Memecoin PEPE Joins the Top 100 Cryptocurrencies by Market Cap

April 2023 has been a standout month for memecoins, and now PEPE, the green frog meme, has become the third project to break into the top 100 cryptocurrencies by market cap.

This April has seen a surge in memecoin activity, with major coins showing minimal growth, leading investors to explore smaller projects with potential for massive gains. While many memecoin projects are marred by scams, such as Math Lady Coin (MATH) and a single wallet responsible for creating over 100 scam memecoins in two months, some projects have delivered substantial returns. Previous standout memecoins include DOGE, SHIB, and FLOKI, and this season's champions are PEPE and AIDOGE.

PEPE Cracks the Top 100

In just 17 days since its launch, PEPE has demonstrated impressive growth. According to CoinGecko, PEPE surged 84.1% in the past 24 hours and 241.5% over the past week. As of early afternoon on May 1, 2023, PEPE nearly entered the top 100 cryptocurrencies with a market cap of $451.5 million.

This makes PEPE the third-largest memecoin on the market, following behind DOGE and SHIB. There are high hopes that PEPE might join DOGE and SHIB as a "billion-dollar memecoin" in the near future.

The rise of PEPE has pushed BABYDOGE and FLOKI down to the fourth and fifth spots, with market caps of $400 million and $322.5 million, respectively.

Community and Hype

The question often arises: "What is the value of a memecoin?" The answer is straightforward—memecoins don’t have inherent value! Their existence and popularity are driven by community engagement and meme culture, which plays a crucial role in the crypto space.

The "green frog" meme has become a beloved icon, and turning it into a coin naturally attracted significant attention. The PEPE community is celebrating the coin's entry into the top 100, with the $PEPE hashtag trending on Twitter in recent days.

With such impressive growth, it's no surprise that some traders have made substantial gains with PEPE. Many early investors who bought PEPE at a low price have seen their investments multiply significantly.

Caution Advised

Despite the impressive returns, investors should remain cautious and assess risks carefully. While PEPE has delivered substantial profits, its large market cap now makes it less likely to experience the same explosive growth. Additionally, large holders (whales) may choose to sell off their PEPE holdings, potentially driving the price down.

It's understandable that investors may seek out new memecoins similar to PEPE or AIDOGE, but they should be wary of sophisticated scams and avoid getting caught in risky ventures.

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