Meme coin Pepe craze causes thousand-dollar losses
According to crypto price tracking website #CoinMarketCap, #Pepe’s price spiked after its launch in mid-April. It peaked on May 5, then lost most of its value afterwards.
⚙️ Pepe was built on the BRC-20 standard of #Bitcoin, different from many other meme coins which use #Ethereum’s ERC-20.
🚫 On its project homepage, Pepe’s developer said: “$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only. Despite such disclaimers, new meme coins like Pepe still attract lots of investment.
💥 When Pepe peaked on May 5, both those coins’ value dropped by 10%, a considerable value reduction after four straight months of growth.
🤡 Meme coins are still widely considered a joke in the cryptocurrency world, however popular they get. Meme coins like Dogecoin and Shiba Inu, which are still highly valuable, are the exceptions, not the rule.
⚠️ Experts suggest that if investors want to try their luck with meme coins, they should only invest a small amount, and be ready to lose it all.