Pepe (PEPE), which is the newest meme cryptocurrency has been launched. Since launching, the coin has gone viral outperforming established meme tokens Dogecoin and Shiba Inu and has seen a surge of over 21,000 percent.
On Tuesday (18/4/2023), PEPE's price was at US$ 0.00000008482 with Pepe's market capitalization reaching US$ 33 million, and trading volume of around US$ 30 million on Uniswap.
The Pepe token quickly attracted a large number of investors. This is evidenced by the token reaching 10,000 individual holders as of today.
Despite Pepe's relatively low circulation supply of 420 trillion, referring to cannabis cultural slang of '4/20,', trading activity for meme tokens is quite serious. Please note, the Pepe token has no relation to the original creator or the actual Pepe The Frog meme.
The Pepe meme originated in the 2005 comic "Boy's Club" and became a popular part of internet culture. Although Pepe's rise has garnered a lot of attention, investors should be careful and do their research before investing in this new meme coin.
The rapid rise of Pepe and other meme tokens highlights the power of social media and the internet in driving trends and shaping markets. As more people become interested in cryptocurrencies, it is likely that investors will see new tokens emerge. Some of them may be based on popular culture and memes.
At this time too, Dogecoin and Shiba Inu also experienced increases in the last 7 days.
see you guys soon on @HuobiGlobal 🐸 $pepe https://t.co/HN8Cq8hfXo
— Pepe (@pepecoineth) April 18, 2023
At the time of writing, Dogecoin was up 9.8 percent and trading at $0.0932, while the Shiba Inu was up 4.9 percent and trading at $0.00001168. Despite the gains, the crypto market remains highly volatile, and investors should approach meme tokens with caution.
However, it remains to be seen whether Pepe can match the success of his predecessor. This is because many meme tokens have been present to measure its success.
Investors should also be careful when investing in Pepe despite his rapidly increasing popularity. As with any other meme coin asset, there is a high probability of a significant crash. As an example, Solana-based meme coin BONK soared for several days before suffering a massive crash that cost investors huge losses.
Pepe Frog himself has been a staple of online culture for years, with his unique appearance and hilarious facial expressions making him a popular choice for memes. However, the idea of converting it to crypto has generated controversy and raised questions about the legitimacy of meme coins.
This meme coin was created in 2016 as a fork of the Bitcoin protocol. Like other meme coins, it is designed to be a fun and lightweight alternative to more traditional lightweights like Bitcoin and Ethereum.
However, many in the crypto community have criticized meme coins like PepeCoin, arguing that they have no real-world value and are nothing more than a speculative investment.
While it is true that meme coins are frequently traded on popular cryptocurrency exchanges, their value is largely determined by market speculation rather than the underlying asset or adoption of use.