PEPE 2.0 Sets Off A New Trend, Will Memecoin Usher In the 2.0 Era?

2023-07-26, 02:29

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## TL；DR
Nowadays, Web3 builders seem always obsessed with problem-solving, sometimes even creating problems to solve them.

Being addicted to fighting non-existent opponents is not a good phenomenon.

In my opinion, Web3 builders generally lack confidence, to the extent that they always need to give their products some unnecessary "sanctity." This comes from the disapproval of the mainstream world, and also from the pressure brought by the seniors of the crypto market (under the glory of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, each project is slightly dim).

In this unhealthy atmosphere, certain assets seem particularly out of place. They do not pursue use cases or want to solve ultimate problems, but instead appear somewhat comical and ridiculous. But it is these "clown style" assets that have gained a lot of consensus and popularity, and even formed a new track - Memecoin.

## Memecoin: Unorthodox Crypto Culture
![](https://gimg2.gateimg.com/image/article/16903383605301690338213_.pic_hd.jpg)

The earliest appearance of this kind of asset can be traced back to 2013 when a cryptocurrency named <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> was famous for its dog logo and friendly community activities. Since then, Memecoin has become a popular innovative way to attract users and promote specific network communities. Over time, more and more Memecoin projects have emerged, each with unique meme elements and community.

However, compared to other mainstream crypto assets, due to the unique nature of Memecoin, its price fluctuations are often large so that investors can obtain high returns in the short term, but also inevitably face potential risks.

##  PEPE 2.0 - Rising with the Trend in July
![](https://gimg2.gateimg.com/image/article/16903383935311690338226_.pic.jpg)

Looking back at the first half of 2023, even if the market is severely bearish, there are still some projects that are excellent enough to burst out of the market. Among them, the power of Memecoin cannot be ignored. Even regarding price performance and wealth effects, Memecoin PEPE is undoubtedly a strong contender for the best-performing crypto asset position throughout 2023.

To this day, the popularity of PEPE has declined significantly, but its "myth" is not just limited to itself. This July, some latecomers have taken advantage of the wind and even developed new narratives.

On June 30, 2023, the "2.0 version" (unofficial) of the best performing Memecoin PEPE in 2023, PEPE 2.0, was released. Surprisingly, in just about a week, its price experienced a staggering increase of nearly 1,000%.

![](https://gimg2.gateimg.com/image/article/16903384215321690338238_.pic.jpg)

Even on Twitter, there is still an urban legend circulating that PEPE 2.0 transformed wallet holders from $900 to $176,000 in less than 24 hours.
![](https://gimg2.gateimg.com/image/article/16903384445331690338253_.pic.jpg)

As the name suggests, the naming of PEPE 2.0 undoubtedly drew a lot of inspiration from the original PEPE. And it is precisely because of this "hot" naming that PEPE 2.0 quickly attracted a wide user group in its early stages. And this is the goal that most Memecoins require weeks or even months of cultivation to achieve.

With the hot fermentation of PEPE2.0 and the continuous rise of its price, it began to attract some potential users in the Memecoin Niche market, which further boosted its price growth.

![](https://gimg2.gateimg.com/image/article/16903384705341690338268_.pic.jpg)
 
## Memecoin Moving Towards the 2.0 Era?
![](https://gimg2.gateimg.com/image/article/16903384875361690338284_.pic.jpg)

Besides the price, PEPE 2.0 has also sparked some new trends.

Accompanied by the brief takeoff of PEPE 2.0, its contemporaries Floki 2.0, Bobo 2.0, Shib2.0, and others also began to appear on the crypto stage. The positioning of these tokens is similar to PEPE 2.0, and they are all updated versions of Memecoin with similar names.

According to our consistent understanding, these 'imitation projects' seem only to be ignored and in a mess. But unexpectedly, these tokens quickly gained millions of dollars in trading volume and hundreds of thousands of dollars in liquidity once they were circulated, and the number of wallet addresses for holders reached five digits at one point. The price of SHIB2.0 even increased by an incredible 1,773% in just one day. Some loyal users even conduct price analyses for them in the coming decades with great seriousness.

Is the Memecoin 2.0 era really here?

Although the current crypto market may not be considered the darkest of times, it has fallen to a low point. The prolonged silence of the market has put too much pressure on people, both economically and emotionally.

When the sharp rise of PEPE is reflected in the jumping numbers on the Candlestick chart, it is undoubtedly fiercely stimulating people's nerves. It not only makes people sigh and miss the opportunity to become rich, but also exacerbates greed and gradually loses their rationality, which gave birth to a new narrative in the Memecoin 2.0 era.

In my opinion, Memecoin is a very interesting asset, even though it has been criticized for lack of innovation and excessive promotion for a long time, it cannot be denied that it still captures the hearts of many users with its most authentic and simple emotional value.

If Bitcoin ushered in the era of decentralization, and Ethereum has built a rich crypto ecosystem, Memecoin truly reflects the true feelings of ordinary users as the builders of a decentralized world.

But regarding the current "2.0 frenzy", I hope these Memecoins will not only be named 2.0 but also have new emotional carriers in the new era. We hope that later generations can bring us the emotional resonance of the 2.0 version.

<div class="blog-details-info">
<div>Author:**Leo F.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>