- The new kid on the block PePe dubbed the Dogecoin and Shib rival, has reportedly turned amateur traders into millionaires.
- Memecoin proponent details the impact that memecoins have in the crypto market, in spite of Bitcoin’s long-term dominance.
In a series of posts, a Twitter user DeFi Mochi, mostly known for sharing insight into crypto-related data informed his followers of the ongoing development with the PePe memecoin. According to the popular Twitter user, PePe has created a handful of overnight millionaires, following its unprecedented rise within the past few weeks.
The user went on to acknowledge the meteoric rise in Pepe’s liquidity, stating that the memecoin went from being a ‘shit coin’, with less than 100k in liquidity to a top #85 token. DeFi Mochi rolled out a list of PePe wallets that revealed wallets that have benefited greatly from the ongoing PePe price rally.
— CoinGecko (@coingecko) May 1, 2023
Although PePe is down by more than 16 percent in the last 24 hours, the asset has surged by more than 300 percent in the last 7 days. Trading volume has crossed $200 million while the market cap is now above $440 million. The coin is exchanging for $0.00000106 at the time of press.
“Bitcoin is great but even normies know it won’t make them rich,” says a memecoin proponent
Meanwhile, another Twitter user has taken the time to highlight the importance of memecoins like SHIB, Doge, and PePe. According to Eric Cryptoman, the self-proclaimed shot coin maximalist, these memecoins drive retail adoption.
He further cited how the marketplace typically starts its journey into the market with memes and fully commits to the ecosystem, by investing in aspects that become significant in the long term. In what seems like a dig at Bitcoin, Eric Crypto man stated that despite Bitcoin being a relevant state of value, it doesn’t have the capacity to make the pockets of traders complete. He insists that altcoins are the pathway to financial freedom. Eric Cryptoman explained in his recent tweet;
Stories emerging from coins like SHIB and DOGE and now PEPE are what really brings retail into the space. Many of these people will start with memes and end up diving into the ecosystem and eventually place bets into things that can shape the future.Bitcoin is great at being a store of value but even the normies know it won’t make them rich, and let’s not pretend that’s not why most people are here. Financial freedom..
Despite getting critiqued constantly, Eric believes that memes have made their undeniable mark in the market. Referring to them as a “retail onboarding machine that has created stories that seem too good to be true“ he acknowledged that 1 percent of meme coins are the real deal, despite noting that 99 percent of existing meme coins are scams.
— Eric Cryptoman (@EricCryptoman) May 1, 2023
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