Shiba Inu And DOGE Killer? PEPE Coin Eyes Monstrous Highs Despite Already Gaining 2,000% in a Week

Shiba Inu And DOGE Killer? PEPE Coin Eyes Monstrous Highs Despite Already Gaining 2,000% in a Week

May 5, 2023

Pepe Coin is a meme coin based on the Pepe the Frog meme, with the latter gaining popularity on the internet in the mid-2010s. Pepe has been used as a meme in various contexts, often to convey humour or sarcasm. PEPE as a cryptocurrency entered the crypto market in April and has since made staggering gains, despite the creators stating that the value of PEPE is primarily based on speculation and hype rather than any intrinsic value or use case.

Memecoins are cryptocurrencies based on internet memes or pop culture references created for entertainment or as a joke. Some examples include Dogecoin, Shiba Inu, Baby Doge, and Floki Inu. While their prices fluctuate significantly, they are considered highly speculative and risky investments due to their lack of underlying value or use case. Pepe Coin is a newer meme coin gaining traction and may signal a shift away from dog-themed coins.

Pepe Coin was launched without the use of traditional methods such as an ICO, presale, or airdrop, relying solely on the popularity of the Pepe the Frog meme to generate investor interest. Within days of its launch, its price increased by 2000%, propelling it into the top 100 cryptocurrencies with a market cap of more than $396 million.

The number of wallets holding PEPE has increased from 7000 in mid-April to 79000 at the start of May. The coin has set itself the goal to surpass Dogecoin and Shiba Inu, according to its website. It can be traded on Uniswap, OKX, and Houbi, amongst others, a be listed on nd is on the verge of going live on major exchanges such as Binance, Coinbase, or Kraken. Crypto Twitter is in full anticipation that it will soon be listed and that explosive growth will continue.

Last weekend, traders experienced significant slippage when trying to convert large amounts of PEPE into other currencies, like ETH, due to a lack of liquidity despite a recent rise in liquidity pool activity.

With a self-reported circulating supply of 420.69 trillion PEPE tokens compared to a circulating supply of 139.22 billion DOGE, it is difficult to see how many newcomers are needed to reach similar volumes, and it remains to be seen how many people will buy into the latest meme graze.

Additionally, it must be said that PEPE has no intrinsic value and does not appear to have plans to add any features. Pepe Coin’s future is uncertain, with some experts predicting it will remain significant, while others believe it will follow in the footsteps of other short-lived meme coins such as Grimacecoin and Pump Coin. Grimacecoin, for example, experienced a brief increase in value following a McDonald’s tweet, but its price eventually returned to its original level.

According to the developers’ website, investors may want to consider the following because “$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.”

Then again, internet memes, especially crypto meme coins, are notoriously difficult to predict, and PEPE sees itself as the king of memes.

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