What Is PepeCoin (PEPE)?
PEPE, a memecoin launched in April 2023, distinguishes itself within the realm of meme-based cryptocurrencies. With its circulating supply of 420 million tokens and a surge in early investor interest, PEPE’s future remains uncertain in a landscape where memecoins often experience fleeting popularity.
By Anna B Kiwanuka
Launched in mid-April 2023, PEPE stands out as a distinct meme coin within the ever-growing landscape of meme-based cryptocurrencies. While meme coins, often popularized by influencers or prominent figures like Elon Musk, have drawn both investor attention and skepticism due to their perceived lack of seriousness, the potential for substantial returns remains undeniable. In this article, we delve deeper into PEPE, focusing specifically on the $PEPE token.
PEPE’s official Twitter account proudly claims it to be the “most memeable memecoin in existence,” while acknowledging that “dogs have had their day,” alluding to the earlier wave of meme coins, including the once-popular Dogecoin.
Unveiled on April 17 with minimal fanfare, PEPE derives its inspiration from the Pepe the Frog meme, originally created by Matt Furie in 2005. It is important to note that PEPE, along with other tokens based on Pepe the Frog, lacks an official connection with Furie or the original cartoon character.
Several features of PEPE reinforce its identity as a meme coin. For instance, the circulating supply of PEPE tokens is set at 420 million, a clever nod to the cultural significance of “4/20” in cannabis culture.
Surge in interest
The process of calling an Ethereum smart contract and launching a token is relatively simple and cost-effective. However, generating liquidity can present a more significant challenge. In the initial days of its existence, PEPE swiftly gained prominence due to a highly publicized purchase that captured the attention of the cryptocurrency community on Twitter.
An investor in memecoins exchanged 0.125 ETH, equivalent to approximately $250, for an astounding 5.9 trillion PEPE tokens. As interest in the meme coin skyrocketed, the value of these tokens surged to around $1.8 million by April 19, 2023, offering a potential return of approximately 4,500 times the initial investment. Predictably, the allure of substantial profits enticed tens of thousands of other investors to acquire PEPE tokens before the price potentially peaked.
Nevertheless, it is crucial to note that the investor who acquired the 5.9 trillion tokens may encounter challenges selling them at the current price due to PEPE’s relatively low liquidity pool.
Future of PEPE
Given the early stage of its launch, the future of PEPE remains uncertain. Experts, including James Wo, the founder of crypto fund DFG, emphasize that memecoins are integral to the crypto trading landscape, whether welcomed or not. They predict the continued emergence of memecoins like PEPE. However, PEPE itself may follow the fate of many short-lived memecoins that have come before, such as Grimacecoin, Pump Coin, and numerous others that quickly faded from public view. In such a scenario, investors, including individuals holding close to 6 trillion PEPE tokens, will face the challenge of capitalizing on the token before the cryptocurrency community’s attention shifts elsewhere.