There has been a decline in interest in cryptocurrencies over the past few months. In terms of market capitalization, there is also pressure on the price of the largest cryptocurrency Bitcoin. However, Pepe Coin, a new memecoin in the crypto market, has seen a lot of ups and downs within a month of its launch. MeemCoins are crypto tokens that are linked to memes that go viral on social media platforms. Pepe Coin is associated with a cartoon of a frog. This cartoon frog is often seen in popular internet memes.
Pepe Coin has support on the Ethereum blockchain. However, there was no discussion on its release last month and it was not visible on social media either. This mimcoin The identity of the developers has not been disclosed. However, they have kept a tax free policy for Pepe Coin. Its being tax free means that gas fees will not have to be paid for trading in it. For this, a predetermined supply of 391,790,000,000,000 tokens has been kept. Its launch price was $0.000000001, which was up nearly 7,000 percent from earlier this month. Its market cap also reached around $ 1.8 billion. However, after this there has been a big drop in its price. According to CoinMarketCap, it was priced at $0.000001514 last Friday.
The report of the weakening of the economy in America has also affected the price of Pepe Coin. Its market has come down to $ 597.9 million. Some big ones like Binance crypto Exchanges have listed Pepe Coin for trading on their platforms. However, many people are keeping distance from trading in it. Recently, the interest in this memecoin has increased after Elon Musk, the chief executive of electric car maker Tesla, posted a meme showing a frog called Pepe.
Due to the unknown of the issuers of this Mim Coin and within a few days, there is a possibility of its price being a rag pull scam. In this type of scam, after releasing the tokens, an attempt is made to accelerate their price as much as possible and after collecting the amount, the scammers leave and the investors have to bear the loss.
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