The cryptocurrency market is no stranger to the rise of memecoins, and the PEPE memecoin is the latest addition to this trend. Within just two weeks of its launch, PEPE managed to enter the top 100 cryptocurrencies by market capitalization, surpassing $400 million. In this article, we will delve into the world of memecoins, explore the background of the PEPE memecoin, and analyze its impact on the cryptocurrency industry.
What is a Memecoin?
Memes have become an integral part of the internet culture, and they have also found their way into the world of cryptocurrencies. Unlike traditional coins that focus on utility, memecoins leverage the explosive nature of memes to gain viral attention and widespread adoption. Some popular examples of memecoins include Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI). The PEPE memecoin has joined this league of viral cryptocurrencies and has gained unprecedented popularity within a short period.
Brief History of the PEPE Memecoin
The PEPE memecoin made its entry into the cryptocurrency market in mid-April 2023, with its first entry point on Etherscan recorded on April 18th. Within three weeks, it achieved a market capitalization exceeding $420 million, securing a position among the top 100 coins. Currently, PEPE is traded on major exchanges such as Huobi, MEXC, OKX, and decentralized exchanges like Uniswap.
What is PEPE Memecoin?
Definition and Background
According to its official website, the PEPE memecoin aims to be “the most memeable memecoin in existence.” The project acknowledges its resemblance to other popular tokens like Shiba Inu, Floki Inu, and Dogecoin. The creators emphasize that PEPE has no intrinsic value and explicitly state that it is “completely useless and for entertainment purposes only.” While this may not be unique in the crypto space, it sets the expectations for investors and users of the token.
Connection to Pepe the Frog Meme
Despite its reliance on the viral potential of memes, the PEPE memecoin team clarifies that their token has no association with the original Pepe the Frog created by cartoonist Matt Furie. Instead, they aim to pay homage to the meme and express their appreciation for its widespread recognition.
Purpose and Vision of the PEPE Memecoin
Although the PEPE memecoin’s creators humorously claim to have no plans, they have outlined three different roadmap phases on their official website. These phases provide a glimpse into the project’s expected future developments, although it’s essential to note that the execution of these plans is not guaranteed.
Tokenomics
PEPE has a total token supply of 420,690,000,000,000. The number is a nod to the meme culture with references to the numbers 4:20 and 69. The majority of the supply, 93.1%, has been sent to the liquidity pool, while the LP tokens were burned, and the contract itself was renounced. The remaining 6.9% of the supply is held in a multi-sig wallet and is intended for future listings on centralized exchanges, liquidity pools, and bridges. Users can track this wallet using the ENS name “pepecexwallet.eth.”
PEPE Memecoin Ecosystem
The PEPE memecoin ecosystem has been rapidly expanding since its launch. As of June 29th, the token has attracted over 125,000 holders, according to Etherescan. The official Telegram group boasts more than 119,000 members, with active discussions taking place daily. The project’s Twitter account, created in April, has already amassed over 340,000 followers, further demonstrating the growing interest in the PEPE memecoin.
Risks and Challenges
As with most memecoins, the PEPE memecoin comes with certain risks and challenges.
Market Volatility
PEPE has exhibited significant volatility since its inception, with price swings that can be both highly profitable and risky. While the price surges can be enticing, it’s crucial to remember that the value of memecoins is based on the willingness of buyers to pay for them. The lack of intrinsic value increases the risk of sudden price drops. Additionally, liquidity concerns on centralized exchanges may limit users’ ability to cash out their gains.
Security Risks
Popular memecoins often attract bad actors attempting to scam individuals out of their funds. The PEPE memecoin project has already encountered attempts at dusting/token scams, with scammers using various tactics to trick people into interacting with their fraudulent tokens. Users need to practice good security measures and exercise caution when engaging with the DeFi ecosystem.
PEPE Coin Recent Activity – June 29th
Pepe (PEPE) has witnessed a surge in price today. The current valuation of Pepe (PEPE) stands at $0.00000159, accompanied by a trading volume of $207,610,185.16 over the past 24 hours. This signifies a noteworthy price upswing of 12.00% within the last day and a 2.39% increase in the preceding week. With a circulating supply of 420 Trillion PEPE tokens, the market capitalization of Pepe amounts to $674,791,716.
Where can one engage in Pepe trading?
The realm of centralized crypto exchanges offers a platform for PEPE token trading. Among these, Binance emerges as the most prominent choice, where the PEPE/USDT trading pair exhibits significant activity with a trading volume of $72,814,550 in the past 24 hours. Other noteworthy options include DigiFinex and OKX.
What is the daily trade volume for Pepe (PEPE)?
Over the past 24 hours, the trade volume for Pepe (PEPE) has reached $207,609,709. This marks a substantial increase of 49.40% compared to the previous day, signifying a recent surge in market activity.
What is the historical peak for Pepe (PEPE)?
The highest recorded price for Pepe (PEPE) stands at $0.00000431, which was attained on May 05, 2023. In comparison, the current price showcases a decline of -62.90% from the all-time high.
What is the historical trough for Pepe (PEPE)?
The lowest documented price for Pepe (PEPE) amounts to $0.000000055142, observed on Apr 18, 2023. In contrast, the current price manifests an increase of 2,797.99% when compared to the all-time low.
What is the market capitalization of Pepe (PEPE)?
The market capitalization of Pepe (PEPE) presently amounts to $674,791,716, positioning it at the #65 rank on CoinGecko’s listings. Market capitalization is determined by multiplying the token price by the circulating supply of 420 Trillion PEPE tokens available for trading.
What is the fully diluted valuation of Pepe (PEPE)?
The fully diluted valuation (FDV) of Pepe (PEPE) stands at $674,791,716. This statistical representation signifies the maximum potential market capitalization, assuming that the total 420 Trillion PEPE tokens are currently in circulation. It is important to note that realizing the FDV may take several years, depending on the emission schedule of PEPE tokens.
How does the price performance of Pepe compare to its counterparts?
Pepe (PEPE) has exhibited a price increase of 2.40% within the past 7 days, outperforming the global cryptocurrency market, which has remained relatively stagnant at 0.00%. However, when compared to similar cryptocurrencies within the Ethereum Ecosystem, Pepe falls short, experiencing a lesser increase of 12.70%.
Conclusion
The PEPE memecoin has made a significant impact in the cryptocurrency market, quickly achieving a market capitalization of over $400 million within two weeks of its launch. Drawing comparisons to other memecoins like SHIB, DOGE, and FLOKI, PEPE has captured the attention of investors and crypto enthusiasts. However, as with any memecoin, its long-term sustainability remains uncertain. Only time will tell whether the PEPE memecoin will withstand market volatility and leave a lasting mark on the cryptocurrency industry.
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