Memecoin mania: Social relevance, speculation drives PEPE surge

Research study expert Xin Yi approximated that the total memecoin market value is around $20 billion, with the leading 5 tokens, Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, Baby Doge Coin (BABYDOGE) and Floki (FLOKI), accounting for over $18 billion of the value.PEPE token has spiked in value given that in launch, eclipsing the likes of DOGE and SHIB. Source: Nansen QueryData offered from Nansen Query reveals the enormous spike in token value and market capitalization of PEPE in relation to the other top 5 memecoins. Yi also notes that the infographic does not paint a complete picture, provided that the data for PEPE reflects its listing on CoinGecko, which came a couple of weeks after its inception.PEPEs market capitalization rose by 400% because its inception.

$PEPE #MMGA pic.twitter.com/Adf0Vem8B3— Pepe (@pepecoineth) April 14, 2023.

Memecoins have actually been part and parcel of the cryptocurrency area considering that the creation of Dogecoin back in 2013, with fortunes made and destroyed in equal measure. A new token on the block triggered a stir in current weeks, as Pepe (PEPE) grabs a piece of the memecoin market share from adventurous investors.As previously reported by Cointelegraph, PEPE saw a 2,000% boom in worth following its launch in late April 2023 The tokens rally is primarily credited to zealous memecoin buzz, with the project widely shared on Twitter over the previous month.Today. $PEPE #MMGA pic.twitter.com/Adf0Vem8B3— Pepe (@pepecoineth) April 14, 2023.

Research expert Xin Yi estimated that the total memecoin market worth is around $20 billion, with the top five tokens, Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, Baby Doge Coin (BABYDOGE) and Floki (FLOKI), accounting for over $18 billion of the value.PEPE token has spiked in worth since in launch, eclipsing the likes of DOGE and SHIB. Source: Nansen QueryData supplied from Nansen Query reveals the huge spike in token worth and market capitalization of PEPE in relation to the other leading 5 memecoins.