Please note that this is not a financial advice and you should do your own research before investing in any cryptocurrency.
Pepe coin (PEPE) is a deflationary memecoin that was launched on Ethereum as a tribute to the Pepe the Frog internet meme, created by Matt Furie. The project aims to capitalize on the popularity of meme coins, like Shiba Inu and Dogecoin, and strives to establish itself as one of the top meme-based cryptocurrencies.
On October 24, 2023, Pepe coin witnessed a remarkable price surge of 31%, following a token burn of 6.9 trillion PEPE, equivalent to $5.5 million at the time. A token burn is a process of permanently removing tokens from circulation, reducing the total supply and increasing the scarcity and value of the remaining tokens.
The token burn was announced by the anonymous team behind Pepe coin on their official Twitter account, stating that they wanted to reward their loyal holders and create more demand for the coin. The team also claimed that this was the largest token burn in history, surpassing the previous record held by Binance coin (BNB).
The token burn was well received by the Pepe coin community, who celebrated the event on social media platforms and expressed their optimism about the future of the project. Some users even speculated that Pepe coin could reach $0.01 or higher in the next few months.
Pepe coin has a total supply of 100 quadrillion PEPE, out of which 50% was sent to Vitalik Buterin, the co-founder of Ethereum, as a gesture of goodwill. However, Buterin later donated 50 trillion PEPE to a COVID-19 relief fund in India, causing a temporary price drop for the coin. The remaining 50% was allocated for liquidity, marketing, development, and community rewards.
Pepe coin has several features that make it unique among other memecoins. First, it has a no-tax policy, meaning that there are no fees or commissions involved in buying or selling the coin. Second, it has a redistribution system that rewards long-term holders by distributing 2% of every transaction to all existing holders.Third, it has a burning mechanism that removes 2% of every transaction from circulation, creating deflationary pressure on the coin.
Pepe coin also has an ambitious roadmap that includes listing on major centralized exchanges (CEXs), launching a digital newsletter called Pepe Times, creating a token-gated Discord group called Pepe Palace, and developing a meme takeover strategy. Moreover, Pepe coin plans to leverage the power of NFTs (non-fungible tokens) by launching an exclusive collection of rare memes and digital art featuring Pepe the Frog and other characters.
Pepe coin is not the only memecoin that has gained traction in 2023. Other projects like Doge Uprising (DUP), Floki Inu (FLOKI), and Wall Street Memes (WSM) have also raised millions of dollars and attracted thousands of followers in a short span of time. These projects are inspired by the success of Dogecoin (DOGE), which reached an all-time high of $0.74 in May 2023 and became the fourth-largest cryptocurrency by market cap.
Memecoins are often seen as a way to have fun and make profits in the crypto market. However, they also come with high risks and volatility, as they are largely driven by hype and speculation rather than fundamentals or utility. Therefore, investors should be cautious and do their own research before putting their money into any memecoin project.
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