Only two weeks since its launch, Pepe (PEPE) has secured a spot among the 100 largest cryptocurrencies, boasting a market capitalisation of $582 million. Its value has more than doubled in the past 24 hours and quadrupled over the week, as reported by CoinGecko.
The popularity of this newcomer is challenging established meme-based cryptocurrencies Dogecoin and Shiba Inu. With a playful mascot and a highly engaged community, PEPE seeks to jump into the hearts and wallets of crypto enthusiasts around the globe.
As an ERC-20 token – one that runs on the Ethereum network – with a supply of 420.69 trillion tokens, PEPE joins the ranks of meme coins inspired by internet memes and popular culture references. While several Pepe the Frog NFTs (non-fungible tokens) and tokens have been released over the years, the PEPE token has been particularly successful in capturing the market’s attention.
The official Twitter account for Pepe Coin describes it as the “most memeable memecoin in existence,” playfully hinting that the reign of dog-themed memecoins is over.
Pepe Coin made its debut without much fanfare, but its subversive credentials are apparent. With a maximum supply of over 420 trillion, it cheekily references cannabis culture – the term “4/20” refers to April 20, an informal holiday for marijuana enthusiasts worldwide.
Pepe the Frog was created by cartoonist Matt Furie in 2005 and gained popularity as a meme on fringe internet social media forums such as 4chan. However, the character became controversial when the alt-right appropriated it during Donald Trump’s presidential campaign, leading to its designation as a hate symbol by the Anti-Defamation League.
Still, Pepe remains a symbol of internet culture and a fitting mascot for the memecoin community. Pepe Coin has no official affiliation with Furie or the original cartoon character.
Forces driving PEPE
PEPE’s meteoric rise coincides with a significant increase in Google searches for “pepecoin.” The Google Trend score for the keyword surged from 3 on April 9 to 100 on April 16.
This metric, which ranges from 0 to 100, represents the peak popularity of a keyword search.
Furthermore, PEPE coin’s listing on cryptocurrency exchanges, including OKX, Huobi, Gate.io, and MEXC, has likely contributed to its price surge. DeFi (decentralised finance) volumes for PEPE have also skyrocketed, jumping from $2.99 million on April 15 in a Uniswap PEPE/WETH pool to around $240 million across multiple liquidity pools and centralised exchange listings.
According to Nansen’s Ethereum analytics dashboard, over 30 “smart money” wallets purchased about $1 million worth of PEPE tokens in the past week. The analytics firm categorises very large and active traders as “smart wallets.”
With its rapid ascent and an engaged community, the PEPE Memecoin is positioning itself as a strong contender in the meme-based cryptocurrency space. As it continues to gain traction, it could potentially shake up the memecoin landscape and attract even more investors.