  • $PEPE2.0 is currently trading at $0.0000000976, representing a rise of over 99%

Betting on microcaps that claim to be the second coming of the well-known meme coins for people who missed the boat the first time is the newest flavor of the month in some segments of the cryptocurrency market.

Pepe 2.0, Floki 2.0, and Bobo 2.0 tokens, most of which were just released last week and posed as updated versions of the well-known Pepe, Floki, and Bobo tokens, have seen trading volumes soar to millions of dollars, draw hundreds of thousands of dollars in liquidity, and turn a few dollars into six-figure fortunes almost overnight.

The majority of these only endure a few weeks at most. Last year, hopefuls placed wagers on Grimacecoin, inspired by a McDonald’s prank tweet.

On Ethereum (or other blockchains), anybody may create tokens for a few cents, and since there are decentralized exchanges, tokens can be created instantly, given liquidity, and traded right away.

The Meme Coin Space Experiences the Copycat Pepe 2.0 Phenomena

Pepe 2.0, the clone that appeared to be the most well-liked, has seen close to $32 million worth of trading as of Wednesday. Its market value was $40.6 million.

In less than 24 hours, one wallet turned the initial $900 spent on Pepe 2.0 into more than $176,000. Analysis reveals  that the wallet sold in 2 Ether (ETH) clips as the token increased to profit from this position.

Tool for on-chain analysis, Bubblemaps, noticed that the centralized conduct of some early buyers, who likely controlled a large portion of the Pepe 2.0 supply at launch are now selling the tokens gradually. Due to the high demand for purchases and noticeably low sales from early buyers, there may have been a major price pump as a result of this concentration.

Investors are still drawn to the real Pepecoin (PEPE), with some sizable purchases extending gains after a roughly 80% increase over the previous two weeks.

A small portion of the market wagered on the frog-themed tokens flipping Dogecoin (DOGE) and Shiba Inu (SHIB), possibly the most well-known meme coins, in the future, according to data from Lookonchain , indicates two wallets bought millions of the tokens on Monday.

Indicators show the $PEPE2.0 hype as it spreads, confirming its status as a contender in the quickly developing meme currency market.
$PEPE2.0 is currently trading at $0.0000000976, up over 99% from the previous day.

The currency has a market cap of $41 million, according to CoinMarketCap  statistics, surpassing more seasoned meme coins like Vita Inu ($VINU) and Samoyedcoin ($SAMO).

Pepe Coin’s Comeback Appears to Be Setting Up for More Price Growth

Over $136,7 million worth of $PEPE was traded in the last 24 hours, according to CoinMarketCap , an increase of almost 100% over the day before.

Additionally, a rise in the total number of distinct wallet addresses holding $PEPE over the past six days indicates a revival of interest in the token.

This increase in activity demonstrates the market’s growing belief in the price potential of $PEPE, which is supported by the token’s most recent 12% price increase.

Pepe coin
Credit: TradingView

As of this writing, $PEPE is now trading at roughly the same level as it did on May 20 ($0.0000017).

On the daily chart, the price has broken out of the bull flag formation, which is more significant for $PEPE bulls because it suggests the possibility of a sudden advance.

The $PEPE token’s spectacular turnaround in fortunes has silenced its detractors and given its supporters newfound hope.
Even though the token is only offered on a few exchanges, like Uniswap and Bitget, meme coin aficionados are still rushing to acquire it in the hopes that it will experience a similar price increase to the original $PEPE.

Twitter and Fake PEPE Currency Website Stole 3.56B PEPE Tokens

In April this year, a top blockchain security firm PeckShieldAlert has urgently warned about a phishing website and a bogus Twitter account connected to the recently surfaced Pepe (PEPE) meme coin. The business has acknowledged that the Twitter handle @pepecoineth_ is fake and that the website “pepecoin.vip” is a phishing site.

The bogus Twitter account has alarmingly acquired over 11.8K followers, making them open to scams. According to reports, fraudsters have obtained 3.56 billion PEPE through two different transactions.

This information was released just a few days after Pepe’s April 16 debut, which astounded many cryptocurrency traders with its outstanding performance. Within three days of its release, Pepe’s value surged by more than 21,000 times.

Question of Legitimacy

Some argue that the idea behind meme coins like PEPE calls into question the legitimacy of cryptocurrencies in general . Meme coins, in contrast to conventional cryptocurrencies, are not supported by any underlying technology or have any intrinsic value. They have no actual purpose and were only made for entertainment. This makes the widespread acceptance of cryptocurrencies as a valid substitute for fiat money challenging.

Even more troubling is the fact that PEPE’s developers claim there is no chance of financial gain from using the coin. This implies that there is no real value in the coin and that investors are effectively betting on its acceptance. As a result, prudent financial management and investment principles are compromised.

Moreover, some think it is concerning that memecoins do not have a formal team or roadmap. It suggests that there is no actual framework or system of accountability for the creation of the coin. Investors are left in the dark regarding the coin’s potential future growth, and there is a chance that dishonest people will manipulate the market.