Benzinga - A new phenomenon appears to have taken hold in certain corners of the crypto market as investors flock to microcaps claiming to be the next big thing in meme coins. Specifically, Pepe 2.0 has emerged as a prominent player in this space, with soaring trading volumes, substantial liquidity, and overnight success stories.
What Happened: Pepe 2.0, a token largely introduced within the past week, positions itself as a new iteration of the popular Pepe meme. In just the last 10 days, its value has skyrocketed by 2338%, currently trading at $0.0000001099.
Even in the past 24 hours, Pepe 2.0 has seen a 35% surge, while other meme coins like Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and even Pepe Coin (CRYPTO: PEPE) itself experienced declines of 2.58%, 3%, and 5%, respectively.
Notably, Pepe 2.0, regarded as the most widely embraced among these clones, witnessed a trading volume of nearly $36 million in a single day, as per the CoinMarketCap data available on Thursday.
Current Price: At current prices, for just over a dollar, you can purchase over 9 million Pepe 2.0 tokens.
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Why It Matters: One striking success story involves a wallet that turned an initial $900 investment in Pepe 2.0 into over $176,000 within 24 hours. Analysis reveals that the wallet capitalized on this profitable position by selling in two separate transactions, each involving the sale of 2 ether (ETH), as the token continued its ascent.
Data obtained from Lookonchain indicates that on Monday, two wallets acquired millions of Pepe 2.0 tokens. This niche segment of the market is betting on these frog-themed tokens eventually surpassing the popularity of meme coins such as DOGE and SHIB over time.
Wallet"0xcfff" that made ~$1.08M on $PEPE spent 471,700 $USDC to buy 260B $PEPE at $0.000001813 about 2 hrs ago.https://t.co/XWFJwnZVovAnd @osf_rekt spent 367 $ETH ($720K) to buy 404.5B $PEPE at $0.000001781 about 1 hour ago.https://t.co/eM9pbcTY88 pic.twitter.com/VVl2Lv5K99
— Lookonchain (@lookonchain) July 3, 2023
Benzinga’s Note: It’s worth taking into consideration that these microcap investments come with inherent risks, given their relatively new and volatile nature. While they offer the potential for significant gains, investors must exercise caution and conduct thorough research before participating in such speculative ventures.
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