Coinspeaker
What Is PEPE Memecoin? Story Behind Digital Frog
The internet is littered with several types of memes: the classics, the trenders, the one-hit wonders, the niche, and the locals, to mention a few. Their virality plays an important role in gaining the general public’s attention. Inspired by internet memes, memecoins are often used to catch the interest of social media users, influencers, and crypto enthusiasts. These coins are extremely volatile, implying that they could spike and plummet suddenly. Investing in memecoins is highly risky but equally profitable too. Crypto enthusiasts take a chance at the unpredictable outcome while investing in memecoins.
Some examples of memecoins include Collateral Network (COLT), Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE). In 2013, Dogecoin originated from the image of the Shiba Inu dog – an ancient Japanese breed – and gained the attention of big-name investors like Elon Musk. Later, in 2020, Shiba Inu trod the paths of Dogecoin in order to continue the series of dog meme cryptocurrencies. But unlike Dogecoin with its own blockchain, Shiba Inu was built on the Ethereum network. Since then, memecoins have continued to evolve and grab the attention of crypto enthusiasts.
This guide will discuss a memecoin that features a frog meme – Pepecoin (PEPE). It will discuss the meme inspiring the project, the founders, its ecosystem, and its benefits.
What Is Pepecoin?
Like other memecoins, Pepecoin is inspired by an internet meme – a green anthropomorphic frog with a humanoid body referred to as Pepe the Frog. Pepecoin developers tagged Pepecoin as “the most memeable memecoin in existence”, aiming to outshine Dogecoin and Shiba Inu.
The project is built on the Ethereum blockchain network and has its coin registered as PEPE. Considering the large token supply, the Pepecoin team has implemented a deflationary mechanism that burns a tiny portion of the token after every transaction. It helps to create PEPE scarcity and thereby increases the price over time. The infrastructural build also features a system that distributes tokens to all holders upon completing a transaction.
Pepecoin’s Background
Matt Furie, a veteran visual artist, designed Pepe the Frog in 2005, and it became one of the top most-used memes on the internet. Furie has won several awards, including Winner of the Best Visual Artist in the San Francisco Bay Guardian’s 20th annual Goldie Awards. However, the US-based Anti-Defamation League (ADL) listed Pepe the Frog as a hate symbol representing racism and anti-semitism. Regardless, the meme has continued to gain more popularity. Notably, the 45th president of the United States, Donald Trump, also once used the meme.
Pepecoin emerged as a memecoin on April 17, 2023. A day after its launch, Ethereum’s block explorer and analytics platform began tracking the coin distribution. The memecoin was initially described as worthless, without any chance of giving a financial return. There is also no formal team or roadmap for the coin. According to Pepecoin’s website, the coin has no utility and is strictly for entertainment. In addition, the team has publicly clarified that the coin has no connection with Matt Furie.
The Pepecoin team has determined three different phases in the project’s development. The first phase includes Pepecoin’s launch, Coingecko/Coinmarketcap listings, reaching one thousand PEPE holders, and trending on Twitter via its memetic power.
The second phase features community partnerships, the Pepe Time digital newsletter, the formation of token-gated discord groups, the creation of Pepe place for holders, CEX listings, and hitting a ten-thousand PEPE holders mark.
Further, the third phase contains Pepe merch, Pepe Academy, Pepe Tools, T1 Exchange listings, meme takeover, and attaining a mark of over 100,000 holders.
Pepecoin has a total supply of 420,690,000,000,000 coins. 93.1% of Pepecoin’s total token supply has been sent to the liquidity pool. The remainder is locked in a multi-signature wallet for CEX listings, bridges, and liquidity pools.
PEPE vs Dogecoin and Shiba Inu
One of the key differences between the three memecoins is their technical basis, which leads to varying use cases.
Dogecoin has its own blockchain, it is built on the same technology as Bitcoin, which means using a proof-of-work (PoW) consensus algorithm to validate transactions. Shiba Inu, on the other hand, uses the Ethereum blockchain network, which allows for faster transaction times and lower fees while introducing additional complexity. As far as Pepecoin is considered, it uses the same technology as Shiba Inu.
Each of the memecoins also has different potential use cases. For example, Dogecoin has been used to support charitable causes and as a means of payment for online purchases. Some businesses have employed DOGE as a marketing tool, leveraging its popularity to attract new customers. Shiba Inu has quite similar uses. In addition, it offers the opportunity to earn rewards through staking. This means that users can earn additional Shiba Inu coins by holding them in a wallet and participating in the network. On the other hand, Pepecoin’s potential use cases are less clear, given its controversial nature. Even on the PEPE website, the creators themselves state that the coin has no use, no financial expectations, and that it is purely for fun.
Another point worth mentioning is the coins’ market capitalization and popularity. Dogecoin is the most famous memecoin of the three, which is partly due to its early popularity on social media platforms like Twitter and Reddit which helped DOGE create a large and dedicated following. In contrast, Shiba Inu has a less established track record and a less active community of users. As of 2023, Pepecoin is a newcomer in the memecoin market, with a market cap of just over $1 million and its user base more divided. Some of the 255,000 Twitter followers and over 25,000 Telegram members in the PEPE social community are supporting crypto in general, others are opponents of the industry.
Benefits of PEPE
Unlike its predecessors, Pepecoin has some attractive perks uncommon for memecoins. First of all, Pepecoin’s presence on Ethereum eases compatibility with various decentralized applications and wallets. In the future, PEPE memecoin could become a valuable utility token.
In addition, its regulatory deflationary mechanism might help PEPE increase in value over time, giving investors hope in the coin. Holders also tend to receive rewards from holding PEPE as the redistribution system credits all holders after every transaction. As a result, Pepecoin is restrategizing to appear as a more reliable investment.
The team canvasses a stronger and more interactive community where further development can kick off. Their dedication to serving $ the PEPE community is a rare feature among memecoins. There are about 255,000 Twitter followers and over 25,000 Telegram members in the $PEPE social community.
How to Buy Pepecoin?
Investors and crypto enthusiasts can purchase Pepecoin by swapping ETH for PEPE on Uniswap using their Metamask wallet. They can also carry out PEPE transactions on ByBit which allows investors to swap PEPE for fiat currency and other cryptos. The coin is listed on OKX, Huobi, Gate.io, and MEXC. The world’s largest cryptocurrency exchange, Binance, has also added PEPE to its trading list.
Conclusion
Memecoins indirectly show the level of participation of social media users in the crypto sector. It shows the readiness to delve into cryptocurrency and the educational level of social media users. PEPE memecoin has proven to be the biggest memecoin to debut in the space, gaining the attention of top crypto figures. The frog-themed cryptocurrency has positioned itself as a strong contender in the meme-crypto space and is expected to attract more investors’ attention in the future.
