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Home » Crypto News » What is PEPE Coin? Is This the Next Huge Memecoin?


WHAT IS PEPE COIN? IS THIS THE NEXT HUGE MEMECOIN?

Author: George Georgiev

Last Updated May 21, 2023 @ 15:30

The PEPE memecoin has managed to enter the top 100 cryptocurrencies by market
cap in just two weeks. Here’s everything you need to know about it.

AltThe PEPE memecoin seems to be an extension of cyclical market behavior in the
cryptocurrency industry where every now and then, there’s a brand new memecoin,
and the hype surrounding it takes over completely.

In less than a couple of weeks since it saw the light of day, the PEPE memecoin
managed to enter the top 100 projects, getting a market capitalization upwards
of a whopping $400 million.

In this guide, we will take a closer look at what the PEPE memecoin is, who
created it, and why. We will also look into stories of people who became
overnight millionaires and whether or not they can enjoy their riches. Let’s
dive in.








WHAT IS A MEMECOIN?

Memes have become hardwired on the Internet. They’ve existed since the very
early days of Web1 and will likely continue existing well into the future.

It shouldn’t come as a surprise that they’ve also clashed with the
cryptocurrency industry. While most coins tend to focus on some sort of utility,
memecoins focus on getting viral through the explosive nature of memes and how
quickly they spread.

Examples include Dogecoin (DOGE) – the first memecoin that attracted mass
attention and has cemented its place amongst the top cryptocurrencies for many
years. Others include Shiba Inu (SHIB), Floki Inu (FLOKI), and so forth.

Last but not least, we have the PEPE memecoin – a cryptocurrency that has also
exploded in popularity in a way that, perhaps, no other memecoin has done
before.


BRIEF HISTORY OF THE PEPE MEMECOIN

The PEPE memecoin was launched towards the middle of April 2023, with the first
entry point on Etherscan being April 18th.

Less than three weeks later, the cryptocurrency had a market cap of over $420
million, venturing into the list of the top 100 coins by means of total market
capitalization.

At the time of this writing, PEPE is traded on major exchanges such as Huobi,
MEXC, OKX, and others. Apart from that, it’s also available on multiple
decentralized exchanges such as Uniswap.


WHAT IS PEPE MEMECOIN?


DEFINITION AND BACKGROUND

According to the official website, the PEPE memecoin is designed to be “the most
memeable memecoin in existence.” The page has multiple references to other
popular tokens such as Shiba Inu (SHIB), Floki Inu (FLOKI), Dogecoin (DOGE), and
so forth.

By design, PEPE has no intrinsic value and this is clearly stated in the
website:

> “PEPE is a meme coin with no intrinsic value or expectation of financial
> return. There is no formal team or roadmap. The coin is completely useless and
> for entertainment purposes only.”

It’s worth noting that this is nothing new in the field of crypto. Multiple
memecoins have come into existence in the past, making no claims and outright
alarming users that they have no value whatsoever.


CONNECTION TO PEPE THE FROG MEME

While relying on the popular meme for its ability to go viral, the team behind
PEPE makes no claims about an association with Pepe the Frog.


“PEPE COIN HAS NO ASSOCIATION WITH MATT FURIE OR HIS CREATION PEPE TH

Source: Wikipedia


E FROG.”

On the contrary – the goal of the token is to “simply pay homage to a meme we
all love and recognize.”

As a bit of background on Pepe the Frog – it’s a cartoon character created by
the cartoonist Matt Furie. Pepe made a debut in 2005 in Furie’s comic Boy’s
Club.


PURPOSE AND VISION OF THE PEPE MEMECOIN

While joking about having no plans whatsoever, the team has laid down some
expectations in the form of three different roadmap phases that can be seen
below:

Source: Official Website


TOKENOMICS

The total token supply of PEPE is 420,690,000,000,000. In itself, the number is
paying homage to the popular meme numbers 4:20 and 69.

