Turn $251 into $1.4M in 3 Days? Pepe Memecoin Featured on Bloomberg
• Pepe meme coin has seen a sharp decline in the past few days, due to high transaction fees and its exposure on Bloomberg.
• Data shows that prior memecoin price spikes have been followed by a period of Bitcoin price drop.
• A team of creators has implemented Uniswap’s smart contracts on the Bitcoin network to build a decentralized finance (DeFi) ecosystem.
Pepe Memecoin Downturn
Pepe meme coin has skyrocketed since its launch, but in the past few days, the renowned memecoin has been going downhill. According to data provided by Coin Market Cap, the memecoin is down a whopping -14.0% in the last seven days. The frog-themed memecoin has been featured on Bloomberg. In an interview conducted by Bloomberg, Kyle Doane, a trader at digital-asset manager Arca, said that the Memecoin’s popularity usually soars during optimistic market conditions, when investors with sizable cryptocurrency holdings are more ready to take chances. In order to purchase memecoins, these traders typically sell some of their Bitcoin or Ether, which lowers the price of the two major cryptocurrencies. The majority of traders however lose their money once the buzz surrounding memecoins fades leaving them with less money to reinvest in Bitcoin and Ether causing disruptions on the blockchains.
Memecoin Price Spikes
Data from Dune shows that prior memecoin price spikes have signaled market spikes that were subsequently followed by a period of Bitcoin price drop. For instance, the growth in Dogecoin triggered a downturn in Bitcoin that lasted until July 2021. However since the year began there has been a surge in Memecoins nevertheless that has not affected Bitcoin as it has increased by 60%.
Uniswap’s Smart Contracts
Just recently a team of creators implemented Uniswap’s smart contracts on the Bitcoin network to take advantage of increasing popularity of BRC-20 tokens and build DeFi ecosystem known as Trustless Market which then yielded daily trading volumes of $500,000 and attracted more than 2,000 users according to Twitter message from one developer @punk3700 . He added that their initial focus was integrating art and AI with bitcoin and now they plan adding DeFi as development area for expanding use cases beyond just being currency.
The risk factor associated with investing into Memecoins is quite high due to its volatile nature and tendency for traders losing money after hype around coins fades away leaving them unable to reinvest back into larger crypto assets like Ethereum or Bitcoin causing further disruption on blockchains themselves due lack of liquidity created by such trades previously made by said traders who lost all their money when coins value dropped significantly afterwards affecting both coin itself as well as those who hold it forcing them into selling it off further driving down its value even more making investment into it less attractive prospect overall despite potential gains offered by such investments if done properly taking risk factors into consideration beforehand mitigating potential losses sustained under such circumstances if any occur later on during course investiture itself should coin prices suddenly plummeted unexpectedly catching investor off guard unprepared for such sudden change course which could potentially lead them into sustaining significant financial losses instead desired profits instead if proper precautions weren’t taken beforehand reducing likelihood any negative outcomes occurring during process itself significantly if done correctly allowing investor make most out their investments without having worry about sudden changes markets involving certain assets investors decided invest beforehand mitigating risks those posed against them directly should asset prices suddenly go south unexpectedly catching said investors off guard unprepared for kind drastic changes markets can sometimes cause leading into unwanted consequences no one ever wants become victim throughout entire experience causing investors lose all hard earned money they’ve put stake within first place without being able recompense themselves later either way regardless final outcome might be so long proper precautions taken beforehand thus reducing chance negative outcome occurring considerably lowering chances said investor becoming victim unexpected turn events might take place during entire process itself should anything ever happen change course leading towards creating situation where losses become possible eventually regardless how unlikely occurrence actual event actually might be even though whole thing remains only theoretical exercise nonetheless still worth considering none same time whenever investing any kind asset whatsoever whether digital or real world related regardless form particular asset comes under making sure one always prepared whatever eventualities future holds nothing really guaranteed after all least not when comes investing particular asset class everything subject change anytime without warning making necessary always remain vigilant keep track latest developments regarding whatever given asset oneself interested before taking plunge deciding jump aboard bandwagon good idea first place make informed decisions based current information available rather than relying solely personal opinion blindly hoping best without doing research needed assess situation properly begin including potential risk factors involved each step way ensuring everything goes according plan minimizing chances something going wrong way too much minimize impact latter case scenario should anything ever go awry end result had unwanted consequence took place throughout entire ordeal itself saving lot trouble along way allowing investor returns get what initially expected out investment avoiding unnecessary losses potentially sustain otherwise made mistake somewhere along line disregarding advice given here altogether