The most degen Crypto Twitter traders appear to be who are moving away from Shiba Inu shaped tokens and towards those that have been branded with the internet meme Pepe the Frog.

A pepe token (PEPE), launched on Sunday, has grown by over 210% in the last three days. It generated $30 million worth of trading volume on Uniswap. The market capitalization reached $33 million as early as Tuesday morning.

The most memeable coin in existence. Pepe’s website states that “the dogs have had their time, and it’s now Pepe’s turn to reign”.

Data from blockchain tracker Etherscan indicates that Pepe reached 10,000 individual holders on Tuesday. This means the token was purchased quickly by investors hoping to make a profit.

The price chart for Pepe tokens has only been available so far. (DEXTools)

The trading activity is quite serious for a token that was intended to be a joke: a a href=”https://www.dextools.io/app/en/ether/pair-explorer/0xa43fe16908251ee70ef74718545e4fe6c5ccec9f”>trading pool on Uniswap/a> for Pepe tokens locks up over $1.3 million in liquidity, all supplied by providers Trading is serious for a joke token: a pool on Uniswap that was created for Pepe tokens has locked up more than $1.3 million of liquidity.

The tokens are not related to the original Pepe the Frog meme, or Matt Furie the creator of the meme.

Furie’s Pepe is a green frog that has a humanoid form. It was first seen in the comic Boy’s Club, published in 2005. In the years that followed, it became a part of popular internet culture.

Crypto Twitter is known for its affinity to memecoins. This is mainly because of the recent rise of tokens like dogecoin and shiba Inu, which saw their market capitalization jump from tens of millions in the last bull market.

The majority of these don’t last more than a couple weeks. The articles ranged from the English Language up to McDonald’s Grimacecoins.

For a few pennies, anyone can create a smart contract on Ethereum or other blockchains and issue tokens. The presence of decentralized exchanges allows tokens to be instantly issued, backed by liquidity, and then traded shortly after.

Some professional investors told CoinDesk in the past that memes and their narratives would always be a part of crypto.

James Wo, the founder of crypto fund DFG told CoinDesk that meme coins were a huge part of the crypto trading scene, “whether we like them or not.” This was at the height of a particular meme obsession. While the most popular currencies, such as bitcoin and ether, have low volatility it is only natural for traders to look elsewhere.

“Meme Trading is a risky method to achieve excessive returns, but the upsides can be huge.” Even in a bearish market, meme coins can have a large upswing even if only short-term,” Wo explained.

It doesn’t really matter what the premise is: If there’s money in selling trendy topics, expect to find a niche market for them somewhere within “s**tcoins” circles.