Key Takeaways:
New PEPE coin craze hypes the token 350% higher as the team announces Airdrop.
The coin took the crypto community by storm.
Does PEPE have a political agenda?
YEREVAN (CoinChapter.com) – PEPE meme coin price surged nearly 350% in the previous 24 hours, as the 2005 cartoon character Pepe became Twitter’s most “memeable meme coin.” As a result, the PEPE price reached $0.0000001501 ahead of the New York session on April 18 and still rising at the time of writing.
Pepe coin price chart. Source: dextools.io
Moreover, the team announced an upcoming Airdrop, tagging Elon Musk in the description, along with several other meme coins, Ethereum layer-2 Optimism, and Avalanche token AVAX.
However, the question remains, WHY did the meme coin gain so much traction in a short span of time and manage triple-digit returns?
PEPE is the new hot coin in town
As often happens with meme coins, PEPE became an overnight craze. According to Etherscan, the number of its individual holders stood at over 13,000 on Tuesday. The coin was quickly purchased by swathes of investors participating in the ongoing frenzy, which rocketed the price.
10,000 holders $pepe pic.twitter.com/vZoXTboaf3
— Pepe (@pepecoineth) April 18, 2023
Also read: Bitcoin Price Hesitates Near $30K, But This Scenario Could Fuel A Fresh Rally.
Soon enough, Twitter crypto analysts started shilling the coin, offering “how to buy” tutorials.
HOW TO BUY $PEPE $PEPE SMART CONTRACT ADDRESS:0x6982508145454ce325ddbe47a25d4ec3d2311933$PEPE ON COINMARKETCAP:https://t.co/KyLqYv5O7z pic.twitter.com/hHJG0YUmfR
— Spottie WiFi (@SpottieWiFi) April 17, 2023
Meanwhile, the PEPE developers flooded Twitter with frog images that claimed to be more “memeable” than the canine meme coin family, including Dogecoin, Shiba Inu, and others, and saying, “The dog days are over.”
PEPE coin has a circulating supply of 420 trillion, referencing “4/20,” another popular cannabis culture slang. Also, the coin acquired an impressive $64.3 million market cap in a day and has $1.6 million in liquidity on Uniswap.
Also read: ATM Machines are Exploding Across Germany.
Does the Pepe coin have political roots?
The coin seems to have no connection to Matt Furie, the original creator of the 2005 cartoon character. Moreover, the memes posted by the Pepe Meme coin team are more leaning towards another historical usage of the Pepe character that Furie himself found unlawful.
As early as 2015, anonymous internet trolls created a number of Pepe variants, associating the character with the alt-right movement. Some of the variants produced by this had Nazi Germany, Ku Klux Klan, or white power skinhead themes.
During the 2016 United States presidential election, the meme was connected to Donald Trump’s campaign. In October 2015, Trump retweeted a Pepe representation of himself, associated with a video called “You Can’t Stump the Trump (Volume 4)”. The latest tweets also feature PEPE in a “Make Pepe great again” cap, which is a direct reference to Trump.
However, the team has not claimed any affiliation, which might have sparked even more speculation. The coming sessions will show how Pepe Airdrop affects the coin price. As of April 18, the meme coin stood at an over 350% advance in the previous 24 hours.
Also read: Pi Coin Drops 90% YTD with Pi Network’s Open Mainnet Launch Nowhere in Sight.
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