Although the overall impression of Pepe Coin when looking at the chart is more than satisfactory, with early investors happy about an increase of more than 2,265 percent, appearances are deceptive when you take a closer look. In the last 24 hours, number 114 in the ranking of the most successful cryptocurrencies lost a full 20 percent of trading volume.
PEPE has lost around 15 percent of its value in the last 7 days, which seems more than surprising given a strong bull market at the moment. It also fell today, but only 0.20 percent. Almost exactly a year ago, Pepe’s market capitalization was at its highest ever. The loss of around 1/5 of its market value was not without consequences.
These are the reasons for Pepe’s downfall
- Apparently investors are tired of purely fun coins, because similar to DOGE, SHIB or BONK, Pepe is also feeling the effects of a lack of added value for investors. Because that’s exactly what the classic meme coins lack, even if we see a slight advantage with BONK over the other meme coins.
- There is a lack of clear visions, roadmaps, announcements and updates. Anyone who invests in Pepe simply hopes for a positive price development and tries to ride out price losses by HODLing.
- There is increased competition from the latest generation of meme coins that offer real use cases and integrate financial incentives into their concept. One of the most successful meme coins to date is without a doubt Meme KombatTamadoge and Sponge Coin.
What is Meme Kombat?
Anyone looking for good entertainment while investing in an interesting asset could consider Meme Kombat to be interested in. Because unlike Pepe, where investors can only hope for strong price increases, Meme Kombat is equipped with numerous added values. The platform follows the trend of enhancing financial sector applications with blockchain games. The concept is called GameFi.
The successful combination of entertainment and trading gives investors the opportunity to make money when they are active within the platform. The native utility token $MK is used in the game and is used in all transactions within the ecosystem. Through the innovative integration of blockchain applications and numerous functions Meme Kombat succeeded in something that Pepe still lacks today: real added value!
What is Sponge Coin?
With the mechanism of Stake to Bridge All Sponge-Coin investors will have access to the latest version, an upgrade of the native utility token $SPONGE, which now enriches the ecosystem as $SPONGEV2. The exchange is not simply achieved via a token swap, but rather through automated participation in crypto staking. Anyone who invests in the new Sponge meme coin will automatically take part in staking and earn new coins of the popular yellow meme coin.
Sponge V2 also follows GameFi’s approach, as investors get access to a blockchain-based game with a P2E concept. Actively visiting the areas on the Sponge platform will be rewarded with new tokens from Sponge-Meme. These reach investors’ wallets in addition to the staking rewards. This means that Sponge V2 also offers significant added value compared to classic meme coins like DOGE, SHIB or BONK.
Does PEPE still have a future?
Pepe records the highest trading volume on the Binance, OKX, Bybit, KuCoin and LBank exchanges. The prices for the Pepe Coin fluctuate between 0.000001221 euros and 0.000001502. But the popularity of the Pepe meme coin has decreased drastically because it lost capital, i.e. market capitalization. Pepe is no longer in the top 100 cryptocurrencies, which proves that the meme coin is under pressure.
Instead, other coins that have added value are becoming more and more attractive and can show considerable income in pre-sales. After showing tremendous growth at the beginning of 2023, Pepe, which is built on the Ethereum blockchain, has been going downhill, especially in the last few months.
It all started with the developers selling $15.7 million worth of tokens from the central wallet. This caused confusion within the Pepe community and cost a significant loss of trust.
Because when a project sells shares in its assets, this can lead to the community also selling their shares because they assume that the project will fail. The sale of the huge amount of tokens was only explained by the rest of the team by saying that there were some “bad guys” in their own ranks who just wanted to secure their tokens.
Then Pepe’s Telegram account was hacked and more and more investors saved their money by investing it in other meme coins. There are critical voices in the community expressing concern about Pepe’s future direction. If Pepe continues to lose market power, it will actually be difficult for developers to maintain the hype surrounding the green frog (Pepe the Frog).
Conclusion: Meme coins are digital currencies that are inspired by figures, characters, memes or people and animals and want to bring the fun factor to the market as a cryptocurrency. The projects are usually run by communities and are designed in such a way that investing in them is viewed as pure entertainment. Therefore, the older meme coins in particular lack intrinsic values. But this also means that their value can rise or fall quickly.
With Meme Kombat and Sponge V2 Investors can diversify their portfolio while Pepe struggles. But the new meme stars could also be worthwhile in the long term because they have integrated real financial benefits for investors into their business models and integrated new functions that create added value within their ecosystems.
Your capital may be at risk. This website is not intended for use in any jurisdiction where the trading or investing described is prohibited and should only be used by persons and in a manner permitted by law. Your investment may not be eligible for investor protection in your country or state of residence. Do your own due diligence. This website is available to you free of charge. We may receive commission from the companies we feature on this website.
about the author: Stefanie Herrnberger works as a freelance editor and content creator. Her many years of professional experience in the areas of blockchain, cryptocurrencies and NFTs offer her the perfect background to report on current news and developments on decentralized and centralized financial markets. Stefanie has also been investing in cryptocurrencies herself for several years and can therefore cover almost all aspects of the crypto world.
Publications: https://de.cryptonews.com/editors/stefanie-herrnberger website: https://blockchain-technologie.digital/