• Pepe Memecoin has experienced a downturn in the past week, dropping 14%.
• It is featured on Bloomberg and traders typically sell some of their Bitcoin or Ether to purchase these coins.
• One developer recently implemented Uniswap’s smart contracts on the Bitcoin network to create a decentralized finance (DeFi) ecosystem.
Overview of Pepe Memecoin
Pepe meme coin has skyrocketed since its launch, but in the past few days, the renowned memecoin has been going downhill. According to data provided by Coin Market Cap, the memecoin is down a whopping -14.0% in the last seven days. The frog-themed memecoin has been featured on Bloomberg.
Trading of Pepe Memecoins
In order to purchase memecoins, traders typically sell some of their Bitcoin or Ether, which lowers the price of the two major cryptocurrencies. The majority of traders, however, lose their money once the buzz surrounding memecoins fades, leaving them with less money to reinvest in Bitcoin and Ether, causing disruptions on the blockchains. Data from Dune shows that prior memecoin price spikes have signaled market spikes that were subsequently followed by a period of Bitcoin price drop.
Smart Contracts on Bitcoin Network
A team of creators recently implemented Uniswap’s smart contracts on the Bitcoin network to take advantage of the increasing popularity of BRC-20 tokens and to build a decentralized finance (DeFi) ecosystem. The program is known as Trustless Market and it has yielded daily trading volumes of $500,000 and has attracted more than 2,000 users so far.
Goal Of The Platform
In a Twitter message one of its developers said that this platform aims at expanding use cases for Bitcoin beyond just being used as currency and they initially focused integrating it with art and AI before now adding DeFi as an area for development too .
Bitcoin Price Surge
Since 2021 began there has been significant growth in Memecoins yet this trend hasn’t affected bitcoin prices which have risen by 60%.