The most unpredictable part of the crypto market is meme coins. You never know what will surge will value and what won’t. Till now, the most popular meme coins in the market with huge market caps were Dogecoin, Shiba Inu, and Baby Doge. However, recently a new meme coin, ‘Pepe the Frog,’ has emerged, becoming the 6th largest one by market cap. At the time of writing this, the price of the token has dropped by 25%, and its market cap is currently at $117.3 million.
The craze about ‘Pepe the Frog’
People are crazy about memes, and this shows when the price of this token surged despite multiple warnings by sites like Coinmarketcap. They reported that the contract owner of this token might be able to modify the code and control transaction tax and blacklist functions. If you have been on any major social media platform, the image of this frog is likely a very common occurrence in memes that appear on your feed. So, it is not surprising that the investors are putting in their money like anything.
The total number of Pepe tokens in circulation is 420.69 trillion, which is again a meme reference. At its all-time high, the token had a market cap of $165 million with almost 30,000 holders. Investors who got in early are sitting on huge profits right now. An important thing to note here is that despite the good number of investors, the top 100 ones hold about 44% of the total supply, as reported by Coinmarketcap. So, in case they decide to dump on the investors, the price will crash.
While the website of the meme coin claims that there are no taxes and no bullsh*t, it’s not the same way Coinmarketcap and other research platforms look at it. The Gopluslabs page reports that if the contract owner has the ability to modify the contract, it will go against the tokenomics of the coin. All in all, this meme coin could also turn out to be a huge rug pull. Pepe the Frog’s website also says that 93.1% of the tokens were sent to the liquidity pool, and the rest of the supply is reserved for listings, bridges, and more.
It’s better to stay away!
After the success of Dogecoin, it was clear to everyone that successful memes that the masses could relate to will sell. So, if you are thinking that Pepe the Frog token is one of a kind, then hold your horses. Is there a chance to make huge amounts of money if you invest in it? Absolutely! However, is it something that you should still avoid? Yes!
There is a good chance that this is another scam, and popular websites haven’t even verified it’s authenticity. Yes, if you do have some cash that you want to put in the token, make sure it won’t affect your livelihood if you lose it. It is just pure luck that this meme coin rose in value as there are similar other tokens based on this meme like arbi Pepe, Pepemoon, mcpepe’s, pepe.bet, and more.
Even the website of the meme token claims that there is no real value of the token. And one should not invest in it with the expectation of gaining major returns.
What are your thoughts as the New meme coin ‘Pepe the Frog’ surges in value? And do you think one should take a gamble and invest in it? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Robert Kiyosaki is bullish on Bitcoin, expects the price to keep rising.
