PEPE memecoin ($pepe) has taken the crypto market by storm since its launch. Within a few weeks of its launch, it shot its way through to the top 100 cryptocurrencies based on its market cap.
The “altcoin season” wouldn’t be complete without the mention of Pepe. Pepe’s market value crossed the $1 billion mark at some point even though it has since dropped by more than half at press time.
For a long time, Dogecoin (DOGE), created in 2013, dominated the memecoin market until its competition Shiba Inu (SHIB) came in August 2020. Shiba Inu had its breakthrough in 2021 when Ryoshi, its founder transferred half of the SHIB supply to Vitalik Buterin. According to data from CoinMarketCap, Dogecoin, and Shiba Inu are both ranked #8 and #17 respectively in terms of market capitalization.
Fast forward to 2023, PEPE memecoin arrives in a groundbreaking style. Does this mean Pepe is now the new king of memes? In this article, we will take a close look at the PEPE token, its founders, and how it succeeded in printing several millionaires.
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Pepe coin has experienced exponential growth since its emergency. The coin replicates the appealing cartoon character and internet meme, Pepe the Frog which was first introduced in Furie’s 2005 comic Boy’s Club.
PEPE token ($pepe) rise and price surge have been greatly influenced by big players in the crypto industry including Twitter and Tesla CEO, Elon Musk who has always had a special liking for memecoins.
On May 13, Musk posted a Pepe the Frog tweet with the caption “Explaining Constitutional Amendments.” Even though he didn’t clearly make any reference to the memecoin, the value of the coin immediately surged 50%.
Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi
— Elon Musk (@elonmusk) May 13, 2023
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What is a memecoin?
Before we go further to understand what PEPE memecoin is and how it came about, let us first establish the concept behind memecoins. If you’ve been following the world of cryptocurrency, you may have heard of memecoins. These digital currencies are based on internet memes and have gained a lot of attention in recent months.
A memecoin is a type of cryptocurrency that is based on internet memes. These digital currencies are often created as a joke or parody, and their value is largely driven by social media hype and online communities.
Memecoins are typically not backed by any tangible assets or financial institutions, and their value can be highly volatile. Despite this, many investors have been drawn to memecoins. This is due to their potential for high returns and the excitement surrounding their online communities.
Memecoins have become increasingly popular in recent years, with many investors seeing them as a way to make quick profits. While some memecoins have seen significant gains, others have crashed and burned. As with any investment, it’s important to do your research and understand the risks before investing in memecoins. Some popular memecoins in the market include Dogecoin, Shiba Inu, FLOKI, Bone ShibaSwap, Baby Doge, and now PEPE coin.
Top 7 Memecoins in the market.
Source: CoinMarektCap
So, what exactly is PEPE memecoin?
According to its official website, Pepe coin is the “most memeable memecoin in existence.” The token ($pepe) was launched in mid-April by a group of unknown developers. Its first entry point on Etherscan was on April 18.
Consequently, the PEPE token was launched to “make memecoins great again.” The $pepe token was launched with no presale and no taxes. PEPE is a community-driven cryptocurrency fueled by pure memetic power.
The official website shows the clear tokenomics of the project. PEPE has a token supply of 420,690,000,000,000 (420 billion). A further breakdown of the tokenomics shows that 93.1% of the tokens were sent to the liquidity pool. Also, the LP (liquidity pool) tokens were burnt and its contract was renounced.
Furthermore, the remaining 6.9% of the tokens’ supply is held in a multi-sig wallet. This would be used for future centralized exchange (CEX) listings.
PEPE Coin Roadmap
Even though the Pepe token was launched as a joke, the team still created a detailed roadmap which can be seen on the official website.
PEPE Memecoin Listings
PEPE token has scored a number of big listings since its launch. On April 18, Huobi listed $pepe on its platform. Less than a month later, in May, Binance announced it will be listing Pepe coin in its innovation zone. That same month, Gemini revealed that it now supports PEPE.
Other popular exchanges that have listed the token include Bybit, Crypto.com, Bitget, OKX, and Bingx Japan. With the listings on these top exchanges, the PEPE community continues to grow massively.
Live data from Etherscan – a blockchain explorer and analytic platform shows that the number of PEPE coin holders is about 117,688.
Source: Etherscan
Furthermore, its Twitter followers have grown to a huge 300k at press time. Its growth in a very short time is quite impressive and it will be interesting to see how far the community will grow after a year.
PEPE millionaire
Pepe coin, as with every other memecoin in the market, is very volatile. The price can grow exponentially and crash the same way anytime. However, some people have taken advantage of this fact and made millions from the project with very little investment.
One major problem $pepe investors face is the lack of necessary liquidity to withdraw their gains. Lots of centralized exchanges are faced with this problem. This means that there might not be enough liquidity for one to cash out after making a huge profit on trades.
In April, there was a story making rounds on the internet of a person who turned $27 into $1 million in profit trading Pepe coin. However, this investor was unable to cash out gains completely due to a lack of liquidity.
Grzegorz Drozdz, a market analyst, went on to explain on Twitter that assuming the demand for Pepe tokens remains the same, it will take approximately 46,200 years for the Pepe coin millionaire to cash out his gains. This issue might however be addressed if PEPE memecoin remains relevant and gets listed on more crypto exchanges.
Pepe meme coin ($pepe) price today
According to live data from CoinMarketCap, the price of Pepe coin today is $0.000001158. The price is up 7.82% in the last 24 hours. What’s more, PEPE is ranked #82 on the CoinMarketCap chart with a live market cap of $462,616,686.
Conclusion
PEPE memecoin has gained traction in the crypto market and has solidified itself as a good alternative to Dogecoin and Shiba Inu. It took only two weeks from launch for its market cap to reach $400 million and just three weeks for it to get to $1 billion.
Will PEPE stand the test of time and keep its success as long as DOGE and SHIB have, only time will tell. Even though it might be a tempting project to invest in, be aware that memecoins are very volatile, and like the popular crypto saying goes, “The price takes the stairs up and the elevator down.” it can crash just as fast as it rose.
Disclaimer: The opinion on this article is solely the authors’ and should not be taken as investment advice. Please do your own research or consult a financial adviser before you proceed.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.