Pepe is the latest memecoin that has taken the cryptocurrency world by storm. To the uninitiated, a memecoin is a token inspired by online memes. The inspiration for this coin is the popular Pepe the Frog cartoon character. We’ll tell you all you need to know about this new viral token.
What Is the PEPE Token?
It is a digital token launched in April 2023. It gets its inspiration from Pepe the Frog, a cartoon character and meme that first appeared in deadpan comics in 2005. The comical character is a frog with a humanoid body, which has been widely shared on social media platforms.
This token was launched in April 2023 by a group of developers who have chosen to remain anonymous. The official website notes that the project is not associated with the frog meme’s creator, Matt Furie. Instead, it was created to capitalize on the meme’s popularity and give crypto investors something to laugh about, especially after a severely bearish market that sunk the value of many tokens.
Pepecoin is an ERC-20 token hosted on the Ethereum blockchain. It uses a proof-of-stake mechanism to process transactions and create new blocks. This token has a circulating supply of 379 trillion out of a maximum supply of 420.69 trillion. Some people might spot the joke of 420 being slang for cannabis and 69 being a popular adult meme. The unfathomably high circulating supply already tells you about this token being a meme.
When Did It Become Popular?
This coin launched on April 14, 2023, and began trading on various exchanges a few days after. It grew viral on social media and has become one of the top 100 traded cryptocurrencies worldwide. CoinMarketCap comically ranks it as 69 on the top 100 list. It remains a popular coin, joining famous memecoins like Shiba Inu, ApeCoin, Dogecoin, and Dogelon Mars. It even spawned a fairly popular copycat called Pepe 2.0.
What Is Its Market Value?
This coin has a market capitalization of nearly $600 million as of writing. According to CoinMarketCap, the daily trading volume was nearly $100 million, about 17% of the market capitalization. These figures indicate very high trading activity.
Pepecoin is volatile because of its enormous circulating supply and heavy trading volume. The Pepe price and market value changes from time to time.
Where Can I Buy Pepe?
This coin has been listed on many centralized and decentralized exchanges because of its popularity. Centralized exchanges are those controlled by third parties, while decentralized platforms have no central authority (users trade directly with each other).
You can buy Pepe on popular centralized exchanges like Kraken, Binance, and Coinbase or decentralized ones like Uniswap. CoinMarketCap data shows that this coin’s most popular trading pair is Tether (USDT).
What Is the Use Of This Coin?
There is currently no fundamental utility for PEPE beyond speculation and trading. This situation is unsurprising because it was created mainly as a joke. However, because of its popularity, we may see useful projects being made for this token.
Risks Of Pepecoin
The team behind this token isn’t known, which carries certain risks. Many anonymous crypto projects have been proven fraudulent, especially the ones based on memes. For instance, the Squid coin piggybacking on the viral Squid Game show became worth virtually nothing after the creators sold most of the circulating supply for $2 million.
An anonymous team doesn’t always mean the project is dodgy (after all, the creator of BTC is anonymous). But you should know the risks of investing in a coin backed by an unknown team.
Pepe has also spawned a lot of copycats, so be careful when dealing with any coin trying to associate with the popular meme.