- There has been a surge of what “memecoins” in the recent weeks, retail traders call it “memecoin season”
- The price of the memecoin has surged by over 2,000% in the past two weeks.
- Majority of these memescoin are used to exploit others and are “rugged” essentially stealing all investors money.
On May 1, cryptocurrency exchange OKX announced that it would be listing memecoin Pepe (PEPE) at 17:00 Hong Kong Time (HKT) and open Pepe withdrawals on May 2 at 17:00 HKT. In supporting the listing decision, OKX staff wrote:
“Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body; this is one of the most popular memes in the world.”
Several cryptocurrency exchanges, including MEXC Global, Bitget, Gate.io, and Huobi, listed Pepe trading pairs two weeks prior, stirring what appears to be a trading frenzy. The token has returned 2,340% since April 17 and is now trading at $0.000001223 apiece at publication. Following news of the OKX listing, Pepe’s price has surged over 50% in the past 24 hours.
Created on the Ethereum blockchain by anonymous developers, the Pepe token was created, according to CoinMarketCap, “as a tribute to the Pepe the Frog internet meme” to capitalize on the popularity of memecoins such as Shiba Inu and Dogecoin.
In 2021, DOGE surged by over 23,000%, partly due to American business magnate Elon Musk’s vocal support for the coin on social media. Similarly, SHIB surged by over 1,250% during the 2021 cryptocurrency bull market after gaining tailwind popularity from its sister Dogecoin token. Despite the recent traction, OKX staff wrote in its Pepe listing announcement:
“Digital assets are innovative investment products with high price fluctuations and risks. Before investing, [OKX] hopes you fully understand digital assets, rationally judge your investment ability, and make investment decisions prudently.”
