Launched on April 17, 2023, on the Ethereum blockchain, PEPE is a MemeCoin driven purely by memes and aims to be the “people’s token.” Inspired by the popularity of other MemeCoins like Shiba Inu and Dogecoin.
PEPE pays homage to the internet meme Pepe the Frog created by Matt Furie, positioning itself as a top-tier MemeCoin in the industry.
Operations of PEPE Coin
PEPE has gained significant attention within the cryptocurrency community through various strategic initiatives. These include a tax-free policy, a redistribution system to reward long-term stakeholders, and a deflationary mechanism to maintain PEPE token scarcity.
Who Created PEPE Coin?
Zachary Testa, the founder of PEPE, was born in 1997 in Phoenix, Arizona. He graduated in 2018 from Arizona State University with a degree in Marketing and is also known for his work as a landscape photographer. Testa has a controversial history involving violations in various restricted areas.
Matt Furie, the original creator of Pepe the Frog, is an American comic artist and illustrator. Pepe the Frog, initially a character from his 2005 series “Boy’s Club,” quickly became an internet sensation, evolving into various memes.
In August 2023, PEPE experienced a significant price drop of 20%. Founder Zachary Testa faced scrutiny amid allegations of embezzling over $15 million worth of PEPE from the project’s multi-signature wallet. Other team members, identified by their Telegram handles @billyoptions, @zerozevia, and @ekim222, were also implicated.
PEPE’s Market Position and Future Prospects
PEPE aims to be the “most memorable MemeCoin in existence.” According to its official website, PEPE lacks intrinsic value or technical product backing and is intended purely for entertainment. Despite this, the project follows a structured roadmap:
- Phase 1: Listing on CoinMarketCap and CoinGecko, community growth, and marketing.
- Phase 2: Listing on major centralized exchanges, increasing liquidity, market cap, and attracting more investors.
- Phase 3: Expanding to top-tier exchanges, launching initiatives such as NFTs, games, and charitable projects to create a MemeCoin ecosystem.
Website Traffic and User Engagement
From February to April 2024, PEPE’s website recorded 990,130 visits, with an average monthly visit of 330,040 and a bounce rate of 72.42%.
User engagement appeared to be evenly distributed geographically, with direct and referral traffic accounting for over 75%, indicating robust community interaction.
MemeCoin Market Dynamics
Initially concentrated in the Ethereum ecosystem, MemeCoins have expanded to high-performance networks like Solana, driven by community engagement. The Denchun upgrade on Base Chain, with reduced DEX trading fees, has also become a significant platform for MemeCoin trading.
According to Coingecko, MemeCoins were the most profitable crypto segment in Q1 2024, with an average ROI of 1312.6%.
PEPE, as a top-tier MemeCoin on Ethereum, leads in trading volume, surpassing other popular MemeCoins such as TRUMP, PORK, and FLOKI. Compared to SHIB, PEPE shows faster growth, reaching 100,000 holder addresses in under 30 days.
Development Patterns and Future Directions
Leading MemeCoins like DOGE have transitioned from meme narratives to functional ecosystems, incorporating elements like ShibaSwap and NFTs. PEPE is expected to follow a similar trajectory, exploring new applications to sustain its market value.
PEPE leverages the cultural and artistic appeal of “Pepe the Frog,” a well-recognized meme since 2005. This enduring popularity has been instrumental in PEPE’s growth, combining blockchain technology with meme culture to build a strong community consensus.
Investment Considerations and Risks in PEPE
Despite its potential, PEPE faces volatility and stability risks typical of MemeCoins. The scandal involving the theft of PEPE tokens by team members remains a concern. However, PEPE’s inherent viral nature and substantial community support provide a foundation for growth.
With a total supply of approximately 420.7 trillion tokens, PEPE celebrates popular meme numbers like 4:20 and 69, with no pre-sale, zero taxes, LP burned, and renounced contract.
Market Valuation and Potential
MemeCoin valuation differs significantly from traditional assets, driven by narrative size, emotional resonance, and celebrity influence. For instance, DOGE has a market cap of $20.8 billion, SHIB $14 billion, and PEPE $3.9 billion.
Despite being undervalued compared to DOGE and SHIB, PEPE’s potential for higher growth is notable.
Conclusion
As of May 15, 2024, Coinglass data shows PEPE’s open interest surged 24.43% to $139 million, with derivative trading volume up 19.72% to $2.063 billion. This, combined with whale activity and sustained market sentiment, indicates a positive long-term outlook for PEPE.
However, investors should remain cautious, monitoring team activities, community engagement, and market sentiment to make informed decisions.
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