Numerous copies of various meme coins have appeared everywhere in a trend that will probably fade away in a few weeks.
Betting on microcaps that claim to be the second coming of 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, which were mostly released in the last week and pose 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 instantly.
Most of these do not persist for more than a few weeks. A McDonald’s joking tweet from the previous year prompted aspirants to wager on English-language articles and the Grimacecoin.
On Ethereum (or other blockchains), anybody may call a smart contract to create tokens for a few cents, and since there are decentralized exchanges, tokens can be created instantly, given liquidity, and traded right away.
Pepe 2.0, the clone that appeared to be the most well-liked, has seen close to $7 million worth of trading as of Tuesday. Its market value was $18 million, which is lower than the peak of $45 million reached last week.
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.
An on-chain analysis tool Bubblemaps has called attention to the centralized conduct of a few early purchasers who probably controlled a substantial portion of the Pepe 2.0 supply at launch and are now selling the tokens one by one. Due to strong buyer demand and notably low sales from early buyers, this concentration may have led to the high price pump.
Investors are still drawn to the real Pepecoin (PEPE), with some sizable purchases extending gains after an over 80% increase over the previous two weeks.
According to Lookonchain data, two wallets bought millions of the tokens on Monday as a small segment of the market bets that the frog-themed tokens would outperform Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most well-known meme coins in the future.