Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      The internet’s weakest link is under the ocean

      17 July 2025

      AI misuse shakes South African courtrooms

      17 July 2025

      Boom gates go hi-tech at South African malls

      17 July 2025

      Megayachts and mansions: the lavish life of 80-year-old Larry Ellison

      17 July 2025

      Mobile money lifts Africa savings to decade high

      17 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Samsung’s bet on folding phones faces major test

      10 July 2025

      Bitcoin pushes higher into record territory

      10 July 2025

      OpenAI to launch web browser in direct challenge to Google Chrome

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025
    • In-depth

      The 1940s visionary who imagined the Information Age

      14 July 2025

      MultiChoice is working on a wholesale overhaul of DStv

      10 July 2025

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025
    • TCS

      TCS+ | Samsung unveils significant new safety feature for Galaxy A-series phones

      16 July 2025

      TCS+ | MVNX on the opportunities in South Africa’s booming MVNO market

      11 July 2025

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025
    • Opinion

      A smarter approach to digital transformation in ICT distribution

      15 July 2025

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » Move over, dogecoin. This memecoin just popped 7 000%

    Move over, dogecoin. This memecoin just popped 7 000%

    Memecoins are back in the spotlight after the latest digital token hit the market with stratospheric gains.
    By Agency Staff16 May 2023
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Memecoins, a hyper-speculative, ultra-volatile and somewhat peculiar class of crypto — are back in the spotlight after the latest digital token hit the market with stratospheric gains.

    Pepe, a coin inspired by an anthropomorphised frog popular in internet memes, leapt nearly 7 000% in the 17 days after its 16 April launch, hitting a market value of US$1.8-billion by 5 May, according to data tracker CoinGecko.

    Pepe’s rise has sparked renewed investor interest in memecoins as whole, with overall trading volumes jumping to $2.6-billion in the first week of May from $408 000 the week before, data from Dune Analytics data shows.

    Pepe, which trades for fractions of a cent, was down 60% from its 5 May peak on Monday

    “Memecoins just flare up on occasion, and it’d historically happened when the market’s a bit choppy or sideways,” said Todd Groth, head of index research at CoinDesk Indices. “It’s almost like, if the market is not moving up fast enough, traders find these smaller tokens to trade with.”

    Indeed, the latest memecoin frenzy comes as bitcoin’s 2023 rally stalls. The largest cryptocurrency has slid 6% since mid-April.

    Pepe, which trades for fractions of a cent, was down 60% from its 5 May peak on Monday, though still boasts a market cap of almost $740-million. This makes it the third largest memecoin after dogecoin and shiba inu, both born as internet jokes referencing a Japanese dog breed, which command more than $10-billion and $5-billion of the market respectively.

    Memecoins first exploded into mainstream view during 2021’s “Wall Street Bets” movement, fuelled by retail traders. They lack practical use beyond speculation, distinguishing them from more “mainstream” coins like bitcoin and ether whose backers say have potential as a means of payment or store of value.

    Gambling

    Market players warned that traders and investors could get badly burned by memecoins.

    “Human beings love to speculate,” said Martin Leinweber, product strategist at MarketVector Indexes. “I would still be very cautious to buy them. It’s gambling in its purest form.”

    Pepe’s website says it was launched “for the people” with “no formal team or road map” and is “completely useless and for entertainment purposes only”. The coin is the fastest-growing cryptocurrency hosted on Ethereum, the second-largest blockchain, data firm Messari said.

    The surge in pepe’s popularity was amplified by its quick listings on major centralised exchanges, including top platform Binance, said Chase Devens, analyst at Messari.

    Binance says on its website that pepe has “no utility” or “value support mechanism”. It warns users about pepe’s volatility and says the platform “will not be responsible for your trading losses”. Binance didn’t immediately respond to a request for comment on pepe’s leap.

    The centralised listings also opened the door for derivative trading for pepe, with leveraged exposures and volatility pushing Ethereum transaction fees higher, Devens said.

    Move over, doge?

    As with other crypto tokens, the fortunes of memecoins are rooted in retail trading and often fuelled by online sentiment. Dogecoin and shiba inu, the eighth and 15th largest cryptocurrencies respectively, often experience wild price swings.

    Dogecoin was launched in 2013 and soared over 12 000% to an all-time high in May 2021, before sinking nearly 90% since then. Shiba inu has similarly dropped 90% from its October 2021 peak.

    Newcomer pepe has more than 100 000 holders, according to CoinGecko data.

    The memecoin’s surge is “an intriguing phenomenon” said Edmond Goh, head of trading at crypto liquidity provider B2C2. “The latest coin explosion illustrates that there is still capital sitting on the sidelines waiting to be deployed.”  — Medha Singh and Lisa Pauline Mattackal, (c) 2023 Reuters

    Get TechCentral’s daily newsletter



    Bitcoin dogecoin memecoin pepe
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleSamsung to buy OLED panels from rival LG
    Next Article Vodafone to cut 11 000 jobs

    Related Posts

    Bitcoin pushes higher into record territory

    10 July 2025

    Burning millions on the blockchain: how hackers used bitcoin to send a message

    30 June 2025

    Crypto shakeout: bitcoin soars, altcoins crater

    30 June 2025
    Company News

    SA businesses embrace gen AI – but strategy and skills are lagging

    17 July 2025

    Ransomware in South Africa: the human factor behind the growing crisis

    16 July 2025

    Mental wellness at scale: how Mac fuels October Health’s mission

    15 July 2025
    Opinion

    A smarter approach to digital transformation in ICT distribution

    15 July 2025

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.