A new trend is sweeping the crypto market, with copycat versions of popular meme coins gaining attention. Tokens like Pepe 2.0, floki 2.0, and Bobo 2.0 have emerged, claiming to be the next big thing for those who missed out on the initial frenzy. These knockoffs have seen trading volumes soar into the millions and turned small investments into substantial fortunes almost overnight.
Rapid Fortunes Made and Lost
The allure of these copycat tokens lies in their ability to transform small investments into significant fortunes almost overnight. Trading volumes have reached millions of dollars, with some investors turning mere dollars into six-figure sums within a remarkably short time span.
However, the lifespan of these knockoffs tends to be short-lived, fading away within a matter of weeks. The crypto market witnessed similar trends last year when investors placed their bets on tokens inspired by articles and even a joke tweet from McDonald’s, such as grimace coin.
The Ease of Token Creation
One of the driving factors behind this phenomenon is the accessibility of token creation on blockchain platforms like Ethereum. By simply calling a smart contract, anyone can issue tokens for a minimal cost. Decentralized exchanges further facilitate the rapid issuance, liquidity provision, and trading of these tokens, allowing them to quickly enter the market.
Pepe 2.0 in the Spotlight
Among the clones, Pepe 2.0 has gained significant popularity. With trading volumes nearing $7 million in just 24 hours, the token boasts a market capitalization that reached $45 million at its peak, currently settling at $18 million.
Some investors have witnessed astonishing returns, turning a few hundred dollars into six-figure sums. However, on-chain analysis reveals concentrated behavior by early buyers, who likely controlled a large portion of the token supply and gradually sold off their holdings, contributing to price fluctuations.
Amidst the noise surrounding knockoffs, the original pepecoin (PEPE) continues to attract investors. Recent data shows large purchases of PEPE tokens as some investors bet on the token’s potential to outperform popular meme coins like dogecoin (DOGE) and Shiba Inu (SHIB) in the future.
Mixed Sentiments Among Crypto Enthusiasts
While some investors embrace these copycat coins, others remain skeptical. A Dogecoin millionaire voiced their opposition to Doge 2.0 and Floki 2.0, dismissing them as mere imitations riding on the success of legitimate projects. However, they still hold an appreciation for the original DOGE and FLOKI tokens
Source: https://coinpedia.org/altcoin/pepe-2-0s-price-surge-ignites-investor-frenzy-nears-100-million-market-cap/