The Price of This New Crypto Meme Coin Has Surged 21,000% as Bitcoin and Ethereum Lockdown, But There’s a Bad Catch

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BitcoinBTC and Ethereum slumped this week, with the latest rally tumbling amid Federal Reserve uncertainty.

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The price of bitcoin fell back below $30,000 per bitcoin, down 10% from last week, as the price of ethereum fell to around the same level after founder Vitalik Buterin issued a future bull run warning.

Now, a new meme coin designed to rival dogecoin has soared 21,000% since its launch last weekend, already making it the sixth-largest meme coin by market cap at around $150 million.

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MORE FROM FORBESBiggest ever ‘crypto cycle’ has already quietly begun after massive Bitcoin and Ethereum price rallyBy Billy Bambrough

Bitcoin and Ethereum price rises have stalled this week even as a new meme coin suddenly soars. … [+]

Light Rocket via Getty Images

“Meme coins are once again polarizing the crypto world. A new project, Pepe, has amassed a market cap of $100 million in less than a week,” analysts at crypto research firm Messari wrote. in a report this week. “Similar to previous meme coin price surges, pepe has generated stunning returns for its early investors.”

Pepe, based on the Pepe the Frog meme that has been embraced by various internet communities, has a “self-reported” circulation of 420.69 trillion and carries a warning on its Coinmarketcap listing that traders should “use caution” .

Messari analysts have also warned that while early investors may be looking at big returns on paper, they will have a hard time turning their pepe into any other cryptocurrency, let alone dollars. Pepe’s liquidity pool is only $3 million, compared to Ethereum’s daily trading volume of $775 million.

“An early buyer turned a purchase of 0.125 ethereum into nearly $2 million on-chain,” the report states. “However, since this individual holds 1.4% of the total supply, he will not be able to achieve these returns without crashing the market.”

Earlier this year, a similar dogecoin-challenger, solana-based bonk, challenged the memecoin throne but failed to hold onto its massive gains.

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