Pepecoin: The Meme Coin Mania Investors Can't Resist

Envious crypto investors are searching for the next get-rich-quick meme coin after Pepecoin's controversial rise to a nearly $2 billion valuation. Whale watchers are tracking wallets holding large amounts of tokens to copy their investments in newly issued meme tokens like HARAM, RIBBIT, BOB, JEFF, and WEN, causing a surge in trading volume on Uniswap's decentralized exchange. However, meme coins have very little fundamental value, and the trend is creating a black hole that sucks liquidity out of the market, potentially impeding other cryptocurrencies like bitcoin or ether. Meanwhile, decentralized finance (DeFi) is suffering, with a slump in total value locked (TVL) on DeFi protocols and outflows from platforms like Agility LSD.