What is Pepe? Is that the next big Memecoin?
What is Pepe? Is that the next big Memecoin?
Altder Pepe-Memecoin seems to be an expansion of cyclical market behavior in the cryptocurrency industry, where there is a brand new memo coin every now and then and the hype around it completely outlines.
in less than a few months since the light of day, the PEPE Memecoin managed to enter the top 100 projects and achieve a market capitalization of a whopping $ 400 million.
In this guide, we will take a closer look at what the PEPE-Memecoin is, who created it and why. We will also look at stories of people who have become millionaires overnight and whether they can enjoy their wealth or not. Let's dive.
What is a Memecoin?
memes are firmly wired on the Internet. They have existed since web1 and will probably remain well into the future.
It should not be surprising that they also clashed with the cryptocurrency industry. While most coins concentrate in a way of benefits, memoins focus on the explosive nature of Memen and how quickly they spread to become viral.
examples are Dogecoin (Doge)-the first Memecoin that made mass attention and strengthened its place among top cryptocurrencies for many years. Others are Shiba Inu (Shib), Floki Inu (floki) and so on.
Last but not least, we have the PEPE-Memecoin-a cryptocurrency that also exploded in its popularity as no other Memecoin has done before.Short history of Pepe Memecoin
The PEPE Memecoin was introduced in mid-April 2023, the first entry point to Etherscan was April 18th.
Less than three weeks later, the cryptocurrency had a market capitalization of over $ 420 million and ventured into the list of top 100 coins after overall market capitalization.
At the time of the creation of this article, Pepe is traded on large stock exchanges such as Huobi, Mexc, OKX and others. Apart from that, it is also on several decentralized stock exchanges such as Z Uniswap.
What is Pepe Memecoin?
Definition and background
According to the official website, the PEPE Memecoin is said to be "the most memorable Memecoin that exists". The page contains several references to other popular tokens such as Shiba Inu (Shib), Floki Inu (Floki), Dogecoin (Doge) and so on.
PEPE has no internal value by nature and this is clearly stated on the website:
"PEPE is a Mem coin without inner value or expectation of a financial return. There is no formal team or a roadmap. The coin is completely useless and only serves for entertainment purposes."
It is worth noting that this is nothing new in the crypto area. In the past, several memoins have emerged that do not make any claims and alert the users that they have no value.
Connection to Pepe the Frog Meme
While the team relies on the popular meme behind Pepe to become viral, it does not make any claims about a connection with Pepe the Frog.
"Pepe Coin has no connection to Matt Furie or his creation Pepe Th
Wikipedia
e frog. “
on the contrary - the goal of the token is to "simply pay homage to a meme that we all love and know".
as a little background to Pepe the Frog - it is a cartoon character created by the cartoonist Matt furie. Pepe made his debut in furies comic young club in 2005.
purpose and vision of the Pepe Memecoin
The team jokes not to have any plans, but has set some expectations in the form of three different roadmap phases that can be seen below:
Official website
tokenomik
The entire Pepe token offer is 420,690,000,000,000. In itself, the number is a tribute to the popular meme numbers 4:20 and 69.
93.1 % of the offer were sent to the liquidity pool, the LP tokens were burned and the contract itself was canceled.
The remaining 6.9 % of the total offer are kept in a multi-sig wall and are to be used for future notations on centralized stock exchanges, liquidity pools and bridges. At least this is evident from the official website. You can also follow this wallet with the ENS name "Pepecexwallet.eth".
Pepe Memecoin ecosystem
The Pepe Memecoin ecosystem grows from day to day. At the time of this letter on May 1st, about two weeks after his first introduction, the token already has a whopping 65,000 owners.
Etherscan
His official Telegram group has over 25,000 members and ten, if not hundreds of thousands of news per day.
his official Twitter, although it was only created in April, has more than 133,000 followers.
Twitter
risks and challenges
As with most memoins that tend to become viral, these also harbors some risks and challenges.
market volatility
PEPE has been one of the most volatile cryptocurrencies since it was founded, and the price fluctuations are enormous.
For example, it more than doubled its price on May 1st and has increased by over 100 % for the day. This may sound particularly attractive, but it is also important to note that it carries a number of risks.
There is a popular saying in crypto, which is:
"The price brings the stairs up and the elevator down."
This indicates that Pepe seems to be "just up", but could lose its entire current value just as quickly. Remember that the creators themselves said that it has absolutely no inner value, so it is essentially only worth as much as someone is willing to pay for it. And although this applies to many things and the concept of value itself is a social construct, the risks of freshly shaped memoins that came out of nowhere are particularly reinforced.
In addition, there are other problems on many centralized stock exchanges that are associated with the lack of necessary liquidity to pay the profits. This means that even if someone can complete the trade of their lives, they may not have enough liquidity to cover their position.
This is the history of a person who turned an investment of $ 27 in Pepe into a whopping 1 million USD, but could not completely pay out due to various liquidity problems.
If Pepe exists the test of the time and is noted on more centralized stock exchanges, where liquidity tends to be lower, these concerns could of course fade.
Security risk
The more popular a Memecoin becomes, the more bad actors try to capitalize on it and to cheat on their hard -earned money.
This is, for example, a message from the official PEPE-Telegram group:
Some community members have contacted us about Dusting/token fraud, which takes place in our deployer wallet and the CEX wallet. Everyone can falsify a transaction and send them to our wallets. I would say that every single coin is to do this. Many fraud developers dust off our wallets so that it looks like we are falling out of the air with their tokens or carrying out transactions to get people interact with them. Do not buy any of these tokens and do not interact with the contracts because you recover the risk of emptying your wallet.
In general, every interaction with the Defi-Ekosystem is absolutely necessary to ensure that you follow some basic crypto security tips so that they are not cheated.
Further information on the points mentioned above can be found here in our detailed guide.
conclusion
In summary, it can be said that the PEPE-Memecoin has undoubtedly managed to cause a stir on the cryptocurrency market and to achieve an addressable total capitalization of over $ 400 million within two weeks of its introduction.Many draw comparisons between Pepe and other memoins such as Shib, Doge, Floki and so on, but only the time will show whether this meme-inspired token will stay here.
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