The PEPE memecoin seems to be an extension of the cyclical market behavior of the crypto industry, every once in a while there is a brand new memecoin and the hype around it is fully rife.
In less than 2 months since its establishment, PEPE memecoin has entered the top 100 project list with a market value of up to 400 million US dollars.
In this guide, we’ll take a closer look at what the PEPE memecoin is, who it’s created for, and what it’s used for. We’ll also look at the stories of people who became millionaires overnight and whether they were able to enjoy their wealth. Let’s explore together.
What are Memecoins?
Memes have become an integral part of the internet. They have existed since the early days of Web1 and will likely continue to exist into the future.
Unsurprisingly, they also clashed with the crypto industry. While most coins tend to focus on some kind of utility, memecoins focus on going viral through the explosiveness of memes and how quickly they can spread.
One of the standout faces worth mentioning is Dogecoin (DOGE) – The first memecoin to attract mass attention, cementing its place among the top cryptocurrencies over the years.Other memecoins include Shiba Inu (SHIB), FLOKI…
Last but not least, we have PEPE memecoin – a cryptocurrency that has also exploded and become a craze in the crypto world in a way that probably no other memecoin has ever done before.
A brief history of memecoin PEPE
The PEPE memecoin launches in mid-April 2023, with the first entry point on Etherscan on April 18th.
Less than three weeks later, the cryptocurrency’s market capitalization surpassed $420 million, making it one of the top 100 coins by total market capitalization.
At the time of writing, PEPE is traded on major exchanges such as Huobi, MEXC, OKX, etc. Additionally, it is also available on many decentralized exchanges such as Uniswap.
What is PEPE Memecoin?
Definition and context
According to the official website, the PEPE memecoin aims to be “the most memorable memecoin in existence.” This page has many references to other popular coins such as Shiba Inu (SHIB), Floki Inu (FLLOKI), Dogecoin (DOGE), and more.
By design, PEPE has no intrinsic value, which is clearly stated on the website:
“PEPE is a meme coin with no intrinsic value or expectation of financial return. No official team or concrete roadmap. This coin is completely useless and is for entertainment only.”
It’s worth noting that this is nothing new in the crypto space. In the past, many memecoins were born without any claims and warned users that they were completely worthless.
Expression package link: Frog Pepe
Although the memecoin relies on popular memes to increase its virality, the team behind PEPE has yet to make any statements regarding its connection to Pepe the Frog.
“Memecoin PEPE has nothing to do with Matt Furie or his creation – Pepe the Frog.”
Instead — the goal of the token is to “simply pay homage to the memes we all love and recognize.”
Some background information on Pepe the Frog is that it is a cartoon character created by cartoonist Matt Furie.Pepe first appeared in Manga Boys Club in 2005 by Fury.
PEPE Mission and Vision
While joking about not having any concrete plans, the memecoin team has set some expectations in the form of three distinct roadmap phases, as follows:
- Listing on CoinGecko/CoinMarketCap
- More than 1000 holders
- Be trending on Twitter with the power of memes
- have community partners
- digital communication pepe era
- The formation of Pepe Palace discord group and token barrier, for holders, more details will be announced later
- Launch centralized exchange
- There are over 10,000 holders.
The third phase:
- PEPE related products
- Website: PEPE Academy
- PEPE Community Support Tool
- Listed on T1
- More than 100,000 holders
- Dominate the memecoin market”
Source: PEPE official website
The total token supply of PEPE is 420,690,000,000,000. This number is in honor of the popular meme numbers 4:20 and 69.
93.1% of the supply was sent to the liquidity pool, LP tokens were burned, and the contract itself was cancelled.
The remaining 6.9% of the total supply is held in multi-signature wallets and will be used for future listings on centralized exchanges, liquidity pools and bridges. These are the information provided by the official PEPE website.
PEPE Memecoin Ecosystem
The PEPE memecoin ecosystem is growing by the day. At the time of writing, roughly two weeks after its initial launch, the token had 65,000 holders, according to Etherescan.
Its official Telegram group has over 25,000 members with dozens, if not hundreds, of messages per day.
Although its official Twitter was only created in April, it already has more than 133,000 followers.
Risks and Challenges
Like most memecoins that tend to go viral, this comes with some risks and challenges.
PEPE is one of the most volatile cryptocurrencies since its creation, with wild price fluctuations.
For example, on May 1, its price more than doubled, and it rose by 100% on that day. While this sounds particularly attractive, it should also be noted that it comes with a number of risks.
A popular saying in encryption circles is as follows:
“Price goes up the stairs, down the elevator.”
This suggests that while PEPE may appear to be just “increasing in price,” it could quickly lose all of its current value. Remember, the creator himself said it has absolutely no intrinsic value, so it only really has value if someone is willing to pay for it. While this holds true for many things, and the concept of value is itself a social construct, these risks are especially magnified by newly minted, unknown memecoins.
Additionally, many centralized exchanges have other issues related to the lack of liquidity needed to withdraw profits. This means that even if someone can trade for a lifetime, they may not have enough liquidity to cover their positions.
That is story About someone who turned a $27 investment in PEPE into a staggering $1 million, but couldn’t fully withdraw it due to liquidity issues.
Of course, if PEPE stands the test of time and gets listed on a more centralized exchange where liquidity tends to be deeper, then such concerns may dissipate.
The more popular memecoin becomes, the more bad guys try to take advantage of it and scam people out of their hard-earned money.
For example, here’s a message from the official PEPE Telegram group:
“A few community members contacted us about the token/dusting scam going on in our deployed wallet as well as the CEX wallet. Anyone can fake a transaction and send those tokens to our wallet. I would say it does Every coin is a scam. Many scam developers are dirtying our wallets and making it look like we are airdropping or trading with their tokens to trick people into interacting with them. Do not buy any of these tokens or Interact with contracts as they risk draining your wallet.”
All in all, whenever we interact with the DeFi ecosystem, it is extremely important to ensure we follow some basic crypto security tips to avoid being scammed.
To sum up, the PEPE memecoin has indeed caused a stir, causing quite a stir in the crypto market, achieving a whopping $400 million in total identifiable capitalization in just two weeks of its launch.
Many people are comparing PEPE to other meme coins such as SHIB, DOGE, FLOKI, etc., but only time will tell if this meme-inspired coin is here to stay forever.
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According to CryptoPotato