- PEPE 2.0 is a new memecoin with some key differences from the original.
- PEPE 2.0 is gaining popularity, with its price rising sharply.
- There are concerns that PEPE 2.0 could be a pump-and-dump scheme.
- Copycat memecoins are also gaining popularity.
- Investors should be wary of the dangers of copycat memecoins.
PEPE, one of the newest memecoins on the block, quickly became one of the world’s most talked-about cryptocurrencies on the market.
This memecoin was introduced sometime in April 2023 and soon made a few early investors pretty rich.
The hype on PEPE was so great, that according to ICO Analytics, PEPE was only second to Bitcoin (17% in social mentions) and Ethereum (16% in social mentions) in terms of social dominance.
However, a new memecoin is making waves, just as PEPE did in April and May.
This memecoin is PEPE 2.0, and in this article, we will be taking a deep dive into what is really going on with this memecoin.
What Exactly Is PEPE 2.0?
As we mentioned earlier, PEPE was introduced earlier this year and took the crypto market by storm.
This memecoin turned a few hundred dollars into literal millions from April to May, before fading into oblivion.
As it turns out, the limelight is now on PEPE 2.0.
PEPE 2.0 was launched last month, in June 2023. It was created as a sequel to the original PEPE memecoin and is even a fork of the former.
If you don’t know what this means, PEPE 2.0 runs on the same programs/code as the original PEPE but has some key differences.
For perspective, one of the biggest differences between PEPE 2.0 and the original PEPE is that this new PEPE 2.0 runs on a Proof-of-Stake consensus mechanism like Ethereum, instead of Proof-of-Work like Bitcoin, Dogecoin and Shiba Inu.
This means that it is more environmentally friendly, as it does not require miners to use a lot of energy to verify transactions.
PEPE 2.0 also has a lower supply than the original PEPE. This means that it is more scarce, and will have a better chance at rising higher in terms of price.
What Metrics Say about PEPE 2.0
Just like the original PEPE coin did, PEPE 2.0 is becoming more popular.
PEPE2.0’s price has risen by more than 30% in the last day, leaving its price at about $0.00000006336 according to data from CoinMarketCap.
This puts the market cap of the cryptocurrency at about
This values its market capitalization at $26.6 million, which is significantly higher than the market caps of several more established memecoins like Samoyedcoin, floki 2.0, bobo 2.0 and Vita Inu.
Over the last few days, the number of unique wallet addresses holding PEPE2.0 has also climbed, rising from 5,410 addresses on June 29 to almost 10,000 at the time of writing.
This means that Whales, sharks, shrimp and little fish are starting to notice the memecoin.
PEPE 2.0 Price Dynamics
PEPE 1.0 was a highly successful memecoin. This memecoin even briefly overshadowed Shiba Inu and Dogecoin after a whopping 10,000% price increase during its initial rally.
Because of this, investors are pumped for the new memecoin, as investors expect similar performance, and are starting to buy it massively.
The memecoin market is also rapidly booming, with the memecoin market cap hitting more than $16 billion in value.
Because of this, investors are jumping into the memecoin market, creating a favourable climate for $PEPE 2.0.
The growing meme coin market, the history of the original PEPE, and the remarkable performance of other memecoins have contributed to $PEPE2.0’s price performance.
And from here, it remains to be seen whether $PEPE2.0 can maintain its pace.
However, there are a few disturbing facts you should be aware of:
Could PEPE 2.0 Be A Pump And Dump Scheme?
According to a series of tweets from the blockchain data visualization platform, Bubblemaps on Twitter, PEPE surged by more than 1000% over the last week.
While that is every investor’s dream, Bubblemaps also notes that 50 out of the top PEPE 2.0 holders are linked by ETH transfers, and also trace back to a single wallet.
Diving deeper, Bubblemaps mentioned that the central wallet is actually a hot wallet from MEXC, which recently announced the listing of PEPE2.
And as it turns out, the connected wallets are likely just users of MEXC.
All should be well at this point, shouldn’t it?
Well, not quite.
Bubblemaps highlighted that there is one large wallet cluster remaining.
Bubblemaps says that the PEPE 2.0 deployer sent 34 trillion tokens to 0xc55a…, which then dispersed these tokens to many other wallets.
While some of these wallets have sold their holdings, others continue to hold.
One wallet in particular (0x181d…), however, according to Bubblemaps continues to sell its holdings to make massive amounts of profits.
This indicates that investors should be careful.
Bubblemaps noted that this wallet is directly connected to PEPE 2.0’s deployer, along with the wallets: 0x8c25…, 0x4e20… and 0xac8c…
One user, @GraceTrebb, commented under a tweet from Bubblemaps, saying that “(This is) Too risky! Can be rugged anytime”.
Another Twitter user, @CryptoChasms commented: “Top 3 wallets own most. DYOR ❌ rug imminent”
Copy Cat Cryptos and PEPE Competition
Despite their relatively short lifespans, and the massive losses incurred by late investors, copycat meme coins are gaining popularity.
Copycat memecoins are tokens designed to replicate the popularity of more established meme coins. This means that if a cryptocurrency hits the market today and starts to make waves, a few other copycat memecoins are bound to spring up and capitalize on the original coin’s success.
These copycat coins usually feature the same coin’s name, symbol, or even logo, and claim to be the next big thing for people who missed out on the original rush.
Copycat coins like Pepe 2.0, floki 2.0, and Bobo 2.0, have soared into millions, transforming tiny investments into massive fortunes, almost overnight.
In conclusion, investors should be wary of the dangers of copycat memecoins because their prices are very volatile and can fall at any time.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.