The Rise of PEPE: A New Memecoin to Watch in the Crypto Market

In just two weeks, the PEPE memecoin has climbed into the top 100 cryptocurrencies by market cap. Here is all the information you require.

The AltThe PEPE memecoin appears to be an extension of the cryptocurrency market’s cyclical tendency, in which every so often a brand-new memecoin emerges and the buzz surrounding it entirely dominates.

The PEPE memecoin entered the top 100 projects in less than two months after it first appeared, achieving a market worth of more than $400 million.

This guide will delve deeper into the PEPE memecoin’s definition, creator, and motivations. We’ll also investigate the stories of others who become millionaires over night to see if they were able to enjoy their wealth. Let’s start now.

Memecoin: Definition

On the Internet, memes have become ingrained. They have existed since the very beginning of Web1 and most likely will for a very long time to come.

It shouldn’t be shocking that they’ve also had disagreements with the bitcoin sector. Memecoins, in contrast to other coins, concentrate on becoming viral through the explosive nature of memes and their rapid dissemination.

Dogecoin (DOGE), the first memecoin that garnered widespread attention and has solidified its place among the top cryptocurrencies for many years, is one example. Shiba Inus, Floki Inus, and others are also available.

Last but not least, there is the PEPE memecoin, a cryptocurrency that has experienced a similar explosion in popularity. This is likely unprecedented for a memecoin.

A Synopsis of PEPE Memecoin’s History
The initial entry point on Etherscan was April 18, 2023, when the PEPE memecoin was released toward the middle of the month.

The cryptocurrency entered the top 100 coins by total market capitalization less than three weeks later, when it had a market cap of nearly $420 million.

PEPE is traded at the time of writing on well-known exchanges as Huobi, MEXC, OKX, and others. In addition, it’s accessible on a variety of decentralized exchanges, including Uniswap.

PEPE Memecoin: What is it?

Meaning and Origin:

The page makes several references to other well-known tokens like Shiba Inu (SHIB), Floki Inu (FLOKI), Dogecoin (DOGE), and so forth. The official website claims that the PEPE memecoin is intended to be “the most memeable memecoin in existence.”

By design, PEPE has no intrinsic value, and the website makes this very clear:

“PEPE is a meme coin with no hope of financial gain and no intrinsic worth. Neither a formal team nor a roadmap exist. The coin serves simply as entertainment and is absolutely useless.

It’s important to remember that in the world of cryptography, this is nothing new. In the past, a number of memecoins have appeared, making no claims and explicitly warning users that they have no value at all.

Relation to the meme of Pepe the frog:
The creators of PEPE don’t claim to be associated with Pepe the Frog, but they do rely on the meme’s capacity to become global.

“PEPE coin has no connection to Matt Furie or the Pepe the Frog character he created.”

The token’s objective is instead to “simply pay homage to a meme we all love and recognize.”

To give some context on Pepe the Frog, it should be noted that Matt Furie invented the cartoon character. In the 2005 comic Boy’s Club by Furie, Pepe makes his screen debut.

Goals and Objectives of the PEPE Memecoin:
Even though the team is joking that it has no plans at all, it has established some expectations in the form of three distinct roadmap phases, which are shown below:

Tokenomics
PEPE has a total quantity of 420,690,000,000,000,000 tokens. The number itself is a reference to the well-known meme numbers 4:20 and 69.

The LP tokens were burned, 93.1% of the supply was transferred to the liquidity pool, and the contract itself was renounced.

A multi-sig wallet is now holding the remaining 6.9% of the total supply, which will be used for upcoming listings on liquidity pools, bridges, and centralized exchanges. At least that is what the official website claims. Additionally, you can follow this wallet using its ENS name, “pepecexwallet.eth.”

PEPE Memecoin Ecosystem

The ecosystem of the PEPE memecoin is expanding daily. According to Etherescan, the token has a staggering 65K holders as of this writing on May 1st, almost two weeks after its first introduction.

Over 25,000 people are members of its official Telegram group, which receives tens of thousands to hundreds of thousands of messages daily.

Despite only being formed in April, it already has more than 133,000 followers on Twitter.

Risk and Difficulty
This memecoin has some risks and difficulties, just like most memecoins that spread quickly.

Market Volatility
Since its inception, PEPE has been among the most volatile cryptocurrencies, with huge price swings.

For instance, on May 1st, it increased over 100% for the day, more than doubling its price. Although it may seem particularly alluring, there are a number of risks associated with this.

There’s a crypto proverb that goes something like this:

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

As a result, even while it may appear like PEPE is heading “up only,” it may just as easily lose all of its current value, according to this. Its inventors asserted that it has zero intrinsic value, thus in essence, it is only worth what someone is willing to pay for it. In spite of the fact that this is true for many things and that value itself is a social construct, the hazards are heightened with recently created memecoins that sprang out of nowhere.

On many of the centralized exchanges, there are also additional issues related to a lack of liquidity that makes it difficult to pay out winnings. This implies that even if a trader is successful, they might not have enough liquidity to cover their position.

This is the tale of a person who turned a $27 investment in PEPE into a staggering $1 million, but who was unable to cash out entirely due to a number of liquidity-related issues.

Ofcourse, if PEPE endures and is listed on exchanges that are more controlled and have greater liquidity, this worry might become less relevant.

Security dangers
More criminals try to profit from a memecoin’s popularity by duping people out of their hard-earned money.

Message from the official PEPE Telegram group, for instance:

Several members of the community have contacted us regarding dusting/token scams that are occurring in both the CEX wallet and our deployer wallet. Anyone has the ability to send these tokens to our wallets by forging a transaction. Every coin doing this, in my opinion, is a SCAM. To get others to interact with them, several con artists are dusting our wallets to make it appear as though we are airdropping or doing transactions with their tokens. Avoid engaging with the contracts or purchasing any of these tokens because you run the risk of losing money.

In general, it’s imperative to follow some fundamental crypto security guidelines whenever you engage with the DeFi ecosystem to avoid being conned.

Conclusion

In conclusion, it is undeniable that the PEPE memecoin has made waves in the cryptocurrency market, rising to a total addressable valuation of more over $400 million just two weeks after its inception.

Many are comparing PEPE to other memecoins like SHIB, DOGE, FLOKI, and other similar coins, but only time will tell if this meme-inspired token will be there for the long haul.