Pepe Coin (PEPE) is a new meme coin that took the crypto world by storm in 2023, reaching a $1 billion market cap within weeks of launch. But what is Pepe Coin exactly, and why did it become so popular so quickly? We explain what you need to know about PEPE.
Summary
Pepe Coin is a meme coin launched in April 2023 that is based on the Pepe the Frog internet meme. PEPE has no intrinsic value or utility, but surged over 7000% shortly after launch due to viral social media popularity. It uses a deflationary token burning mechanism and redistribution of transaction fees to PEPE holders.
What is Pepe Coin?
Pepe Coin (PEPE) is a meme coin built on the Ethereum blockchain that was launched in April 2023. As an ERC-20 token, PEPE has no fundamental value or real-world utility. Instead, it was created as a joke and tribute to the popular Pepe the Frog meme character that originated in the early 2000s.
Despite having no formal team, whitepaper or roadmap, Pepe Coin captured the attention of the crypto community and went viral on social media shortly after launch. Within just two weeks, PEPE skyrocketed over 7000% to reach a market cap of over $1 billion and entered the top 100 cryptocurrencies. This put it in the same league as other major meme coins like Dogecoin and Shiba Inu.
Key Metrics
Here are the latest stats and metrics for Pepe Coin as of April 1, 2024:
- Price: $0.00000852
- Market Cap Rank: #43
- Market Cap: $3,578,372,989
- Fully Diluted Valuation: $3,578,372,989
- 24h Trading Volume: $954,935,819
- Circulating Supply: 420,690,000,000,000 PEPE
- Total Supply: 420,690,000,000,000 PEPE
- Max Supply: 420,690,000,000,000 PEPE
- All-Time High: $0.00001064 (-20% from ATH)
- All-Time Low: $0.00000551 (+15,330% from ATL)
How Does Pepe Coin Work?
Like many other meme coins, Pepe Coin relies solely on viral popularity and speculation rather than any underlying fundamentals. To create artificial scarcity and theoretically boost the price over time, PEPE uses a deflationary token burning mechanism where a small percentage of tokens are destroyed with each transaction.
PEPE also has a token redistribution system where existing holders receive a portion of the fees from every transaction. This aims to incentivize holding PEPE long-term and foster a loyal community around the token.
There was no ICO, presale or airdrop for distributing PEPE tokens – the coin simply launched and spread via word of mouth and social media hype. Pepe Coin’s official website even states that “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.”
Pepe Coin vs Pepe the Frog Meme
It’s important to note that while Pepe Coin uses the imagery of the famous Pepe the Frog meme, the token’s unknown creators have no official affiliation with the meme’s creator, Matt Furie. Pepe the Frog dates back to a 2005 comic by Furie called Boy’s Club.
The meme grew in popularity over the years but also became controversial when it was co-opted by some hate groups. However, Furie has worked to reclaim Pepe’s image through a Save Pepe campaign with the Anti-Defamation League. While he could take legal action against PEPE’s creators for using his meme, Furie does not appear to be actively pursuing this.
Why Did Pepe Coin’s Price Surge?
Several factors combined to fuel Pepe Coin’s meteoric rise in April-May 2023:
- Viral social media popularity and a rapidly growing community, especially on Twitter and Telegram
- Listings on major exchanges like Binance, Uniswap, KuCoin and Gate.io making PEPE easy to trade
- Speculation and FOMO (fear of missing out) as the price climbed higher
- A meme coin rally happening at the same time, lifting other tokens like Dogecoin too
- Elon Musk sharing a Pepe the Frog meme on Twitter, which some took as an “endorsement” of PEPE
At its peak on May 5, 2023, the Pepe Coin price hit an all-time high of $0.000004354 with a fully diluted market cap of $1.87 billion. However, the hype appears to have died down since then, with PEPE dropping over 60% from its peak as of late May.
Should You Invest in Pepe Coin?
As with any cryptocurrency, investing in Pepe Coin is highly risky, and even more so given it is a new meme coin with no underlying value. While some early investors made significant profits from PEPE’s surge, that is not the case for latecomers. Pepe Coin’s price is driven entirely by speculation and is likely to be very volatile.
We strongly caution against investing money you can’t afford to lose into speculative meme coins like PEPE. There are much safer options to gain crypto exposure, such as large-cap coins like Bitcoin and Ethereum. Meme coins are really just for entertainment – not serious investments.
For those determined to buy PEPE anyway, you’ll need to create an account on a supported exchange like Binance, buy PEPE with another cryptocurrency, and then store it in a crypto wallet. But be aware that the current hype cycle may already be over and PEPE’s price could continue falling.
If you’re interested in alternative investments, we recommend looking into social tokens which are backed by real people and brands, or a safe stablecoin like USDC that is designed to hold its value over time.
Conclusion
In conclusion, Pepe Coin is a meme coin that generated massive hype and price appreciation for a brief time after launch, but has no underlying fundamentals. It remains to be seen whether PEPE can sustain any popularity long-term like Dogecoin has. We advise against speculating on such risky meme coins and suggest sticking to large-cap cryptocurrencies for safer crypto exposure.
FAQs
What is the point of Pepe Coin?
Pepe Coin has no real purpose beyond being a viral meme coin designed to capture speculative hype. Its creators admit PEPE is “completely useless and for entertainment purposes only.”
Is Pepe Coin a good investment?
We do not recommend investing in Pepe Coin, as it is an extremely risky speculation vehicle with no underlying value. PEPE’s price is driven purely by hype and is likely to be very volatile. Only risk money you can afford to lose.
Who is behind Pepe Coin?
The creators of Pepe Coin are unknown. The token has no formal team or affiliation with Matt Furie, the original creator of the Pepe the Frog meme.
Where can I buy Pepe Coin?
Pepe Coin (PEPE) is available to trade on major crypto exchanges including Binance, Uniswap, KuCoin, OKX and Gate.io. You’ll need to first buy a mainstream cryptocurrency to exchange for PEPE.
