It is common for crypto projects to imitate each other, especially when a project gains popularity as a meme coin. The success of PEPE has attracted several new imitators, including PEPE 2.0. Presently, 2.0 is leading the altcoin market by experiencing a 16% surge in growth, bringing its price to $0.000000125 at the time of this writing, according to CoinMarketCap data.
PEPE 2.0’s remarkable growth is noteworthy, especially during a time when the crypto market is predominantly experiencing bearish price trends. The inherent volatility in the market allows for sudden surges like the one 2.0 has recently witnessed.
However, what raises concerns is the current state of the meme coin’s community. Despite being relatively new 2.0 has already had its Twitter account banned, presumably due to actions that violated Twitter’s ethical guidelines.
The performance and success of any meme coin heavily rely on the unity and excitement within its community, both of which are lacking in the case of PEPE 2.0. This raises doubts about the authenticity of the observed 34% increase in the token’s trading volume, suggesting that external factors may have influenced this growth rather than organic market dynamics. These inconsistencies in the performance metrics of PEPE 2.0 serve as a warning sign, urging investors to exercise caution before investing in this meme coin.
PEPE: A Cautionary Tale of a 16% Surge
PEPE continues to capture attention as one of the most talked-about crypto projects launched this year. Interestingly, since its introduction a few months ago, it has already attracted two new competitors that adopt either the same name or branding. While each of these alternative altcoins presents its own unique ideology and goals, it is still premature to determine their authenticity as legitimate projects.
In the past, Shiba Inu witnessed the emergence of various new variants that proved to be genuine projects. However, skepticism surrounds PEPE, and its new rivals must go the extra mile to convince investors of their legitimacy and relevance in the Web3.0 era.
Today, the overall cryptocurrency market has experienced a positive shift, reflected in a combined industry capitalization of $1.22 trillion, marking a 0.90% increase in the past 24 hours. This resurgence encompasses various sectors, including the meme coin realm. Notably, KEK, a PEPE copycat, is spearheading the charge with an impressive growth rate of 71.77% at the time of this writing.