PEPE coin, a meme-inspired cryptocurrency, has gained significant attention after surging over 21,000X. Trust Wallet, owned by Binance and one of the most well-known crypto wallets, recently added support for PEPE as the coin trended highly on social media.

Sandwich bots are using a predatory strategy to skim value from users and gain profits from newly-issued memecoins like pepe and chad, which have no intrinsic value. The bots trap a user's transaction between two transactions and frontrun their trade by buying the same asset and selling tokens to the victim in the same trade for a slightly higher price. A wallet named "Jaredfromsubway.eth" has spent over $2 million in the past week on Ethereum network fees trying to sandwich traders punting on low-cap tokens, driving up fees and becoming the top spender on the network. The pepe frenzy is on in full force, with pepe tokens nearly doubling in the past 24 hours as Crypto Twitter traders move over from their doge-themed tokens to bet on the internet meme instead. However, most of these tokens are unlikely to last beyond a few weeks, while entities like Jaredfromsubway.eth are profiting from the trend. (Coindesk)