What is Pepe the Frog coin?
Launched in mid-April 2023, PEPE is an example of a meme coin, nevertheless one of a different variety than the oft-popular doge or Shiba Inu marks. Memecoins—cryptocurrencies based on internet memes besides usually popularized and promoted by influencers or prominent figures in the space like Elon Musk—have drawn both investor attention and eye-rolls over a professed lack of seriousness. But the potential for investors to slash big with meme coins is real. Below, we look more closely at PEPE. The memo mentions multiple meme coins with similar names; we are focused precisely on $PEPE here.
PEPE’s official Twitter account designates the token as the “most memorable meme coin in existence,” in addition that the “dogs have had their day,” a reference to an earlier group of meme coins with the once-popular Dogecoin.
PEPE launched on April 17 with diminutive fanfare. It is based on the Pepe the Frog meme, first created by Matt Furie in 2005, and has previously been related to the alt-right political movement, among other trends. Like numerous other tokens based on Pepe the Frog, PEPE does not have an official assembly with Furie or the original cartoon character.
Other facets of PEPE point to its position as a meme coin, including that the socializing supply of PEPE tokens is 420 million, an appointment to cannabis culture’s “4/20.”
Surge in Interest
Calling an Ethereum clever contract and launching a token is inexpensive besides easy, though generating liquidity can be a more difficult challenge. In the first few days of its existence, PEPE fast rose to prominence because of a high-profile purchase that fascinated the cryptocurrency community on Twitter.
A meme coin investor changed 0.125 ETH, worth about $250, for a whopping 5.9 trillion PEPE demonstrations. As interest in the meme coin cultivated, the value of those tokens flowed to about $1.8 million by April 19, 2023, yielding a latent return of roughly 4,500 times the initial investment. The prospect of a quick payday drew in tens of thousands of other investors eager to stock up on PEPE tokens before the price reached an upper boundary.
However, it’s significant to note that the investor who bought those 5.9 trillion tokens may have difficulty selling them at the current price, agreed with PEPE’s relatively low liquidness pool.
Future of PEPE
So early after its launch, the coming of PEPE remains to be seen. Some experts, with crypto fund DFG founder James Wo, say that “[memecoins] are vast parts of the crypto trading landscape, whether we like it or not,” besides that it is likely that memecoins like PEPE will endure to pop up. But PEPE itself may succumb to the fate of numerous flash-in-the-pan meme coins that preceded it—with Grimacecoin, Pump Coin, and many others—only to fade from public interpretation quickly. In that case, the question for investors, including the person field close to 6 trillion PEPE, will be whether they can squeeze a payday out of the token before the cryptocurrency community’s attention is drawn elsewhere.
Few Notable Meme Coins
As a crypto fanatic, you’re likely familiar with two of the most talked-about meme coins in the marketplace – Dogecoin and Shiba Inu. Dogecoin originated in 2013 and was created based on the general Shiba Inu dog meme. It quickly captured the public’s attention and gained a massive following, including notable figures like tech mogul Elon Musk. Its petition lies in its lighthearted nature and the strong community surrounding it, which has helped sustain its popularity. Also, Shiba Inu has gained a significant following, thanks to its overtone with the Dogecoin phenomenon and its unique features. Both coins validate the potential for meme-based projects to gain traction and become essential players in the world of cryptos.
Pepe as a Meme Coin
Pepe coin has arisen as the latest addition to the growing popularity of meme coins. The token’s mascot is enthused by the “Pepe the Frog” meme and the artist behind it, Matt Furie. Notably, the ticket has a socializing supply of 420,690,000,000,000 (420 trillion) coins. Of these, 93.1% have been sent to the liquidity pool, with the LP tokens being burned and contracts renounced. As a result, only 6.9% of the stock remains in a multi-sig wallet intended for use in CEX listings, ties, and liquidity pools. This strategic token allocation is designed to ensure the token is utilized effectively while promoting long-term steadiness and growth.
Recent Market Activity of Pepe Coin
Pepe coin has seen a remarkable upsurge in its market capitalisation since its launch, now at almost $550 million. Over the past scarce month, the token has witnessed a fantastic surge of over 1962%, hitting an impressive height of $0.00000134. Furthermore, the Pepe trading pools on Uniswap have involved a significant amount of liquidity, with a trading capacity of $110.5 million, thanks to large providers.
Is it Sensible to Invest in Meme Coins?
Investment in meme coins, such as Pepe coin, can be a tempting high-risk, high-reward plan. However, it’s crucial to remember that these coins are incredibly volatile and driven by hype besides social media. While some savers have made significant gains by investing in meme coins, many have also hurt significant losses due to their unpredictable nature. Therefore, it’s vital to do your research thoroughly and invest only when you are confident in your conclusion.