A well-known player in the crypto media, David Gokhshtein, recently posted on Twitter about his collection of joke currencies. Several of the most well-known meme-based cryptocurrencies, including Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu (FLOKI), and the more contentious PEPE, were among the tokens in his collection.
Shiba Inu and Dogecoin are relatively well known, however PEPE is not as well known. Despite being a meme-based coin, there is no obvious connection between the project’s technical components and its foundational elements. As a result, the crypto community is becoming concerned about the unexpected rise in popularity of the PEPE cryptocurrency.
What’s controversial about PEPE?
Because the PEPE coin is distributed concentrated to a small number of addresses, its value has increased dramatically in a short period of time. Furthermore, the nearly simultaneous receipt of tokens by these wallets raises concerns about potential coordination. Many have questioned if there has been any price manipulation of the token as a result of this strange behaviour.
Once a trader claimed to have profited millions of dollars by investing just $250 in the token, it attracted a lot of attention. The tale could, however, have been deliberately manufactured for commercial purposes.
Overall, there is a cycle of ridiculousness in every market phase, and strangely enough, a lot of money flows into it. Investors should use caution while purchasing these tokens, though, as their value can change greatly and they might not be as profitable as they first appear to be.
