Pepecoin Copycats Transform Dollars Into 2.0 Fortune
- Tokens like Pepe 2.0, Floki 2.0, and Bobo 2.0 have seen trading volumes jump to millions of dollars, attracted hundreds of thousands of dollars in liquidity, and turned a few dollars to six-figure fortunes almost overnight.
- However, these coins do not last beyond a few weeks, and some early buyers have concentrated the supply and gradually sold the tokens.
Pepe 2.0, Floki 2.0, and Bobo 2.0, have recently been issued and are being marketed as the new versions of the popular Pepe, Floki, and Bobo tokens.
They have already seen trading volumes jump to millions of dollars, attracted hundreds of thousands of dollars in liquidity, and turned some investors into six-figure fortunes almost overnight. However, it is worth noting that most of these tokens do not last beyond a few weeks.
Last year, many investors bet on joke tokens, such as grimacecoin, spurred by a McDonald’s tweet and other memes in the English language. It is relatively easy to call a smart contract and issue tokens on Ethereum or other blockchains for a few cents. The presence of decentralized exchanges makes it even easier for tokens to be issued, supplied with liquidity, and traded soon after.
As of Tuesday, pepe 2.0, seemingly the most popular of the clones, saw nearly $7 million worth traded in the previous 24 hours, with a market capitalization of $18 million, down from a peak of $45 million last week. Interestingly, one wallet turned $900 of an initial pepe 2.0 purchase into over $176,000 in less than 24 hours, and it sold the tokens in two ether (ETH) clips as the token rose.
On-chain analysis tool Bubblemaps has pointed out the centralized behavior of some early buyers who likely cornered a large part of the pepe 2.0 supply at launch and are gradually selling the tokens. That concentration may have contributed to the large price pump amid buying demand and significantly low sales from early buyers.
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