Currently, a great Meme (meme coin) in the crypto market is stealing the spotlight every day - PEPE (Pepe Coin). As an Ethereum-based token, PEPE has attracted the cryptocurrency world with its explosive growth and impressive market performance!
According to CMC data, the market value of Meme token PEPE has reached 7.032 billion US dollars, surpassing Uniswap (UNI)'s market value of 6.73 billion, and its ranking has risen to 19th!
SEC Approves ETH Spot ETF to Fuel PEPE’s Surge
The catalyst for this impulsive move can be attributed to the bullish sentiment surrounding the SEC’s approval of an Ethereum spot exchange-traded fund (ETF). As an ERC-20 token, PEPE has ridden the wave of excitement around this ETH-based news. Investors’ confidence in Ethereum’s potential has greatly increased PEPE’s appeal.
In the past 24 hours, PEPE has risen by about 8% and is currently around $0.0000167. It has soared by about 74% in the past week and 150% in the past month. Its market value exceeds $7 billion, and its market value is now $7.032 billion!
What is PEPE: Pepecoin?
One of the most popular memecoins built on the Ethereum blockchain is Pepe Coin ($PEPE). By April 2023, Pepe Coin had gained a great deal of popularity, quickly becoming one of the most traded cryptocurrencies.
It took Dogecoin (DOGE) about four years to reach a market cap of $1 billion. However, Pepe Coin surpassed this point just three weeks after its creation. Despite its wild price fluctuations, $PEPE still has a significant number of people holding it; for example, the duplication effect. According to the official website of Pepe Meme Coin, $PEPE itself has no value or promise of investment returns. However, unofficially, many people have exchanged more than $100,000 of it on Binance and related cryptocurrency exchanges $PEPE
Public account of the museum: Encryption Ah Meow
Explaining PEPE: What is Pepecoin?
The founders of Pepe Coin used the Pepe the Frog internet meme to quickly gain brand awareness in the crypto community. Like other similar projects, the growth of this currency is highly dependent on the usage of different platforms such as social media.
In Matt Furie's 2005 comic book Boy's Club, he made something called "Pepe the Frog." This frog character in that comic was so kind and gentle that people liked him so much that they started posting pictures of the same frog everywhere on different websites, including but not limited to Facebook or Instagram.
During the 2016 US election, different online communities took control of the character and used it in many memes to convey messages of hatred, racial segregation, and other discriminatory content. Hecne, Furie worked with the ADL to showcase the character’s originality in a positive way through various means, including “Save Pepe.”
Although Matt Furie has the legal right to sue for any commercial use of his creation, he is not currently pursuing the creators of Pepe Coin for copyright infringement.
How Pepe Coin works
Once the currency is released to the market, its total supply will never exceed 420.69 trillion PEPE. Almost all of the project's tokens were initially stored in the liquidity pool, accounting for 93.1% of the distribution at the time of token issuance; thereafter, these samples were stored elsewhere, such as 6.9% to a custody address or multi-signature.
Initially, Pepe Coin was built with a representation that destroyed a certain percentage of tokens at each market event. The goal was to create limits and, after a while, increase the price of the remaining coins.
When the project was introduced, the team also established a mechanism by which some of the funds from each Pepe cryptocurrency sale would be distributed to individuals who already owned some tokens. This is a property designed to encourage consumer loyalty and promote staying invested.
At the same time, the project had previously been edited, leading to uncertainty about its future status and the sustainability of the redistributive framework.
Pepe Ecosystem
“Like all other memecoin projects, it’s not easy to figure out what kind of social media channels there are for real communication under the Pepe Coin system.”
In addition to TikTok, Telegram, and Discord, Pepe Coin community members maintain a persistent presence on Twitter, Facebook, and Reddit. The problem, however, is that many unofficial communities provide inaccurate information and advocate for dangerous investment decisions.
Pepe's future
Typically, Pepe Coin’s rapid rise in reputation is due to the public high exit purchases that attracted the cryptocurrency development community on social media platforms.
The roadmap is divided into 3 phases:
The first part might realize launching a coin and promoting it through Twitter.
Part 2 will likely identify community partnerships and build indexes on Tier 1 centralized cryptocurrency exchanges (CEXs).
The 0.33 segment will set up a Pepe Academy and sell Pepe merchandise.
Can PEPE reach $1 in May?
While the bullish momentum behind PEPE continues, reaching $1 in May seems very ambitious. While the number of PEPE holders is growing and indicators point to a strong buying frenzy, the reality is that a surge to $1 would be unprecedented for a memecoin with such a high circulating supply.
With 420.69 trillion coins in circulation, achieving the $1 price target would result in a market cap greater than the GDP of all countries combined, presenting a significant challenge to the crypto market.