93.1% of the supply has been sent to the liquidity pool, the LP tokens were
burnt, and the contract itself was renounced.

The remaining 6.9% of the total supply is being held in a multi-sig wallet and
is to be used for future listings on centralized exchanges, liquidity pools, and
bridges. That’s at least according to the official website. You can also track
this wallet with the ENS name “pepecexwallet.eth.”


PEPE MEMECOIN ECOSYSTEM

The PEPE memecoin ecosystem is growing by the day. At the time of this writing
on May 1st, around two weeks after its initial launch, the token already has a
whopping 65K holders, according to Etherescan.

Source: Etherscan

Its official Telegram group boasts over 25,000 members and tens, if not hundreds
of thousands of messages per day.

Its official Twitter, albeit created in April, already has more than 133,000
followers.

Source: Twitter


RISKS AND CHALLENGES

As it is with most of the memecoins that tend to go viral, this one also comes
with some risks and challenges.


MARKET VOLATILITY

PEPE has been one of the most volatile cryptocurrencies since its creation, and
the price swings are tremendous.

For example, on May 1st, it more than doubled its price, surging over 100% for
the day. While this might sound particularly attractive, it’s also important to
note that it presents a set of risks.

There’s a popular saying in crypto that goes like this:

> “The price takes the stairs up and the elevator down.”

This suggests that while it may seem like PEPE is going “up only,” it could just
as quickly lose all of its current value. Remember, the creators themselves said
that it has absolutely no intrinsic value, so it’s essentially worth only as
much as someone is willing to pay for it. And while this is true for a lot of
things, and the concept of value itself is a social construct, the risks are
particularly amplified with freshly-minted memecoins that came out of nowhere.

In addition, there are further problems on a lot of the centralized exchanges
associated with the lack of necessary liquidity to cash out one’s gains. This
means that even if someone is able to pull off the trade of a lifetime, they may
not have enough liquidity to cover their position.

Such is the story of a person who turned a $27 investment in PEPE into a
whopping $1 million but wasn’t able to cash out completely due to various
liquidity-related concerns.

Of course, if PEPE stands the test of time and gets listed on more centralized
exchanges where the liquidity tends to be deeper, this concern could fade.


SECURITY RISKS

The more a memecoin gets popular, the more bad actors try to capitalize on it
and scam people out of their hard-earned money.

For example, this is a message from the official PEPE Telegram group:

> A few community members have reached out to us regarding dusting/token scams
> that are taking place in our deployer wallet as well as the CEX wallet. Anyone
> is able to spoof a transaction and send these tokens to our wallets. I would
> say that every single coin doing this is a SCAM. Lots of scam developers are
> dusting our wallets to make it look like we are airdropping or doing
> transactions with their tokens to trick people into interacting with them.
> Don’t buy any of these tokens or interact with the contracts, as they have the
> risk of draining your wallet.

In general, whenever you are interacting with the DeFi ecosystem, it’s
absolutely essential to make sure you’re following some basic crypto security
tips so that you don’t get scammed.

You can find more information on the above in our fully-fledged guide here.


CONCLUSION

In conclusion, the PEPE memecoin has undoubtedly managed to cause a stir within
the cryptocurrency market, acquiring a total addressable capitalization of
upwards of $400 million in two short weeks after it was launched.

Many are drawing comparisons between PEPE and other memecoins such as SHIB,
DOGE, FLOKI, and so forth, but only time will tell if this meme-inspired token
will be here to stay.

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Tags: Altcoins
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--------------------------------------------------------------------------------


ABOUT THE AUTHOR



GEORGE GEORGIEV
MORE POSTS BY THIS AUTHOR

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with
over four years of experience writing about blockchain and cryptocurrencies.
Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he
hasn't looked back since. Crypto’s technological and economic implications are
what interest him most, and he has one eye turned to the market whenever he’s
not sleeping. Contact George: LinkedIn




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