RISING STAR OF MEME COINS: PEPE
What is Memecoin?
Memes, also known as internet memes, have been among the indispensable parts of the internet since Web 1 and will continue to be in the future. Therefore, it is not surprising that memes are also becoming popular in the cryptocurrency industry. While many coins aim to provide a solution to a problem, memecoins focus on quickly becoming popular and viral.
The first memecoin, Dogecoin (DOGE), has managed to attract the attention of large masses in the cryptocurrency market for more than 10 years and consolidate its place among the most popular cryptocurrencies. Other popular memecoins include Shiba Inu (SHIB), Floki Inu (FLOKI).
The latest memecoin trend in the cryptocurrency market is PEPE, inspired by the internet meme called “Pepe the Frog”.
History of PEPE Memecoin
According to Etherscan data, PEPE, which was launched on April 18, 2023, managed to reach a market value of over 500 million dollars in just 3 weeks. Thus, PEPE was included among the 100 cryptocurrencies with the highest market value.
At the time this guide was prepared, PEPE was traded on Huobi, MEXC, OKX and many other large and small cryptocurrency exchanges. In addition to centralized exchanges, PEPE is also included in popular decentralized exchanges such as Uniswap.
What is Memecoin PEPE?
According to the information on the website, PEPE was designed to be the existing meme memecoin. PEPE's website also references its rivals, other popular tokens such as Shiba Inu (SHIB), Floki Inu (FLOKI), Dogecoin (DOGE).
PEPE's website also clearly states that PEPE has no intrinsic value. PEPE's website includes the following statements regarding the subject:
PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no official team or roadmap. This coin is completely non-functional and for entertainment purposes only.
There are many cryptocurrencies in the cryptocurrency market that do not have any such functions, and they are called memecoins.
What is the connection between the project and Pepe the Frog?
PEPE's development team credits Pepe the Frog with its success in going viral. However, the team states that it has no relation to the Pepe the Frog meme.
“PEPE coin has no affiliation with Matt Furie or his creation Pepe the Frog. Rather, the purpose of this token is to “pay homage to a meme we all love and know.”
To give some information about Pepe the Frog, this famous internet meme is a cartoon character created by cartoonist Matt Furie. Pepe first appeared in Furie's comic book Boy's Club in 2005.
Purpose and Vision of PEPE Memecoin
Joking that they don't have any plans, the team laid out some expectations in the form of three different roadmap phases that can be seen below:
PEPE Token Economy
PEPE's total token supply is 420,690,000,000,000. The development team references the meme numbers 4:20 and 69 when determining the supply.
93.1% of the supply was sent to the liquidity pool, LP tokens were burned, and the contract itself was waived.
The remaining 6.9% of the total supply is held in the multi-sig wallet and is planned to be used for future listings on central exchanges, liquidity pools and bridges. At least these statements are included on the official website of the project. You can also use the ENS domain “pepecexwallet.eth” to track the multi-sig wallet.
Price Fluctuations in PEPE
PEPE has been experiencing serious price fluctuations since the first day it was launched. This means that the PEPE price is quite volatile.
For example, on May 1, the PEPE price more than doubled in value, increasing by over 100% in just one day. Although this situation seems great, it should not be ignored that it brings with it some risks.
There is a saying in the cryptocurrency community:
“Cryptocurrency prices rise like climbing stairs and fall like an elevator collapses.” This idiom is “Give with a spoon and take with a scoop.” We can also interpret it as:
Although the PEPE price seems to be only rising at the moment, we need to consider that it may suddenly experience serious losses in value.
Because even PEPE's developers state that PEPE has no inherent value. On the other hand, one of the problems in PEPE is the lack of liquidity. This means that investors may have difficulty selling PEPE even if they make significant gains in it. This is exactly what happened to an investor who turned his $27 investment into $1 million just days ago.
Of course, if PEPE maintains its popularity over time and is listed on exchanges with more liquidity, concerns about liquidity may disappear.
Is PEPE Memecoin Safe?
Cryptocurrencies bring with them some risks. Especially as the popularity of the projects increases, the number of malicious actors who want to benefit from it automatically increases. For example, a long time ago, the following message appeared in PEPE's official Telegram group:
Several community members have reached out to us regarding dusting/token fraud occurring on our distributor wallet and CEX wallet. Anyone can fake a transaction and send those tokens to our wallets. I would say any coin that does this is a SCAM. Many malicious developers send tokens to our wallets in order to deceive people, making it seem as if we are making transactions with these tokens. Do not purchase any of these tokens and do not interact with their smart contracts as there is a risk of stealing the assets in your wallets.
If you are trading in the cryptocurrency market, especially in the field of decentralized finance (DeFi), you should follow basic security tips to ensure the safety of your funds and avoid being scammed.
Conclusion
In this article, we have comprehensively discussed what PEPE is. As a result, PEPE memecoin managed to turn heads, reaching a market cap of over $500 million within two short weeks of its launch.
It is currently considered a rival to PEPE, SHIB, DOGE, FLOKI and other popular memecoins. However, only time will tell whether PEPE, like DOGE and others, can achieve success and hold its own in the cryptocurrency industry.
