In its latest newsletter, Coinbase drew attention to the growth of Pepecoin (PEPE) and Bitcoin-based meme coins.
Coinbase Meme Addresses The Unstoppable Rise Of Coins
According to Coinbase, after a significant drop in the crypto market, investors are chasing profits by focusing on prank coins rather than solid investments on the Ethereum blockchain that contribute to the exorbitant gas fees.
In a Coinbase newsletter, he said last week, transaction volume in meme coins rose more than sixfold from the previous week to $2.3 billion, the highest level since May 2021.
The bulletin noted that the ongoing meme coin craze is led by the rise of PEPE, which has grown by nearly 55,000 since its launch in mid-April and has reached a market cap of $1.8 billion in less than three weeks, making it one of the fastest growing tokens of all time.
It also followed the growth of Bitcoin-based meme coins following the introduction of the 'Bitcoin Request for Comment' (BRC-20) token standard, which allows developers to issue tokens directly on the Bitcoin blockchain.
However, most of these tokens turned out to be meme coins and had a total market cap of $1.8 billion earlier this week.
“The token is based on the Pepe the Frog meme, which first appeared on the internet as a comic book character nearly 20 years ago,” the Coinbase bulletin said.
"According to the Anti-Defamation League, over time it has been chosen by far-right groups as a symbol of hatred."
Pauly0x, one of the leading supporters of PEPE, tweeted that "pepe is not a symbol of hate".
*Not investment advice.