May was an explosive month for the memecoin market, and the most notable name in this frenzy was Pepe, which played a significant role in eradicating the boredom that had plagued the memecoin market the previous month. So, what did Pepe do to shake up the memecoin market?
First, let's briefly explore this earthquake called Pepe. Pepe (PEPE) is a death meme token, an ERC-20 memecoin inspired by the famous Pepe the Frog meme created by Matt Furie. The PEPE token was created on April 14, 2023, and rapidly gained traction as its price surpassed a market capitalization of $100 million on April 19, 2023. On that day alone, the token traded for over $90 million on Uniswap.
While people were still murmuring about "Altcoin season," this frog emerged from somewhere and overshadowed two renowned memecoins, Doge and Shiba. Along with this, it experienced a staggering surge of 21,000% in just three days after its launch, with a trading volume of $30 million. Initially perceived as a joke, Pepe delivered a harsh blow to investors, and it continued to thrive for a considerable period before cooling down. At present, the hype surrounding Pepe is as strong as the freezing temperature in your home's refrigerator.
So, what does this article mean? Can memecoins be beneficial to you?
In reality, memecoins are nothing more than a joke and cannot transform into anything else. However, it is undeniable that through the recent memecoin frenzy, I realized that memecoins could be the missing puzzle piece, the key to leading me down the path of "spending money like water." You invest a few hundred dollars and within a few days, you receive a sum of money that is no different from the "treasure of a pirate king in One Piece," something you never thought you would lay eyes on in your lifetime.
This article is not intended to advertise any particular coin. It's simply meant to convey that if you can understand it the way I did, I hope you can have a different perspective in this memecoin market.