Recently, Pepe the Frog has taken over the trending charts making its presence felt around the community and the markets alike. The Pepe Coin or $PEPE is turning into the community’s beloved with the chart skyrocketing to the moon. The crypto community always loves a gag, hence, the inception of memecoins that not only give you the gags but also give you an opportunity to turn your laughs into cash.
While crypto markets are having a roller coaster ride, why is there so much hype built around a meme coin, which was just introduced a few weeks ago?
Without further ado, let’s dive into the heart of our discussion.
What is Pepe Coin?
Pepe Coin ($PEPE) is a new ERC-20 meme coin based on the popular meme “PEPE the Frog” by the artist Matt Furie. Its creators are touting Pepe as the most “memorable memecoin” in the world.
The cryptocurrency takes its name and inspiration from Furie’s Pepe, a cartoon frog with a green humanoid body that first appeared in a 2005 comic. Though, Pepe coin has no intrinsic value or real-world use cases.
Pepe Coin was launched on April 17 and within a fraction of time, it started gaining market cap rapidly thanks to its pre-established hype. It even crossed a $1 Billion Market cap when it reached its all-time high on May 5.
Other aspects of PEPE point to its position as a memecoin, including the fact that the circulating supply of PEPE tokens is around 420 trillion, a reference to cannabis culture’s “4/20.”
Out of the total supply, “93.1% of the tokens were sent to the liquidity pool, LP tokens were burnt, and contract is renounced,” reads its website. The remaining 6.9% of tokens are held in a multi-signature wallet to be used as tokens for future centralized exchange listings, bridges, and liquidity pools.
Roadmap of Pepe:
The devs of PEPE are not here just for the gags but also want to make an impact on the community. They will roll out their plans for PEPE in three phases.
- Phase 1: MeMe; Launching and Listing on Coingecko/Coinmarketcap, get trending on Twitter
- Phase 2: Vibe and HODL; Encroach on community participation, CEX listing, and the creation of social media groups
- Phase 3: Meme Takeover; To introduce Pepe merchandise, tools, and academy
The Phenomenal Rise and Growing Popularity of Pepe
Pepe Coin did not use typical methods like an ICO, presale, or airdrop to distribute its tokens, which are common in the cryptocurrency industry. Instead, the project was launched in a discreet way and relied only on the popularity of the Pepe the Frog meme to generate interest from potential investors. The current speculation in Pepe Coin’s value is solely built upon its connection with the notorious meme.
Due to this, within a few days after the launch, the Pepe Coin price rose to a whopping 2000% and entered into the top 100 cryptocurrency list. At the time of writing, the token is trading at around $0.0000009276 with over $396 million in market cap.
The future of $Pepe is uncertain, despite its recent launch. Some experts believe that memecoins, including $Pepe, will continue to be a significant part of the cryptocurrency trading landscape.
Another possibility is that PePe Coin will meet the same fate as other short-lived memecoins like Grimacecoin and Pump Coin.
Last year, Grimacecoin soared by as much as 285,000% in a matter of time after a leading fast-food chain, McDonald’s, tweeted that it would accept payment in Grimacecoin if Tesla do it first. However, after touching its peak at $2, it again plunged to where it all started.
For investors, including those holding a significant number of $Pepe tokens, the question is whether they can make a profit before the community’s attention moves on to other cryptocurrencies. Memecoins are like a trend on TikTok; they come and go fast.
Pepe Coin Price Prediction
While the token’s price is currently continuously rising, there’s no absolute reason or scenario that can keep this upward momentum going in the future. Also, the current hype built around it is just based on speculation about frog-based tokens, which is expected to go away over the course of time.
Based on the 2023 price prediction for $PEPE, the memecoin featuring a frog mascot may encounter significant fluctuations in value, with its price ranging from as low as 0.00000071 USD to a high of 0.000000420 USD.
Despite this volatility, $PEPE could still emerge as the leading memecoin of 2023, as it is projected to have a market capitalization of approximately 300 million dollars.
In May 2023, $PEPE may be trading within the range of 0.000001015 USD to 0.00000071 USD.
Looking to invest in Pepe Coin but not sure where to start? Don’t worry, we’ve got you covered with our step-by-step beginner’s guide on how to buy Pepe Coin in the recent frenzy!
Can $Pepe Reach to $1?
Pepe Coin may never reach $1. If you are investing money in this trending token with the thought that its value will be $1 in the future, then let me tell you this. It is improbable that Pepe Coin Value will ever reach a market value of $1, especially given its lack of a real use case comparable to established cryptocurrencies like Bitcoin and Ethereum.
The reason Pbehind it is that there are 420 trillion tokens in circulation, which means the total value of all the tokens would need to be more than $420 trillion for PEPE to reach $1. That’s almost impossible to achieve anytime soon.
Moreover, Pepe Coin does not possess any inherent value or the potential for financial gain, making it even more challenging for it to gain widespread adoption or achieve significant market value. While it’s possible that the token may have some utility or value in niche communities, it is unlikely to become a mainstream cryptocurrency or reach the heights of more established players in the market.
Conclusion:
Investors and active traders fell in love with Pepe Coin after its value soared by a whopping over 2500% in less than a month. Everybody is seeing it as a big investment opportunity due to speculation and hype built around it. Though one should not underestimate its highly volatile nature.
Also, while investing in Pepe Coin, be careful not to confuse it with similar tokens, like Baby Pepe Coin or Papa Coin, which has a similar frog-based meme and was launched around the same time.
FAQs:
- Who is the team behind Pepe Coin?
Pepe coin’s website reveals that here is no identifiable team associated with the token, and creators have opted to remain anonymous.
- How much is Pepe coin worth?
At the time of writing, the price of the Pepe coin is around $0.0.0000009276. However, Pepe coin is a memecoin and its worth continuously changes.
- How Many Pepe Coins are there?
There are 420,690,000,000,000 (around 420 trillion) Pepe coins.
- Should I invest in Pepe Coins?
Pepe coin website says that it is a just meme token and investors should not expect a return on investment from the coin. Though if you want to take an advantage of its price pump, you can invest a very little amount in it, so if it crashes you won’t lose much.
- Can Pepe reach 1cent?
It’s unlikely that Pepe coin will ever reach 1 cent due to its sheer amount of token supply.
- Where can I buy Pepe?
You can buy Pepe Coin from any CEX (such as Coinbase, Binance, Huobi, Gate.io, etc. ) and DEX (Uniswap).
- Is Pepe a scam token?
Without concrete evidence, calling Pepe a token scam is unfair. Indeed, speculation and skyrocketing price of tokens raise many questions about their credibility as their creator is still anonymous. But, as currently a lot of centralized exchanges are listing tokens, it is less likely to it may ever turn into a scam.
- Is Pepe a pump and dump token?
It is too early to make any predictions at this point. So far, there has been a good pump in the Pepe token, but, conversely, the token has yet to experience a major crash. Additionally, top-tier exchanges like Huobi and GATE have listed Pepe, so it’s hard to believe that its pumps and dump tokens at this moment. However, since it is a meme coin, there will be a lot of volatility once its speculation will get over.
Disclaimer:
It’s important to note that not all cryptocurrencies are meme coins, and some have significant real-world use cases and are considered legitimate investments. As with any investment, it’s important to do your own research and understand the risks involved before investing in any cryptocurrency.
