In some sectors of the cryptocurrency market, betting on microcaps that claim to be the second coming of well-known meme coins for people who missed the boat the first time around is the newest flavor of the month.Tokens like pepe 2.0, floki 2.0, and bobo 2.0—most of which were just released last week and pose as updated versions of the well-known pepe, floki, and bobo tokens—have seen trading volumes soar to millions of dollars, attracted hundreds of thousands of dollars in liquidity, and transformed a few dollars into six-figure fortunes almost immediately.
The majority of these only endure a few weeks at most.Last year, aspirants placed wagers on English-language articles and the grimacecoin, which was motivated by a tweet joking about McDonald’s.On Ethereum (or other blockchains), anybody may call a smart contract to create tokens for a few cents, and since there are decentralized exchanges, tokens can be created instantly, given liquidity, and traded right away.
Pepe 2.0, the clone that appeared to be the most well-liked, has seen close to $7 million worth of trading as of Tuesday.Its market value was $18 million, which is lower than the peak of $45 million reached last week.In less than 24 hours, one wallet turned the initial $900 spent on pepe 2.0 into more than $176,000.Analysis reveals that the wallet sold in 2 ether (ETH) clips as the token increased to profit from this position.
On-chain analysis softwareBubblemaps has called attention to the centralized conduct of a few early purchasers who probably controlled a substantial portion of the pepe 2.0 supply at launch and are now selling the tokens one by one.Due to strong buying demand and notably limited sales from early buyers, there may have been a huge price pump caused by this concentration.
Investors are still drawn to the actual pepecoin (PEPE), with some sizable purchases extending gains after a roughly 80% increase over the previous two weeks.A small portion of the market wagered on the frog-themed tokens flipping dogecoin (DOGE) and shiba inu (SHIB), possibly the most well-known meme coins, in the future, according to data from Lookonchain, indicates two wallets bought millions of the tokens on Monday.