Here are the odds on Pepecoin’s survival over the next few years

Over the previous few weeks, we’ve got seen an explosion of latest memecoins that for some purpose, excluded legacy ones. Pepecoin was on the forefront of the newest hype round memecoins. Nevertheless, this additionally fuels a really pertinent query – Is that this only the start or was its efficiency only a fluke?

Learn Pepecoin Worth Prediction for 2023-2024

We’d have to dissect this crypto to know its anatomy and which means first understanding the extent of Pepecoin’s efficiency.  This memecoin has been round for lower than 2 months, however someway managed to draw heavy funding. It rallied by over 3000% from its lowest historic worth to its highest worth stage on 5 Could.

Pepecoin was price lower than $20 million in market capitalization in its early days. Nevertheless, the huge hype round it attracted a whole lot of liquidity that pushed it to a market cap of virtually $1.5 billion.

Supply: Coinmarketcap

A market cap achieve of greater than $1 billion in lower than 4 weeks is actually a powerful feat for any sort of cryptocurrency.

How and why did Pepecoin obtain this spectacular milestone?

As famous earlier, memecoin season has been trending for the previous few weeks. One of many key traits of the newest one is that buyers will not be enthusiastic about legacy memecoins like Dogecoin and Shiba Inu. As an alternative, merchants are in search of alternatives that would entice a whole lot of hype and have a whole lot of upside potential.

Pepecoin match the invoice as a result of it was beforehand non-existent on the blockchain, however it additionally had one other main benefit. It was based mostly on Pepe, the frog meme that has been round for years. Therefore, it was well-known. These traits made it a wholesome candidate for the subsequent large factor within the memecoin section.

Is Pepecoin nonetheless price shopping for?

Pepecoin’s marketcap has already been slashed by half from its newest ATH. It is a signal that the primary wave of promote stress has already taken place. Some would possibly see this as a chance to purchase it at a reduction too. Actually, it had a $622 million market cap on the time of writing, and the outflows/promote stress appear to have slowed down in the previous few days.

The preliminary pleasure across the coin could have additionally slowed down, however extra individuals learn about Pepecoin now greater than ever. However, does this imply there may be a whole lot of liquidity to be tapped into? Properly, which will rely upon a few components. For instance, will there be one other wave of hype round this memecoin to draw new liquidity? Will Pepecoin demand prevail if the remainder of the market begins recovering?

Whereas we could not have all of the solutions or a crystal ball to seek the advice of in regards to the future, we considered consulting AI on the matter. We initially needed to know whether or not ChatGPT might establish a few of the causes behind the newest Pepecoin rally and it didn’t disappoint. Listed here are its solutions –

Supply: ChatGPT

Parts of all of the factors highlighted by the AI had been evident in Pepecoin’s current rise to fame. Nevertheless, the AI additionally gave a disclaimer that these memecoins are extremely speculative and dangerous. Quickly after, we pushed additional and requested ChatGPT whether or not it thought Pepecoin would possibly attain a $5 billion marketcap sooner or later.  It’s price noting that the reply supplied didn’t supply a concrete sure or no, however it did point out a threat of memecoins turning into pump and dump schemes.

Curiously, some business consultants share an identical sentiment about memecoins getting used as pump and dump schemes. Lark Davis, as an example, famous that Pepecoin doesn’t have a particular use case aside from using on the Pepe the frog meme hype.

Pepe coin defined 🧐#PEPEcoin #PEPE #memecoin pic.twitter.com/BXI05brV2U

— Lark Davis (@TheCryptoLark) May 21, 2023

Davis believes that such memecoins will finally be nugatory. Therefore, the query – Is that this the destiny at the moment awaiting Pepecoin? Properly, up to now the highest memecoins have been making an attempt to maneuver in the direction of gaining utility in an effort to survive after the preliminary hype. Additionally price noting is that memecoins like Dogecoin and Shiba Inu have considerably larger market caps after going by means of a tough crypto-winter.

Some may even see the truth that the aforementioned legacy memecoins have survived for as long as an indication that Pepecoin might need a vivid future. Nevertheless, these two have much more going for them, therefore, they’ve retained buyers that also consider in them.

Pepecoin will not be afforded the identical luxurious, particularly if it fails to safe a particular use case. Regardless, the long run stays unwritten and there may be nonetheless uncertainty as as to if Pepecoin demand will prevail going ahead.