Friday, 19 July 2024

Crypto News

PEPE crashes as SUI pumps 40%; GFOX headed for $5M target

PEPE crashes as SUI pumps 40%; GFOX headed for $5M target

2024 began with many speculations about general market performance. While the global crypto market awaited the approval of the SEC on Bitcoin ETF, another central talking point in crypto circles was the rise and fall of memecoins. 

Top on the list of memecoins that made a wave in 2023 was the $PEPE. However, the coin could not sustain its momentum of interest and price in the months that followed its launch. Another major controversy with the $PEPE was the PEPE coin 2.0. 

While investors were still trying to wrap their heads around the “imposter” new coin, memecoins like $SUI and $GFOX were announced. Both coins had promising price prospects for early holders, which they have maintained into 2024.

In this piece, we dissect the highs and lows of Pepecoin, the potentials of the new Pepe coin, and the current interest with $SUI and $GFOX. Take a look.

Latest on PEPE

Pepe Coin ($PEPE) is a memecoin built on the Ethereum blockchain that gained popularity after its launch in April 2023. Despite its volatile price, thousands of investors have purchased the coin across major crypto exchanges.

In August 2023, there were general concerns that an “undefined” amount of $PEPE tokens were inexplicably transferred from the project’s wallet to centralized exchanges. This caused a drop in the coin’s price and acceptance. In September, despite reassurances by the Pepe community about the safety of the remaining tokens, the price continued to decline. In October, a new team of advisors was announced, along with the burning of some tokens, to increase the coin’s scarcity and price.

Pepecoin appeared to be back on the right track after these major changes until the arrival of Pepe 2.0. The new Pepe coin is rumoured to have been created by blacklisted individuals from the original Pepe Coin project. Unlike the tax-free original, Pepe 2.0 imposes a 1% transaction tax for marketing, liquidity, and community development, which has naturally limited its acceptance, popularity, and price.

The roadmap of the new Pepe Coin includes vague phases of a coin launch with no plan for community partnerships or listing on Tier 1 exchanges. 

SUI’s 40% price pump

SUI token, backed by Mysten Labs, has made remarkable price progress. $SUI now ranks number 13 among all L-1 blockchains in terms of Total Value Locked (TVL), thus generating a lot of hype for its…

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