- The crypto market is seeing a surge in ‘2.0’ versions of popular meme coins, with tokens like pepe 2.0, floki 2.0, and bobo 2.0 drawing significant trading volumes and liquidity.
- While these knockoffs have allowed some investors to turn small investments into considerable fortunes, the trend typically lasts only a few weeks, underlining the fleeting nature of such investments.
The cryptocurrency landscape is currently witnessing an intriguing trend: the emergence of ‘2.0’ clones of popular meme coins. In a bid to offer latecomers a second chance at big gains, microcap tokens such as pepe 2.0, floki 2.0, and bobo 2.0 have mushroomed across the crypto market. These freshly minted tokens, which position themselves as upgraded versions of their original counterparts, have drawn substantial trading volumes and liquidity within mere days of their launch.
This sudden upswing in popularity has led to some investors turning minor investments into sizeable fortunes almost instantly. However, the ephemeral nature of these trends should not be overlooked, as they tend to fade out in a few weeks.
A Brief Stint of ‘2.0’ Meme Coins in Crypto History
This pattern is not entirely unprecedented in the crypto world. For instance, last year saw the emergence of tokens based on items from the English language and even a ‘grimacecoin,’ inspired by a playful tweet from McDonald’s.
The relatively straightforward process of issuing tokens on Ethereum or other blockchains contributes to the rapid rise and fall of these trends. The advent of decentralized exchanges facilitates the immediate issuance, liquidity provision, and trading of these tokens, allowing them to gain traction rapidly.
Among the recent spate of 2.0 coins, pepe 2.0 seems to be the crowd favorite. The token reported trading volumes nearing $7 million within 24 hours and a market capitalization of $18 million, down from a high of $45 million the previous week. A notable instance includes a single wallet that transformed an initial investment of $900 in pepe 2.0 into over $176,000 within a day.
On-chain analysis tool Bubblemaps has underscored the behavior of some early pepe 2.0 adopters. These investors managed to secure a large supply of pepe 2.0 tokens at launch and have been gradually liquidating their holdings, which may have contributed to the token’s substantial price surge.
Meanwhile, the original pepecoin (PEPE) continues to lure investors, extending gains from a nearly 80% rally over the past two weeks. Notably, data from Lookonchain reveals substantial purchases of PEPE tokens, suggesting a subset of the market is betting on these frog-themed tokens surpassing popular meme coins dogecoin (DOGE) and shiba inu (SHIB) in the future.
