Pepe coin ($PEPE) is currently one of the hottest memecoin in the market right now. Launched recently back in April 2023, $PEPE had previously rallied to a crazy 1,500% gain since its initial launch in just two weeks.
With many cryptocurrency enthusiasts jumping into $PEPE, it has also piqued the interest of many Web2 natives who are astounded by the crazy gains made by early investors of $PEPE.
So what exactly is $PEPE and how has it resulted in the latest memecoin craze in the cryptocurrency world?
Bringing Web 2.0 Meme Culture into Web 3.0
Pepe the Frog is an extremely well-known meme in the Web 2.0 community, as it depicts a frog with various expressions and is often used in various sticker packs on messaging platforms such as Telegram and also Discord.
Due to the ‘degen’ culture of cryptocurrency investors, it is a no-brainer to bring the most popular Web 2.0 meme into the Web 3.0 space through the creation of its very own token, $PEPE.
When the token was initially launched sometime around April 18, it was listed at a price of $0.000000055142. In the span of just a few days, the token suddenly gained massive traction as more traders found out about the token. This led to a crazy spike in token price as it shot up to an all time high of $0.00000431 on May 5.
Birth of New Memecoins
Following the craze from $PEPE, it has led to the emergence of many new memecoins, such as $JEFF, $HER and $SPONGE. Most of these memecoins are created based off popular memes such as Spongebob from the cartoon series, Jeff who portrays someone who lost a ton from cryptocurrency, and Caroline from the notorious FTX saga.
These tokens have also rode similar wave as $PEPE, as we start to see crypto twitter being flooded with shills on these new coins every day.
$PEPE has also recently managed to get listed on Binance’s futures trading platform, which displayed some sort of acceptance for these memecoins amongst various investors.
Volatility of Memecoins
As fast as these memecoins can make you money, it can also cause you to lose all of it. These coins are extremely volatile and unpredictable, and should be traded with care.
We have seen a 40% decline in price for $PEPE since its all time high, along with many other coins whose prices dipped after the initial pump.
However, the thought of being able to multiply their money has led to many traders ‘degening’ into new memecoins everyday.
As always, investing in memecoins like $PEPE is a high risk high reward endeavor, and it is recommended to always do your own research and only invest what you can afford to lose when buying into these memecoins, as chances of the project rugging or getting caught in the dump is extremely high.