Popular memecoin PEPE is currently soaring as it attempts to pull off a market recovery. In a week marred by losses of varying sizes, the hottest coin of the meme season was not exempted, losing 46.1% of its market value within this period.
The past week was quite bearish for the entire market as the total crypto market cap dropped by $64 billion to a current value of $1.170 trillion. Bitcoin, the market leader, did share most of the headlines with PEPE, as its market price crashed by almost 9% to trade below $27,000 for the first time since March.
Although the CPI announcement on Wednesday did provide some boost to the premier cryptocurrency, it could not match the momentum of the market bears as Bitcoin currently trades around $26,815. However, PEPE, on the other hand, seems to have found support and has re-embarked on its bullish course.
PEPE Notches 28% Gain, Emerges Biggest Daily Gainer
According to data from Coingecko, PEPE has surged by 28% in the last 24 hours, emerging as the biggest market gainer within this period. Having been on a steady decline all week, this recent price rise has provided some relief for PEPE investors who thought the meme token was well on its way down.
Although there is no guarantee that PEPE could be on its way to pulling off another stunning market performance, its resilience may just set it apart from most short-lived meme coins joining the likes of the prominent Dogecoin (DOGE) and Shiba Inu (SHIB) tokens.
In general, PEPE remains the best-performing token of the moment, gaining by over 405% in the last 14 days and over 2,331% since its launch on April 17. In this period, the meme token has also made much progress in the industry with listings on over 30 exchanges, including Binance, Huobi, OKX, KuCoin etc.
At the time of writing, PEPE is trading around $0.0000158, with a 2% increase in the last hour. The token’s daily trading volume is also up by 151.92%, valued at $934.45 million. However, PEPE remains 62% away from its all-time value of 0.00000431, which was attained just seven days ago.
PEPE trading at $0.00000158 | Source: PEPEUSD Chart on Tradingview.com
Meme Tokens Criticism Continues
Amidst the massive traction associated with the meme season, criticisms of these meme-inspired cryptocurrencies have not dwindled. In one of the latest hits, popular crypto analyst Benjamin Cowen, with over 700,000 Twitter followers, tweeted that meme coins existed solely to “make the founders rich”.
He further referred to the “strong community” narrative as “garbage”, stating that most meme coins were launched by the same people, “just pumping and dumping until it no longer is profitable”.
Daily reminder that these memecoins that are flooding the market exist to make the founders rich.
The “strong community” narrative is garbage.
Most of these memes are created by the same group, just pumping and dumping until it no longer is profitable.
— Benjamin Cowen (@intocryptoverse) May 9, 2023
While they may be quite capable of generating stupendous profits, meme coins seem set to suffer continuous criticism over their lack of utility. These tokens are based on internet memes, driven only by the user community and celebrity engagements.
Therefore, most meme coins are short-lived, “predestined” to rise, crash and burn, albeit with very few exceptions.