Today is a bitter-sweet day for me as a crypto enthusiast and that is mainly because of PEPE. The meme coin achieved a new all-time high of $0.0000113 at the time of writing. This is a noteworthy win especially for anyone holding PEPE but indulge with me as I explain the “bitter” part.
I analyzed PEPE in June last year (2023), roughly 2 months after its launch. My assessment of this meme coin which was relatively new at the time, and that it was just another unnecessary entry into the segment which was now getting saturated. After all, there were plenty of lesser known meme coins that had existed prior.
In my perspective, logic dictated that it would be difficult for PEPE to compete in such an environment. The absurd reality is that the market is often irrational and logic usually goes out the window especially when it comes to investing in meme coins.
“PEPE is dead!”
These were the words that my friend said to me about 2 years before the PEPE meme coin was launched. True story! Of course he was referring to the frog meme which the meme coin is based on. I wondered, “It’s an inanimate meme. Why would it be dead?” It’s not like it was alive in the first place.
I may have formed an unfair bias against PEPE the meme due to the aforementioned statement. Nonetheless, PEPE’s performance has been very lively. To put things into perspective, a chart analysis of PEPE reveals that it is up by roughly 1,200% in the last 12 months or so.
So, rather than performing a postmortem, here we are evaluating its success. And boy is it one to write home about. Every wise trader or investor decides on which type of investment to allocate funds and then allocates accordingly. We also know that gains in crypto are usually directly proportional with the hodled duration. In other words, the longer one holds, the more likely the chances of securing sizable profits.
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With the above logic, If I had set aside just $100 for PEPE at its 2023 lows, say between June and October, I would have easily secured a 10X gain up to now. Big oof for missing that boat. Every failure is a learning opportunity. Often times it is good to put down your personal biases and take a closer look at the possibilities.
PEPE was launched just as the market was about to enter recovery mode. It was also based on a meme that has existed for many years prior. Thus, it had a good template on which to build its success. Besides, the market was looking for the next big meme coin on to YOLO in. A classic case of the right timing for this meme coin.
As far as the future is concerned, PEPE is currently outperforming most altcoins and has comfortably secured a spot in the top 30 coins by marketcap. A sign that it is highly favored by crypto investors.
