What’s Pepe (PEPE)? Meet the most recent viral meme coin phenomenon

A brand new viral meme coin is taking the crypto market by storm and it’s led by a weird-looking frog.

On April 19th, a brand new cryptocurrency mission launched in homage to the well-loved Pepe the Frog. Pepe is a inexperienced, amphibious cartoon character that originated from a 2005 comedian entitled The Boy’s Membership, created by Matt Furie. 

Since then, it has turn out to be an iconic web sensation, ubiquitous with the crypto neighborhood and main social media platforms like Reddit and 4Chan. Numerous meme iterations of the favored frog character now exist, from “Rage Pepe” and “Unhappy Pepe” to “Pepe Gigachad.”

Who created Pepe (PEPE)?

An unknown developer or group of builders created PEPE Coin. Like many different meme coin creators available in the market, they’ve chosen to stay fully nameless.

On the official PEPE website, the crypto mission expressly mentions it has no affiliation with Pepe the Frog’s creator Matt Furie. The Pepe mission and its native token merely exist as a fan-driven platform that seeks to additional broaden the utility and success of the well-known frog.

What does Pepe (PEPE) do?

There doesn’t look like any extra performance for PEPE as of but, past the same old features of cryptocurrencies. Particularly, being a borderless, pseudonymous technique of transacting worth digitally.

The Pepe roadmap accommodates three separate launch phases. The creators have given no particular dates for when they may full these phases, however they’ve said extra bulletins are on the best way:

• Preliminary launch section: This consists of CoinGecko and Coinmarketcap listings, and rising the mission’s social media presence.
• Neighborhood partnership and centralized crypto trade (CEX) itemizing section: Onboarding new companions, itemizing PEPE cash on CEXs, launching a devoted publication, and opening a members-only Discord neighborhood.
• Pepe meme takeover section: This stage introduces Pepe merch, new Pepe instruments, and a Pepe Academy. The group additionally hopes to realize extra crypto trade listings and enhance the variety of Pepe holders to over 100,000.

What blockchain is Pepe (PEPE) on?

PEPE Coin exists as an ERC-20 token constructed on prime of the Ethereum blockchain. Because of this, Ethereum’s community of proof-of-stake validators course of PEPE Coin transactions.

Ethereum gas fees apply when shopping for, promoting, and transferring PEPE cash.

The official PEPE token contract address is, 0x6982508145454ce325ddbe47a25d4ec3d2311933

PEPE worth and tokenomics

On April 17, 2023, Pepe (ticker: PEPE) entered the crypto market. The opening worth of Pepe native tokens was round $0.00000006036401729083.

By April 30, buying and selling quantity began to rise as information of the novel crypto mission unfold all through social media. On Could 05, 2023, PEPE reached its present all-time excessive of $0.000004213. This rally represented a 6,879% rise from its preliminary itemizing worth.

The entire token provide of PEPE cash is 420,690,000,000,000. There are at the moment 391,790,000,000,000 (~93%) PEPE tokens in circulation. The group despatched these tokens to liquidity swimming pools for buying and selling, and burned (completely destroyed) their liquidity supplier tokens (LP tokens).

The creators of Pepe additionally added they’ve renounced their possession of the contract. This resolution means they purportedly not have any management over the cryptocurrency, together with the flexibility to change its code. This function has turn out to be more and more fashionable amongst crypto creators as a method of mitigating fears of rug pulls and different fraudulent exercise. Nonetheless, merchants shouldn’t rely on this completely and this doesn’t imply that there aren’t any dangers when coping with these kind of initiatives.

The remaining tokens are reportedly held by the creator(s) of the Pepe crypto mission, in a multi-signature crypto pockets. Based on the web site, these tokens are put aside for future improvement and itemizing functions.

“The remaining 6.9% of the availability is being held…solely for use as tokens for future centralized trade listings, bridges, and liquidity swimming pools. This pockets is well trackable with the ENS identify pepecexwallet.eth,” wrote the creator(s).

Pepe (PEPE) dangers

When shopping for any meme coin mission, not simply PEPE, there are a lot of dangers that potential consumers ought to know beforehand.

Nameless creator(s)

Nameless creators are synonymous with the cryptocurrency house. For instance, the well-known creator of Bitcoin, Satoshi Nakamoto, remains to be unknown to this present day. With that stated, this may be regarding for merchants.

Up to now, nameless creators of virally fashionable crypto initiatives have stolen their customers funds by way of rug pulls. A number one instance of this was the Squid (SQUID) token rip-off in 2021. Piggybacking off the success of the favored Netflix present, Squid Sport, the token, which wasn’t related to the present, rose 35,000% in three days. Earlier than folks had been conscious of its shady backing, the nameless group made off with over $2 million {dollars}. Because of this, SQUID tokens rapidly plummeted to zero on decentralized exchanges.

Whereas this isn’t at all times the case with nameless creators, it actually pays to be conscious when approaching these sorts of initiatives.

Copycat initiatives

Copycat initiatives are frequent in crypto, not simply inside the meme coin sector. Scammers spin up new crypto initiatives to look an identical to different official platforms. Their intention is to lure consumers to their mission. This deception could also be to encourage them to purchase their doppelgänger token as an alternative, steal private data, or infect their units with malware.

Since Pepe (PEPE) went reside a short while in the past, a copycat mission has already emerged.

It goes by an identical identify, “Pepe Coin” with the an identical ticker image: PEPE. Even the web site carefully resembles the official web site’s URL.

Whereas this explicit copycat might or might not be an intentional rip-off, it’s essential for merchants to concentrate on these sorts of tips.

Sensible contract exploits

Sensible contract exploits are a typical danger with any kind of cryptocurrency. Notably these deployed in a DeFi liquidity pool. With out correct auditing, good contracts might deliberately or by chance comprise flaws that an individual may exploit for private acquire. Most of these exploits usually come at a loss for consumers.

Extraordinarily excessive volatility

Due to their virality, fashionable meme cash could be susceptible to particularly excessive worth volatility. Dogecoin (DOGE) is a famend instance of this. Partly, that is because of the sector’s fame for being very high-risk however doubtlessly high-reward. It’s true, some have efficiently profited from the sharp worth actions of meme cash. However equally, many merchants have additionally misplaced out due to the wild worth swings.

Pepe coin’s worth has already skilled vital modifications in worth over its brief lifespan. It’s completely potential volatility may proceed to extend as new options emerge and extra merchants be a part of the market.

In abstract, the Pepe (PEPE) cryptocurrency mission has emerged as a novel and vibrant addition to the blockchain ecosystem. With its robust roots in meme tradition and a passionate neighborhood, Pepe has managed to transcend its comedian guide origins and set up itself as a brand new — if nonetheless burgeoning — digital asset.