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PepeCoin (PEPE) Rallies By 42% As Interest In Memecoins Rises
PepeCoin (PEPE), a newly launched memecoin, has been a focal point of investors’ interest in the last few days due to its massive market gains. In a crypto market that is generally bleeding red, PepeCoin, along with a host of other memecoins, has been quite profitable for investors.
PEPE Gains 42% In 24 Hours
According to data from CoinMarketCap, PEPE’s market price has increased by 42.03% in the last day, making it one of the biggest gainers in the crypto space. More interestingly, PEPE has gained over 528.17% following its launch on Monday, April 17.
As earlier stated, PepeCoin (PEPE) is a memecoin; however, it differs from most popular memecoins as it was inspired by the cartoon character Pepe the Frog rather than the Shiba Inu dog. According to the bio on its official Twitter handle, PEPE is described as “the most memeable memecoin in existence” by its developers.
Interest quickly grew around PEPE following a high-profile purchase that saw an investor reap nearly 4,500 times his initial investment.
Barely days after purchasing 5.9 trillion PEPE tokens with 0.125 ETH, valued at $250, this memecoin investor saw his investment surge to a peak value of $1.8 million. As expected, this led to a massive influx of investors into the PEPE market as everyone is seeking to make a quick profit.
However, there is still much concern about PEPE, as with all memecoins. For PepeCoin, its major concerns center on the currently low liquidity of the token. Without a moderate liquidity level, it may be hard for investors to convert their tokens to profit regardless of how high their value rises.
At the time of writing, PepeCoin is trading around 0.0000003341, with a daily trading volume of $87.98 million. Based on additional data from CoinMarketCap, the token has also attained an impressive market value of $145.66 million.
Memecoins Record Heavy Gains, Draw Investors’ Interest
Memecoins are a type of cryptocurrency based on internet memes and are promoted majorly by celebrities’ engagements. While these tokens are usually criticized for their lack of utility, they can serve as a source of quick and large gains – especially upon launch – as seen with PepeCoin.
In addition to PEPE, some other meme coins have generated significant profit in recent times, even amidst the general crypto market dump.
Examples of such tokens include Tamadoge (TAMA), ArbDoge AI (AIDOGE), and Good Gensler (GENSLR), which have gained by 160.34%, 608.36%, and 1719.46%, respectively, in the last seven days.
According to a report by on-chain analytics firm, Santiment, meme keywords such as “pepe”, and “baby doge” have trended at a high frequency in the past week, demonstrating the growing interest in the memecoin market.
Unfortunately, prominent memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been well affected by the market’s general mood, recording losses to the tune of 10.88% and 10.00% in the last week.
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Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network
Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time high value of $3.46.
However, with the entire crypto market attempting to pull off a recovery, FTM has been one particular token with lots of investor attention, as its price has surged by over 136% since the start of 2023.
Fantom Records 39% Profit In Seven Days
According to data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.
While FTM has been on an upward trend since the first week of the year, its price rally in the last week can be attributed to Fantom’s recent integration with the Axelar Network. On Jan. 24, the Fantom Foundation announced a partnership with Axelar, which will introduce interchain communication to the Fantom Network.
As of the time of writing, FTM is trading at $0.4724, having gone up by 1.98% in the last 24 hours. Based on more data from CoinMarketCap, the daily trading volume of FTM is currently $240.7 million, while its total market cap is $1.312 billion.
FTM trading at $0.4790 | Source: FTMUSD chart of Tradingview.com
What Does Axelar’s Integration Mean For Fantom Users?
According to a blog post by Fantom, “Axelar network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar functions as a medium for communication and transfer of value between several blockchains.
Following the integration with the Axelar network, Fantom automatically becomes part of an ecosystem that consists of over 30 different blockchains capable of seamlessly interacting with one another.
Using the General Message Passing (GMP) protocol, developers on the Fantom network will be able to easily access smart-contact codes on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across the multiple chains in Axelar’s ecosystem.
Another benefit of Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s biggest decentralized exchange, SpookySwap. Using Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap users will seamlessly swap native tokens of different chains in one click.
In every transaction, the Axelar network will process the cross-chain gas conversions from the source-chain token to the destination-chain token, ensuring that users need not own crypto wallets on multiple chains or hold native tokens of other chains for gas fees,
That said, other chains on the Axelar Network aside from Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc.
Aptos (APT) Gains 55% In 24 Hours, Maintaining Its Bullish Form For The Year
The crypto market has been remarkably bullish since the turn of the new year. In the last three weeks, several assets have experienced price rallies, like Bitcoin, which gained over 37% to trade above $21,000 for the first time in two months.
While that is an impressive feat, altcoins have been the real stars of the market, with many pulling off a stunning market performance. Aptos (APT), one of the trailblazing tokens of 2023, has just recorded a 54.73% gain in the last 24 hours based on data from CoinMarketCap.
APT has been one of the best-performing coins in 2023, gaining by over 248% since the start of the year. Although it is a relatively new token, Its price growth in 2023 outshines that of many market giants, including Ethereum (ETH), Solana (SOL), Ripple (XRP) and, of course – Bitcoin (BTC).
At the time of writing, Aptos (APT) is trading at a market price of $12.60. According to CoinMarketCap, the token’s daily trading volume has also gone up by 373.99%, attaining a value of $1.82 billion.
APT trading $12.64 | Source: APTUSD Chart on Tradingview.com
What Is Behind APT’s Rise?
Aptos was launched on October 22, 2023, making it one of the newest projects in the crypto space. On October 23, the APT token attained its ATH value of $10.25. However, APT began the new year trading at $3.43 due to the FTX crisis that occurred in November.
That said, the dramatic rise in APT’s price so far can be attributed to many factors. One of which is growing support from various crypto projects. On January 6, PancakeSwap, the biggest DEX on the BNB Chain, announced its deployment on the Aptos blockchain following approval by its user community.
The following week after this announcement, the price of APT surged by 97.6%, marking the beginning of APT’s price rally in 2023. During this period, Atomic Wallet, one of the top cold crypto wallets with over 3 million users, also announced they would be providing support for APT with immediate effect.
Another contributing factor to APT’s impressive price rally is the constant buzz around the project due to its origins stemming from the now-defunct Meta Diem blockchain initiative.
Moreover, Aptos is designed with many intriguing features, including its unique programming language – Move – that makes many investors consider it as a blockchain with massive potential to become a major competitor to Ethereum, Solana, and other established smart contract-compatible platforms.
What To Expect From Aptos In 2023
The Aptos blockchain is definitely one to look out for in 2023. According to the project’s roadmap, the major focus of the developer’s team will be the implementation of demand-driven gas costs in a bid to drastically reduce the current gas fees on the network.
If successful, it is expected that such an upgrade could exert a positive effect on an APT token that is already soaring high in the clouds. However, it goes without saying that this is merely speculation and should not be relied upon in making investment decisions.
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