By Peter Bergman (MoneyAmped.com)
PEPE memecoin has successfully ranked among the top 100 cryptocurrencies by market capitalization in a surprisingly short span of two weeks. Here’s a comprehensive account of the Pepe journey.
The Incredible Rise of PEPE
The emergence of the PEPE memecoin shows the cyclical nature of the cryptocurrency market. New memecoins periodically appear on it, attracting considerable attention and enthusiasm.
Within two weeks of its appearance, PEPE memecoin successfully ranked among the top 100 projects. Its market capitalization exceeded $400 million.
This guide presents an in-depth analysis of the PEPE memecoin, including its origins, creators, and underlying motivations.
History of the Creation of the Coin
Memecoin PEPE has a brief history that can be traced back to its inception. Memecoin PEPE was introduced in mid-April 2023. Its first appearance on Etherscan occurred on April 18. In less than 21 days, this cryptocurrency reached a market capitalization of more than $420 million. It was one of the top 100 coins based on the total value of the market.
PEPE is now being traded on a number of reputable exchanges. Additionally, it may be bought and sold on a number of decentralized exchanges, such as Uniswap, amongst others. According to the official website, the PEPE memecoin was created to become “the world’s most memorable memecoin.”
According to its description, PEPE has no intrinsic value, as explicitly stated on the website.
PEPE is a cryptocurrency that has no intrinsic value or expected financial benefit. There needs to be a structured team or a clearly defined roadmap. The coin has no inherent value and is intended solely for easy use.
PEPE Meme Coin’s Purpose and Vision
The team jokingly hinted at a need for concrete plans. It has defined a set of expectations, highlighting three distinct phases in its roadmap, as shown below:
Tokenomics
According to Bitcoin.com, the total number of PEPE tokens is 420.69 trillion. This number references the well-known meme numbers 4:20 and 69. Regarding the supply distribution, a significant portion – 93.1% – was allocated to the liquidity pool (LP). At the same time, LP tokens were destroyed, and the contract was abandoned.
In order to support future listings on centralized exchanges and bridges, 6.9% of the total offer was assigned to a multi-signature wallet. The following information is presented on the official website: this wallet, which uses the name “pepecexwallet.eth” to be easily monitored through ENS.
Ecosystem
The PEPE memecoin ecosystem is showing remarkable expansion daily. According to an Etherescan report, the token has gained an impressive 65,000 holders in the two weeks since its launch, as of May 1.
The Telegram group has more than 25,000 people and receives tens, if not hundreds of thousands, daily messages. The Twitter account, despite being set up in April, has already gathered more than 133,000 followers.
Potential Dangers and Obstacles That May Arise
Like most viral memecoins, this one also comes with risks and challenges.
Market Volatility
The cryptocurrency known as PEPE has exhibited significant volatility since its inception, with notable fluctuations in its market value. On 1 May, for example, its price more than doubled. It rose by more than 100% in one day. While this may seem attractive, it is essential to recognize that it also comes with several potential dangers.
In the cryptocurrency world, the following phrase is often used: “The price goes up the ladder and down the lift.” This means that while PEPE is trending upward, its value could fall just as quickly. According to the creators, the item has no intrinsic value. PEPE is, therefore, dependent on market demand. In other words, its value is determined solely by the price the buyer is willing to pay. While value is a social construct applicable to many things, it is particularly evident in the case of newly created memcoins, which appear out of the blue. As a result, the risks involved increase significantly.
Lack of Liquidity
In addition, many centralized exchanges need more liquidity. This makes it difficult for users to withdraw profits. An individual needs more liquidity to cover his position despite executing a highly profitable trade. This is exactly what took place in the life of one person, who parlayed a modest investment of $27 in PEPE into a mind-boggling return of $1 million. However, he had difficulty withdrawing his funds due to several liquidity issues. These concerns may become less significant if PEPE stands the test of time and gets additional listings on centralized exchanges with higher liquidity.
Conclusion
Overall, the PEPE memecoin has attracted significant attention in the cryptocurrency market, garnering a total addressable capitalization of over $400 million just two weeks after its launch. PEPE has been compared to other memecoins such as SHIB, DOGE, FLOKI, and others. However, only the future will tell if this meme-inspired token will survive.
