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Pepecoin Short Sellers Lose Millions as PEPE Nears $1B Valuation
The nascent meme coin Pepecoin (PEPE) has been making waves in the cryptocurrency world, surging to an almost $1 billion market capitalization just weeks after its birth. However, as the token continues to gain strength, short sellers are losing millions of dollars in the process. In this article, we will explore the rise of PEPE, the skepticism surrounding it, and the significant losses that short sellers are facing.
The Rise of Pepecoin
PEPE’s market cap has soared by 500% in the past two weeks, according to CoinGecko data. The token has experienced a rapid rise in popularity, as investors are drawn to its humorous and light-hearted approach to the crypto world. Pepecoin is based on the internet meme Pepe the Frog, which gained notoriety during the 2016 US presidential election. Despite being associated with the far-right, Pepe has become a popular meme in online communities, with his image appearing on everything from t-shirts to phone cases.
Skepticism Surrounding Pepecoin
However, as with all cryptocurrencies, there are skeptics who warn of an impending collapse. One major concern is the number of whales who purchased PEPE in the hours after it was first issued in mid-April. Whales are entities who hold large amounts of…
