What is Pepe Coin: its Purpose and Uniquness Among Memecoins
Release: 2023/11/06 06:03 Reading: 536
- 1 Pepe Coin ($PEPE) is a meme coin built on the Ethereum blockchain
- 2 It was publicly launched in April 2023 and within three weeks of its launch, Pepe Coin surpassed the $1 Billion mark in terms of market capitalization.
Inspired by viral internet jokes, memecoins are a type of cryptocurrency that feature comical or animated memes. Pepe Coin is among the most well-known meme coins. Its original design included a deflationary mechanism that burns a small percentage of tokens with each transaction to create scarcity and increase the token's value over time.
In order to promote sustained user engagement and investment, the project team integrated a redistribution system, wherein a percentage of each transaction was distributed among current token holders. However, given recent changes to the project, it remains uncertain if this redistribution system will be maintained.
PEPE Token Details
PEPE is an ERC-20 token that functions on the Ethereum blockchain. It draws inspiration from the popular "PEPE the Frog" meme, which was created by Matt Furie. According to the PEPE(dot)VIP website, the development of the PEPE coin was categorized into three distinct phases.
Phase 1- Meme: This phase is focused on launching the PEPE coin and increase its presence on various sites like CoinGecko and CoinMarketCap to reach more than a thousand holders. And by using the power of memes to gain popularity on Twitter.
Phase 2- Vibe and HODL: In this phase, the aim would shift to reaching 10,000 holders and reaching the availability of the PEPE coin in central exchanges. The main focus is to expand its community. Launching a digital newsletter, and creating a token-based Discord group called Pepe Palace for the holders.
Phase 3- Meme Takeover: The final phase includes the complete meme takeover to reach 100,000 holders. This is done by expanding the PEPE ecosystem by launching Pepe merchandise, developing Pepe Tools, and obtaining listings on Tier-1 exchanges.
The PEPE coin stands out from other meme coins due to its unique redistribution system that supports long-term stakes. Its burning mechanism enhances security, and it also boasts a distinctive no-tax policy, as stated on its official website. By eliminating transaction fees, it has successfully attracted a large customer base.
The PEPE coin was created by an unidentified developer or developers. The official PEPE website explicitly states that it is not associated with Matt Furie, the creator of Pepe the Frog.
The Memecoin Phenomenon
The surge in popularity of meme-inspired coins, known as the Memecoin phenomenon, has caught the attention of investors and crypto enthusiasts. There are several factors contributing to the rise of meme coins, with social media and pop culture being the primary drivers. Platforms like Twitter, Discord, and Reddit have played a significant role in generating hype around these coins, often fueled by viral memes, challenges, and endorsements from influential individuals.
These Memecoins typically have a fervent and devoted following. Enthusiastic communities actively endorse these selected digital currencies. They are designed to be user-friendly, making them appealing to a diverse audience. Another factor is their affordability, which allows for easier entry. Additionally, their potential for quick profits makes them attractive as a get-rich-quick scheme.
The surge of MemeCoins can be attributed to the participation of celebrities. Several renowned personalities such as Elon Musk, Mark Cuban, and Snoop Dogg have endorsed these virtual currencies in public.
It is important to exercise caution when investing in meme coins, as they are not immune to the fluctuations of the broader cryptocurrency market. While they may seem entertaining and amusing digital assets, it is essential to approach them with care and conduct a thorough assessment.
Despite the optimistic social sentiments surrounding the PEPE coin, significant PEPE holders have divested their tokens at a financial loss. This development has led to uncertainty regarding the prospects of the token.
Therefore, it can be concluded that the future of MemeCoin remains unsure, yet its influence on the cryptocurrency market cannot be denied.
The Future of PEPE
After the unusual price run, Pepe Coin slowed down recently. Despite the dip, whales continue fulfilling the PEPE up. Pepe price history shows that it got an exclusive start in the first three days of its launch.
On May 5th, 2023, Pepe's success story continued as the memecoin achieved an incredible market capitalization of $1.8 billion. Unfortunately, this upward trend didn't last long, as the market became highly volatile. The most significant price movement occurred on August 24th and 25th, 2023, when $PEPE experienced a significant drop of nearly 27% in value.
Therefore, the future appears to be filled with uncertainty. According to experts, memecoins are considered to be quite risky, carrying a significant amount of potential hazards. As they are unregulated, there is no assurance that investors will be safeguarded in cases of fraudulent or illegal practices.
Who Holds the Most PEPE Crypto?
According to the data provided by Etherscan, a substantial amount of Pepe Token's (PEPE) total supply is owned by its top 15 holders. Together, these top holders possess over 87% of the total PEPE token supply, with the largest holder alone owning 40% of the supply. Additionally, the top 5 holders possess more than 70% of the total token supply. Consequently, these significant holders, also referred to as whales, possess the ability to significantly influence the price of PEPE.
Conclusion
Meme coin projects are facing significant pressure as the cryptocurrency industry continues to progress. These projects must demonstrate their worth beyond merely having an attractive mascot. The recent surge in social media hype has resulted in an increase in interest in meme coins.
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