How the Pepe coin, fueled by pure memetic power, soared past a $1 6 billion market cap in 3 weeks and then tumbled

PEPE reached its all-time high four months ago, in May 2024; this attracted like-minded users and created a significant following for the coin. Pepe coin, a memecoin based on Pepe the Frog character created by Matt Furie in 2005, is the tokenised version of this popular internet meme. Despite only launching a year ago, the project stands at an impressive $US4.7B market capitalisation, with some investors predicting it could go much higher. In less than three weeks, the market capitalization for the memecoin—a cryptocurrency that’s typically a joke and tool for speculation—crossed $1.6 billion, according to CoinMarketCap.

While this isn’t always the case with anonymous creators, it certainly pays to be mindful when approaching these kinds of projects. Her 15-year business and finance journalism stint has led her to report, write, edit and lead teams covering public investing, private investing and personal investing both in India and overseas. She has previously worked at CNBC-TV18, Thomson Reuters, The Economic Times and Entrepreneur. According to Coincodex price prediction, 16 technical analyses indicate bullish and 13 bearish signals. The sentiment is neutral as of Sept. 23, 2024, with 55% bullish and 45% bearish.

In the first few days of its existence, PEPE quickly rose to prominence because of a high-profile purchase that captivated the cryptocurrency community on Twitter. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility. Many other meme coins, like Dogecoin (DOGE), dogwifhat (WIF), and BOOK OF MEME (BOME), are listed alongside Pepe Coin in the Crypto.com App. The token successfully launched in early 2023, but by August of that year, Pepe Coin suffered a $15 million loss, as an internal team member syphoned off around 16 trillion PEPE to different wallets of centralised exchanges (CEXs). Though the team separated from the bad players and updated internal security settings, the token’s value plummeted.

PEPECOIN

It’s essential to be cautious when investing beginner´s guide to mining bitcoins in any Pepe-branded meme coin, as some of these coins may be scams or copycats. When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes. Memes like Pepe function well as a political dog whistle because they seem innocent and already have proven their popularity. Yet what looks like images of sad frogs or happy dogs can be twisted into something darker. Though not all uses of the meme were intended to signal alt-right associations, the Anti-Defamation League ended up classifying Pepe as a hate symbol.

Experts speculate that the upcoming Bitcoin halving in April 2024 will lift the crypto market as a whole — a phenomenon seen after past halving events. However, meme coins are highly volatile and speculative, and other factors in the macroeconomic environment and crypto space could influence PEPE’s price either way. On the other hand, meme coins are often highly speculative and lack any real-world utility or value. They can be heavily influenced by social media trends and market sentiment, which can be fleeting and unpredictable. This means that the value of a meme best cryptocurrency wallets of 2021 coin can drop rapidly if interest in the coin wanes or if the market turns against it. While Pepe Coin has experienced significant growth and popularity, there are reasons to be dubious about its investment potential.

Popular Tokens on the Ethereum Chain

Once you’ve bought Pepe Coin or any cryptocurrency, it’s essential to store it somewhere safe to keep your investment secure. While many people choose to store their crypto on the exchange, this requires trusting the exchange to keep your investments safe. Ultimately, buying a meme coin should be done with caution and a clear understanding of the risks involved. If you decide to invest in a meme coin, set realistic expectations and never invest more than you can afford to lose. Another example is PepeCoin (all one word), which is also a separate entity from the original Pepe Coin.

• With its strong roots in meme culture and a passionate community, Pepe has managed to transcend its comic book origins and establish itself as a new — if still burgeoning — digital asset.
• Providing access to our stories should not be construed as investment advice or a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction by Forbes Advisor Australia.
• The team also states that it has “no devs, just community,” meaning the goal of Pepe Coin is not a technological breakthrough, but as a meme community project in the crypto space.

Namely, being a borderless, pseudonymous means of transacting value digitally. Yes, PEPE can crash to a new low, but it also has the potential to rally. The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App. It is not intended to offer access to any of such products and services. You may obtain access to such products and services on the Crypto.com App.

Is Pepe crypto a good investment?

Launched in mid-April 2023, PEPE is an example of a meme coin, though one of a different variety than the oft-popular Dogecoin (DOGE) or Shiba Inu (SHIB) tokens. Its origins are rooted in meme culture, and PEPE’s roadmap mainly embodies community-driven initiatives rather than blockchain technology goals. Much like the meme it’s based on, PEPE’s journey reflects the ever-evolving landscape of cryptocurrencies, where innovation and pop culture collide in unexpected ways.

By now, the project is well into Phase-2 and launched a marketing campaign, getting listed on VoltiChange. Considering Pepe Coin’s total supply of 420,690,000,000,000, it’s improbable that the coin will ever reach $1. If Pepe Coin were to reach $1, its market capitalisation would exceed $420 trillion, which would make it the largest asset class in the world by itself.

The Google Trend score for “PEPE coin” rose from three to 100 from the week of April 9, 2023 to the week of May 15, where the value 100 depicts the peak popularity for a specific keyword search on google. PEPE Coin uses a deflationary mechanism in which a small percentage of tokens gets burnt with each transaction. This mechanism helps to create scarcity and also increase the value of the left tokens over a period of time. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations. Crypto.com may not offer certain products, features and/or services on the Crypto.com App in certain jurisdictions due to potential or actual regulatory restrictions.

The remaining tokens are reportedly held by the creator(s) of the Pepe crypto project, in a multi-signature crypto wallet. According to the website, these tokens are set aside for future development and listing purposes. The creators of Pepe also added they’ve renounced their ownership of the contract. This decision means they purportedly no longer have any control over the cryptocurrency, including the ability to modify what is polygon matic its code.

The frog-themed token was issued in April 2023, quickly surging to a $1 billion market capitalization weeks after going live. It has since become a meme coin mainstay, reaching a $6 billion market capitalization on Thursday. This has effectively made pepe the biggest meme coin launch of 2023 in a year that saw bonk (BONK), dogwifhat (WIF) and others issued. According to Technopedia, PEPE has 1,83,468 holders, 587k followers, and a $3.8 billion market capitalization. Despite the potential, you should consider that cryptocurrencies are volatile and can become risky for investors, financial goals, market conditions, and research.

What does Pepe Coin do?

Nevertheless, the Twitter-fueled Doge surge didn’t last long, and investors who’ve long been frustrated with Musk’s erratic relationship with Bitcoin and crypto seem to have taken the Twitter-Doge move as their final straw. (That lawsuit was brought by aggrieved Dogecoin traders.) Hence, the teasing of a different memecoin as an alternative to the Musk-linked Dog market—just the day after the Twitter bird morphed into a dog. PEPE entered like a boom in the crypto world and has shook the meme coin world totally by surprise. It surpassed its $1 billion market capitalization in a very short span of just 20 days.