Recently blooming meme coin PEPE has been making the rounds. The stories of getting rich in a short time are circulating in the market and have a serious impact on investors. However, there are also some startling opinions from experts in the cryptocurrency space.
Meme coins like PEPE don’t spawn by accident!
cryptocoin.com As you follow, meme-coin PEPE is taking the market by storm with its extraordinary price action. However, the nature of meme coins is open to speculation. That’s why there are some scary opinions about this meme coin as well. Crypto advocate Chris Blec, for example, hints that it could be a potential scam. Blec tweeted about the potential harms of investing in such cryptos, including PEPE. He told his 48k Twitter followers that the meme coin could eventually cost people their lives if they weren’t careful. Blec tries to clarify the matter as follows:
Cryptocurrencies like PEPE do not appear by accident. Big money, powerful people, and careful planning go into creating these scams. You are just a pawn in a much larger game. And games like these cost the lives of many people. Don’t be stupid!
Coins like $PEPE don’t happen by accident.
Big money, powerful people & careful planning goes into creating these scams.
You’re just a pawn in a much bigger game.
And games like this have cost many people their lives.
Don’t be a fucking idiot.
— Chris Blec (@ChrisBlec) May 6, 2023
In response to his post, a Twitter user asked the difference between PEPE and traditional finance TradFi. The only thing Blec could rank for was the lack of editing. Notably, Blec is not the first crypto expert to warn the public of the impending collapse of meme coins. Many are still amazed at how the crypto is about to reach a market cap of $1 billion just a few weeks after its launch.
PEPE price rally attracts traders
In the last two weeks, PEPE has gained up to 500% according to data from CoinGecko. In addition, it still continues to rise even higher. Just yesterday, the price of FLOKI increased by 40% and the price of PEPE increased by 60%. This price rally has created high volume hype around the meme coin, which has caused crypto exchanges like WazirX and Binance to list PEPE on their platforms.
Global leading digital asset service provider Binance has listed the meme coin along with FLOKI. On the other hand, Indian crypto exchange CoinDCX has announced that it has nothing to do with PEPE, citing high risk factors. Investors seem to be paying more attention to the price rally rather than the sustainability of the uptrend.
Meanwhile, Billy Markus, the creator of Dogecoin (DOGE), has made no attempt to discourage PEPE investors, despite not buying the much-talked about token. Instead, he congratulated every investor who has ever profited from the PEPE trade. He also recommended that they save enough money, as such short-term capital gains have tax implications.
