Anyone doing so is ignoring the fact that the shocking magnitude ofis rare. Digital assets that have very little – or no – fundamental value like dogecoin or Shiba Inu pop out of the ether every couple of years. But finding the next PEPE is next to impossible; every winner is surrounded by the ashes of many failures.
That doesn't stop people from trying. For some, that means simply copying whatever early PEPE investors have put their money into next. On-chain data makes this easy. Wallets holding a large amount of tokens can be tracked on sites likeOver the course of last weekend, several newly issued meme tokens surpassed PEPE in trading volume. This flurry of activity was down to whale watchers, people who buy assets based off what large wallets are doing.
This wasn't the only example. Bizarrely named meme tokens like RIBBIT, BOB, JEFF and WEN all experienced massive spikes in volume over the weekend. Amid this rush into meme coins, overall volume on Uniswap's decentralized exchange surged to $150 million an hour at numerous points on Saturday, way up from the typical $16 million to $30 million, according toAs attention switches to meme coins, other sectors like decentralized finance are beginning to suffer.
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What is Pepecoin? Meme token hit $1.6 billion market cap, crashed 70%What is Pepecoin? Everything you need to know about the meme token that notched a $1.6 billion market cap then crashed 70% within days
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