Welcome back to see what stirred the web3 world this week! We’ve got some updates and hot topics wrapped nicely for you to read in under 5 minutes. Ready? Let’s go! 🚀
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Ah, meme coins - the wild child of the crypto world. What are they about?
✅ Creating a community ✅ Having fun ✅ Putting a dent in your wallet
Why are we bringing them up now? Well, something happened last week! 👀
First up, a short history of these memecoins 🤓
It all started with Dogecoin, the OG memecoin that launched back in 2013 as a joke but became a cult favourite of the crypto community, especially with Elon making it his favourite token!
Since then, we've seen the rise of other meme coins like Shiba Inu, Baby Doge, Floki etc., that have gained a massive following, not just because of their meme backstory but also because of their potential to make early investors a boatload of money! 👀💸
We now have a new competitor in the market, someone we’ve all seen lurking around. Yes, it's PEPE!
🐸 The Rise of Pepecoin 🚀
Pepe Coin, also known as $PEPE, is a meme coin inspired by the iconic Pepe the Frog, launched in the middle of April 2023 by an anonymous user.
Pepecoin came out quietly without any pre-sale or taxes, positioning itself as a coin for the people. Here are some numbers 👇
Supply of 420.69 trillion tokens.
93.1% were sent to the liquidity pool.
6.9% reserved for future exchange listings & liquidity pools.
Looking at PEPE’s website, the roadmap for Pepecoin includes three phases: Meme, Vibe and HODL, with the overall goal of achieving a Meme Takeover with 100,000+ holders. 🚀
The Pseudonymous Trader 🕵️♀️
A trader, dimethyltryptamine.eth bought PEPE tokens for $263, now worth almost $9M, with $3.8M already sold. That's a 5,000,000% profit in just three weeks!
Also, PEPE has single-handedly burnt more than 5,000 ETH 🤯👇
BUT…
Binance warned investors that Pepe had no underlying value support mechanism and insiders might have been able to purchase 7% of the total token supply after the Token Generation Event. 😳
The tokens lost almost 45% of their value since Friday's peak of $0.00000431 and dropped the market cap from $1.8 billion to $878.9 million at the time of writing. 📉
And the BIG QUESTION: Can $Pepe reach $1? According to The Crypto Times, it won’t and here’s why:
It lacks a real use case like Bitcoin and Ethereum.
There are 420 trillion tokens in circulation, making it almost impossible to achieve a value of $1.
$Pepe doesn't have any inherent value or potential for financial gain.
It's unlikely that $Pepe will become mainstream or compete with established cryptocurrencies.
Analysts are also concerned about large investors buying PEPE, which could result in the coin being concentrated in too few hands. What does the future hold for PEPE? We shall see 👀
If you liked reading this, feel free to click the ❤️ button on this post or restack it so more people can discover it on Substack 👇
Sui —The saviour for game devs! 🎮
Game devs are bullish on someone new to the game, and rightly so, because the list of features is GOOD! 🤌
Meet Sui, a Layer 1 blockchain launched in 2023 with a native token of the same name. It uses Move, a programming language based on Rust, to make transactions fast, instant and scalable. ✨
What makes Sui so desirable?
It can process transactions in parallel and add more nodes to handle increasing demand, which keeps transaction fees low.
This feature is especially important as more games and dapps are added to the network.
Despite only having been live for a few days, more than 40 games are already being built on Sui's mainnet. That says something! 👀
Here are a few more features setting Sui apart 👇
Sui is optimized for games, as it is an "object-based" chain. This means that it is well-suited for games that have many in-game objects created in game engines like Unreal Engine 5 or Unity.
Player kills, and achievements can be added to the metadata of a specific item in Sui. This lets players create their own histories with each item they play.
Sui allows for dynamic items without needing to burn and reissue them, as done on other blockchain networks.
Some exciting games launching on Sui in the coming weeks, which we’re definitely keeping an eye on! 🚀
A "Walking Dead" game
Run Legends by Talofa Games
Worlds Beyond, a metaverse game + more!
With all these games to look forward to, Sui is definitely making waves in the gaming industry. What are your thoughts on Sui? Let them be known in the comments! 🤓
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That’s it for today, folks! 👋 We’ll see you with Posty next Monday! 🗞
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