Pepe Power! The Rise of Meme Coins on the Back of GameStop Nostalgia

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The amphibian that inhabits the Internet is once again in the spotlight, but this time Pepe the Frog is not a guest on troll forums – he is maneuvering his way to the top of the cryptocurrency charts. PEPE, the meme coin named after the internet legend, is enjoying historic growth, fueled by a potent mix of nostalgia and retail investor fervor.

From pool to bullfrog: the rise of PEPE

PEPE’s recent entry is nothing tiny of meteoric. Trading volume has skyrocketed by an impressive 300% in the last 24 hours and the price has reached an all-time high. This dramatic boost coincides with Gamestop (GME) shares rising again, leading many to believe that the 2021 army of retail investors is back for a second round, armed with meme coins as their weapon of choice.

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PEPE market capitalization. Source: CoinMarketCap

The return of Keith Gill, better known on the Internet as “Roaring Kitty”, was a rallying cry for these digital warriors. Gill’s surprise post on his dormant Reddit account sent shockwaves through the market, reigniting the nostalgic fire of the original Gamestop saga. Analysts suggest this nostalgia has spilled over into the cryptocurrency market, sparking a meme coin craze.

PEPE, which has seen steady growth since mid-April, has emerged as the unlikely champion of this digital meme menagerie.

PEPE is currently trading at $0.000011. Chart: TradingView

Whales bathe in Pepe’s pond

It’s not just tiny investors that are driving PEPE’s explosive growth. Big money, or “whales” in cryptographic parlance, are also throwing themselves into the frenzy. On-chain data reveals that the whale recently scattered a frigid 1.86 million USDC for a whopping 195 billion PEPE tokens. Another whale scooped up as much as 406 million PEPE, which pushed the price even higher.

But is it all gold memes and rainbows?

While PEPE’s current trajectory is a dream come true for early adopters, there’s a cautionary tale lurking beneath the frothy surface. Meme coins are renowned for their extreme volatility. Their value is often based on hype and fleeting internet trends rather than solid financial fundamentals. This means that a sudden change in sentiment could cause prices to drop dramatically, leaving investors in Pepe’s hands.

source: Lookonchain

Moreover, PEPE is a relatively fresh player in the crypto game, with an uncertain future. Unlike established cryptocurrencies, PEPE has no proven track record. Its long-term viability remains a question mark.

Featured image from @GameStopPepe/X, chart from TradingView

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