The Meme Coin Hype with Pepe Coin
Every other day, techies get fascinated with new advancements, in the technological and blockchain sector. 2022 saw some finest highs and also some unexpected lows.
Here we go today with an iconic internet sensation, prevalent in the crypto community and social media platforms with countless meme iterations of the popular frog character that now exists as PEPE.
It shouldn’t be doubted that meme coins have clashed with the cryptocurrency industry as most coins tend to focus on some sort of utility, while meme coins focus on getting viral through the explosive nature of memes and spread quickly.
For example, Dogecoin (DOGE) the first meme coin attracted mass attention and made its place among the top cryptocurrencies for many years. Likewise, Shiba Inu (SHIB), and Floki Inu (FLOKI) did the same.
And now we have the PEPE meme coin, a cryptocurrency that has also exploded in popularity in a way no other meme coin has done so far.
In this blog, we are going to take a closer look at what the PEPE meme coin is and why is it created. Let’s get started.
So, What Pepecoin (PEPE) Actually is?
Well, PEPE is a new viral meme coin taking the crypto market by storm, led by a weird-looking frog. It is a new cryptocurrency project launched on 19th April in homage to the well-loved Pepe the Frog.
What’s the connection between Pepe and the Frog Meme?
To give you a bit of background on Pepe, the Frog, it’s basically a cartoon character created by the cartoonist Matt Furie that originated from a 2005 comic series, entitled The Boy’s Club.
Pepecoin (PEPE) has gained much attention on social media platforms, more than Bitcoin in terms of buzz and hype. This sudden rise in social engagement has made people wonder if Pepe Coin is a good investment or not.
Brief Overview of the PEPE Memecoin
The PEPE meme coin has entered the top 100 cryptocurrencies by market cap in just two weeks. Let’s have an overview.
The PEPE meme coin was launched in the middle of April 2023, with the first entry point on Etherscan being April 18th.
In less than three weeks, this cryptocurrency had a market cap of over $420 million, venturing into the list of the top 100 coins by means of total market capitalization.
PEPE’s official Twitter account describes it as the “most memeable meme-coin in existence.”
PEPE is being traded on major exchanges such as Huobi, MEXC, OKX, and others and on multiple decentralized exchanges as well such as Uniswap.
As meme coins are based on internet memes, usually popularized and promoted by influencers or major figures in the crypto space like Elon Musk draws investors’ attention.
Apart from that, PEPE has been one of the most volatile cryptocurrencies since its creation, and the price swings are tremendous.
Market Volatility- The Nature of Memecoins
On May 1st, it doubled its price, surging over 100% for the day. It might sound attractive, but it’s also important to note that it presents a set of risks as well.
There’s a popular saying in crypto that goes like this:
“The price takes the stairs up and the elevator down.”
This suggests that it may seem like PEPE is going up only, it could lose all of its current value suddenly. It is to be remembered, the creators themselves said that it has absolutely no intrinsic value, so it’s essentially worth only as much as someone is willing to pay for it.
Summing Up:
In conclusion, the PEPE meme coin has certainly managed to cause a stir within the cryptocurrency market, acquiring a total capitalization of above $400 million in two short weeks after its launch.
Some of the figures are drawing comparisons between PEPE and other meme coins such as SHIB, DOGE, FLOKI, and so forth, but time will decide if this meme-inspired token is here to stay.
With its strong roots in meme culture, PEPE has managed to overgrow its comic book origins and establish itself as a new digital asset. And now see what happens next!
