Mimicking a crypto project is common, especially when such a project turns out to be a meme coin. The success of PEPE has generally attracted a number of new copycats, one of which is PEPE 2.0. This meme coin is leading the altcoin momentum today after printing 16% growth to peg its price at $0.000000125 at the time of writing, per data from CoinMarketCap.
The growth of PEPE 2.0 is unprecedented, considering that the crypto ecosystem at this time is dominated by bearish price performances. The volatility permits such sudden growth as PEPE 2.0 has just printed; however, what does not correlate is the current positioning of the meme coin's community.
While still relatively new, PEPE 2.0 has seen its Twitter account banned for reasons that must have violated Twitter's code of ethics. There is no doubt that the performance and successes of any meme coin per unit of time is a function of the harmony and hype within its community, both of which are nonexistent in the case of PEPE 2.0.
This implies that the observable 34% jump in the token's trading volume might have been triggered by factors that are far from organic. These inconsistencies in the performance metrics of PEPE 2.0 thus call for caution among investors backing the meme coin.
PEPE, the new victim
PEPE remains one of the most sensational crypto projects that launched thus far this year, and since its inception a few months ago, it has welcomed at least two new competitors with either the same name or branding.
While each of these alternative altcoins has its own unique ideology and agenda, it is too soon to tell whether or not they are genuine projects. Shiba Inu also recorded a number of new variants that turned out to be legitimate projects, and while skepticism for PEPE abounds, the new rivals will have to do more to convince investors of their legitimacy and purpose in today's Web3.0 world.