In recent weeks, there has been a growing interest in meme coins in the crypto market. These types of crypto assets generally lack practical use cases, but they have gained significant popularity among investors looking for quick profits.
Justin Sun, the founder of Tron (TRON), tweeted on May 11th. In this tweet, Sun announced his plans to start trading cryptocurrencies using his public crypto wallet address. He stated that he would cover any losses resulting from meme coin trading in the future and donate potential profits to charities.
"I will actively engage in trading meme coins and promising projects through my address. Please note that I will personally cover any potential losses incurred from these trades. Additionally, all the gains obtained will be entirely donated to charitable organizations."
Sun also cautioned his followers to only buy and sell meme coins for "fun."
PEPE - Currently the most popular meme coin Sun's announcement came amidst the latest frenzy led by the meteoric rise of Pepecoin (PEPE).
PEPE is a meme coin inspired by the popular internet meme "Pepe the Frog" and was launched in April. In the past few weeks, PEPE has seen a massive increase of 5,000,000%. On May 5th, Pepe reached its all-time high (ATH) of $0.00000431. Currently, it is the third-largest cryptocurrency by market value, following DOGE and SHIB.
However, since then, the cryptocurrency has experienced a significant drop in price likely due to investors taking profits. At the time of writing, PEPE was trading at $0.000001635, down 13.6% in the last 24 hours and over 60% from its ATH.
Bitcoin transaction fees reach multi-year high amidst memecoin frenzy It's safe to say that the meme coin frenzy has not been welcomed by the Bitcoin (BTC) community. More specifically, the unprecedented trading activity in PEPE and other meme-inspired coins was one of the factors that drove Bitcoin transaction fees to their highest levels in years. On May 3rd, the total amount of fees paid on the Bitcoin network increased by approximately 400% compared to the end of April. The total fee amount reached $3.57 million with this significant spike.
Another factor that triggered the increase in transaction fees was the recent interest in Bitcoin NFTs, also known as Bitcoin ordinals.
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