The renewed interest by Wall Street in the crypto space has initiated a narrative shift, but memecoins are regaining attention and stealing the spotlight once more.
In the past 24 hours, a surge of renewed interest has emerged for popular memecoins, fuelled by the introduction of their 2.0 versions. These revitalised editions are capitalising on the popularity of the originals and quickly building a devoted community within a short span.
Pepe 2.0, the reincarnated version of the popular frog meme, is taking the lead and closely following in the footsteps of its original counterpart. It has performed exceptionally well on the charts, recording staggering gains since launch.
According to CoinMarketCap, Pepe 2.0 is up currently 1,247% from launch price and has a market capitalisation of $24million after reaching a high of around $46m yesterday.
Following the footsteps of its predecessor, Pepe 2.0 is also creating new whales among its early investors. On-chain analyst LookOnChain revealed the success story of an early Pepe investor who replicated a similar feat with Pepe 2.0. This investor turned less than half of their initial 0.1 ETH investment into an impressive 37 ETH.
Beyond the charts, Pepe 2.0 is replicating the viral sensation of Pepe.
It is swiftly gaining immense popularity, captivating and enchanting an ever-expanding community of dedicated meme enthusiasts. With over 9,000 members on its Telegram channel and a staggering 15k followers on Twitter, Pepe 2.0 has garnered a massive online following. It currently reigns as the number one hot pair on Dextools and boasts an impressive community trust score of 91.6%. Its number of holders is also just shy of the 10k mark.
Pepe 2.0’s rapid success can be attributed to its strategic branding as a second chance for investors who missed out on the initial Pepe craze.
The website’s ‘about’ reads: “$PEPE knows he made mistakes in the past, blacklisting some investors, launching on a weekend when you were spending time with your family and friends. He wants to make things right and redo his billion dollar run, he’s a new version of himself, he is now PEPE 2.0. #PEPE2.”
It seems to have worked well as within a short span, it seized the attention of those seeking a fresh opportunity.
Shiba, Saitama, Safemoon 2.0 versions flood market
Unsurprisingly, reincarnations of popular memecoins like Shiba Inu, Saitama Inu, Safemoon etc have also flooded the market in the past 24 hours following the success of Pepe 2.0.
Many of them have achieved remarkable gains, with Shib 2.0 standing out in particular as it currently holds the third position among CoinMarketCap’s top gainers. Over the past 24 hours, it has surged by more than 280%.
The rivalry for meme supremacy also continued into the 2.0 versions, with enthusiasts of each popular memecoin passionately supporting and hoping their favourite will outperform the others.
Memes are still the strongest narrative in terms of percentage of volume traded on decentralised exchanges. According to a chart on Dune Analytics, which compares different crypto narratives by the top coins in their category, more than 30% of entire DEX volume is attributed to meme 2.0 tokens (BOB, LADYS, PEPE, TURBO, WOJAK).
While the current dominance falls significantly short of the more than 80% recorded in May, it highlights the distinct allure of memecoins, even when compared to well-established utility coins.