The PEPE token is another meme coin that has quickly risen in popularity in April 2023, and has seen a rising number of holders since.
What is PepeCoin (PEPE)?
PepeCoin (PEPE) is a memecoin that launched in the middle of April 2023 and quickly rose in popularity. While the token diverges away from the usual canine-inspired memecoins like Shiba Inu and Dogecoin, the token has no intrinsic utility or value, and is claimed to be created for entertainment purposes only. Nevertheless, this has not stopped an influx of crypto holders from buying into the token when it was launched.
The website also claims that there is no association with the creator of the meme character Pepe the frog, and the token was created as a tribute to the meme only. Currently, there are over 25,000 holders holding PEPE within its first week of operation. The token has a redistribution system that rewards long-term stakers, and it maintains scarcity by regularly burning tokens despite having an incredulous maximum supply.
The team behind the token seems to be more concerned about pushing the token through its supposed connection with the internet meme, Pepe the Frog, which they believe will create sustainability while being less concerned around its underlying fundamentals and utility.
Internet Pop Culture Relevance
Pepe the Frog, a cartoon character created by Matt Furie, has become a well-known internet meme and quickly gained popularity on internet forums such as 4chan. However, the meme character quickly became associated with the alt-right movement, which is a far-right political ideology that advocates for white nationalism and opposes multiculturalism.
Some members of the alt-right have used Pepe as a symbol of their movement, which has led to the character being associated with racism, anti-Semitism, and other forms of hate speech. Matt Furie, the creator of Pepe, has publicly denounced the use of his character in association with the movement, and has tried multiple times to reclaim the character.
In the official PepeCoin website, the team claims no association with the creator of Pepe the Frog and claims to pay homage to the meme only.
PepeCoin Tokenomics
The token has a total supply of 420,690,000,000,000 PEPE, and its official website states that 93.1% of the total supply were sent to liquidity pools (LP), with the resulting LP tokens then burnt. The remaining 6.9% is said to be in a multi-signature wallet held by the development team that’s been reserved for future exchange listings and community partnerships to name a few.
As a memecoin, PepeCoin’s value is largely based on its popularity and cultural significance within the internet meme community. While some investors may see the coin as a potential source of profit, the token’s creators have emphasised that it is intended purely for entertainment purposes and should not be viewed as a serious investment opportunity.
The token was first listed on decentralised exchanges (DEX) like Uniswap, Pancakeswap, and OpenOcean. But within one week of its launch, it has a lso successfully listed on several centralised exchanges (CEX) including Huobi, Gate.io, Poloniex, Bitget, and MEXC.
Controversy
PepeCoin’s sudden meteoric rise once again draws attention to the get-rich-quick mentality that dominated the market in 2021. As interest in the memecoin grew, investors rushed to get their hands on the token, hoping to capitalise on its increasing popularity and potential for rapid gains.
One such investor reportedly swapped 0.125 ETH, worth approximately $250, for a staggering 5.9 trillion PEPE tokens. As the value of the token continued to soar, the investor’s initial investment was valued at around $1.8 million by April 19, 2023. However, the low liquidity of PepeCoin on decentralised exchanges has raised questions about whether such gains can be realised.
The sudden surge in value of PepeCoin has also drawn criticism from some within the cryptocurrency community, who argue that memecoins like PepeCoin have little inherent value and are driven primarily by hype and speculation. Additionally, the lack of transparency and accountability in the memecoin market has led some to question the legitimacy of the entire ecosystem.
Despite these concerns, PepeCoin’s popularity shows no signs of waning, and many investors continue to buy into the memecoin as a potential source of significant profit. However, the volatile and unpredictable nature of the memecoin market means that investors should exercise caution and carefully consider the risks before investing.
