Move over dogecoin? Memecoins — a hyper-speculative, ultra-volatile and somewhat peculiar class of crypto — are back in the spotlight after the latest digital token hit the market with stratospheric gains. Pepe, a coin inspired by an anthropomorphised frog popular in internet memes, leapt nearly 7,000 per cent in the 17 days after its April 16 launch, hitting a market...
Reuters fileMemecoins — a hyper-speculative, ultra-volatile and somewhat peculiar class of crypto — are back in the spotlight after the latest digital token hit the market with stratospheric gains.
"Memecoins just flare up on occasion, and it'd historically happened when the market's a bit choppy or sideways," said Todd Groth, head of index research at CoinDesk Indices. "It's almost like, if the market is not moving up fast enough, traders find these smaller tokens to trade with." Reuters couldn't immediately identify pepe's creators, and its Twitter account didn't respond to a request for a comment.
The surge in pepe's popularity was amplified by its quick listings on major centralised exchanges, including top platform Binance, said Chase Devens, analyst at Messari.
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