Pepecoin (PEPE) has gained a significant market share in the memecoin market since its launch in late April 2023, with a 2,000% boom in value attributed to zealous memecoin hype on Twitter. Data analytics firm Nansen estimates the total memecoin market value to be around $20 billion, with the top five tokens accounting for over $18 billion of the value. Pepecoin's website disclaims that it is "a meme coin with no intrinsic value or expectation of financial return" and has "no formal team or roadmap." The social aspect of memecoins remains a major driver of investor sentiment and action, according to Nansen research analyst Xin Yi. However, Yi also pointed out the inherent risks of memecoins, including liquidity crunches where major token holders dump their holdings, leaving smaller investors with losses.

(By GARETH JENKINSON)