The world of cryptocurrency is brimming with unexpected twists and turns. Recently, the memecoin Pepe (PEPE) made headlines as it got listed on Binance, one of the largest cryptocurrency exchanges in the world. However, contrary to predictions of a bullish rally by crypto enthusiasts, the coin has experienced a significant downturn. Despite boasting a market capitalization exceeding $1 billion, Pepe Coin endured a stark 24-hour loss of over 23 percent on CoinMarketCap recently.
The unexpected downturn of this popular memecoin may raise a few eyebrows and spark curiosity. What exactly is PEPE? Who are the enigmatic individuals behind its creation? And why, despite its meteoric rise, is the coin now witnessing a sudden slump in prices? This article will unpack these questions and delve into the fascinating world of Pepe Coin.
Pepe Coin, a newly minted cryptocurrency, sprung into the digital currency scene on April 16 this year. The coin’s origins remain shrouded in mystery, with the founders opting for anonymity—a common phenomenon within the crypto landscape echoing the enigmatic creator of Bitcoin, the world’s premier digital currency.
Launched without a presale and offering a zero tax premise, Pepe Coin aimed to establish itself as a “coin of the people”. Notably, the founders adopted a burnt liquidity pool approach, further emphasizing their commitment to the coin’s egalitarian ethos.
The inspiration for this novel digital currency draws from an unexpected source— a popular internet meme character, “Pepe the Frog”. The green, charismatic amphibian first appeared in the comic “Boy’s Club” by Matt Furie in 2005. Pepe swiftly captured the internet’s imagination, transforming into a widely shared meme across numerous social platforms.
However, during the tumultuous 2016 U.S. presidential election, the innocent frog character was misappropriated by various online factions to disseminate hate speech and discriminatory content. This resulted in Matt Furie collaborating with the Anti-Defamation League to run a “Save Pepe” campaign, intending to restore the original, benign context of the character.
Despite owning the rights to Pepe the Frog, Furie has not yet sought compensation for the commercial use of his creation by the founders of Pepe Coin, implying a passive stance towards copyright issues related to the meme-inspired cryptocurrency. The design of the Pepe Coin mimics the green, iconic meme, drawing a direct link between the digital currency and its viral internet inspiration.
What is a Memecoin?
In the digital realm, memes have become an integral part of internet culture, having been woven into the web’s fabric since its early Web1 days. As the internet evolves, it is likely that memes will continue to be an enduring element of its landscape.
This pervasive presence of memes has inevitably intersected with the world of cryptocurrencies, giving birth to a new breed of digital currencies known as memecoins. While conventional cryptocurrencies typically emphasize utility, memecoins take a different approach. Their primary goal is to ride the wave of viral popularity powered by the rapid, explosive spread of internet memes.
Notable examples of memecoins include Dogecoin (DOGE)— the inaugural memecoin that garnered widespread attention and has successfully maintained a place among the top cryptocurrencies for years. Other contenders in the memecoin arena include Shiba Inu (SHIB), Floki Inu (FLOKI), and more.
What is Pepe Coin?
A memecoin birthed from the viral “Pepe the Frog” meme, Pepe Coin aspires to leapfrog its digital counterparts such as DOGE and SHIBA in the cryptosphere. The token boasts a staggering circulating supply of over 420 trillion coins, according to Datawallet. However, a vast majority of this supply, approximately 93.1%, has been channeled into the liquidity pool. The remaining 6.9% has been allocated to a multi-signature wallet, earmarked for future exchange listings, bridge constructions, and liquidity pools.
Despite its meme origin, Pepe Coin has demonstrated remarkable market growth. Unlike DOGE, which took a span of four years to reach a market capitalization of $1 billion, Pepe Coin achieved this milestone within a mere three weeks post-launch. The price of Pepe Coin, denoted as $PEPE, has since witnessed a roller coaster ride of volatility, yet the count of individual holders continues to exhibit a steady upward trend.
As per the Pepe Coin official website, the token is primarily intended for amusement and holds no intrinsic value, with investors cautioned against expecting financial returns. Paradoxically, reality paints a different picture as the meme coin has attracted over a hundred thousand investors and gained recognition from prominent exchanges like Bybit, Gemini, and Binance.
What’s the Vision of Pepe Coin?
The strategic roadmap for Pepe Coin unfolds over three distinct phases: Meme, Vibe and HODL, and Meme Takeover. The Meme phase primarily concerns the coin’s launch and its listing on renowned platforms such as CoinGecko and Coinmarketcap.
The Vibe and HODL phase place emphasis on fostering community partnerships, establishing a token-gated Discord group, and securing additional exchange listings.
Finally, the Meme Takeover phase involves merchandising initiatives, setting up Pepe Academy and Pepe Tools, and striving for listings on Tier 1 exchanges. The ultimate goal is to facilitate a meme takeover by amassing over 100,000 holders worldwide.
The total token supply of PEPE stands at 420,690,000,000,000, a number playfully nodding to popular meme numbers 4:20 and 69. A significant 93.1% of this supply has been directed to the liquidity pool, with LP tokens burnt and the contract renounced. The residual 6.9% nestles in a multi-sig wallet, earmarked for future listings on centralized exchanges, liquidity pools, and bridges. This wallet, known as “pepecexwallet.eth,” can be tracked through the Ethereum Name Service (ENS).
However, it’s essential to underscore the volatility of PEPE. Since its inception, the coin has been subject to drastic price fluctuations. For instance, on May 1st, it saw a price surge of over 100% within a day. While such soaring highs may be tempting, they also present inherent risks. As the adage goes, “The price takes the stairs up and the elevator down,” implying that a sharp decline could quickly follow a rise.
The intriguing journey of Pepe Coin, from its inception to its current status, paints a vivid picture of the unpredictable world of cryptocurrencies. Birthed from the world of internet memes, this digital coin has quickly carved out its own niche, boasting a market capitalization of over $1 billion, despite its recent downturn.
Pepe Coin’s unique appeal lies in its roots in popular culture, its ambitious roadmap, and its irreverent take on the values of traditional cryptocurrencies. While it has had its share of dramatic price fluctuations and liquidity issues, it has also demonstrated remarkable growth and attracted a considerable number of investors.
Yet, the future of Pepe Coin, like any other cryptocurrency, remains shrouded in uncertainty. Its volatility serves as a reminder of the high-risk, high-reward nature of investing in memecoins. As the world continues to embrace digital currencies and blockchain technology, it will be fascinating to see how Pepe Coin evolves and how it shapes the broader memecoin landscape.
For prospective investors, it’s crucial to remember the age-old advice: only invest what you can afford to lose. With memecoins like Pepe Coin, the journey may be wild and unpredictable, but it’s certainly never dull.