Meme Coin Frenzy: PEPE Takes the Market by Storm

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By A D

There are new players in the world of cryptocurrency everyday, each with promises of visionary revolution and high gains. The latest hit in the market is Pepe Coin, a meme-based cryptocurrency that has been making headlines for its recent explosive growth.

Pepe Coin, launched in April 2023, is a relatively new entrant in the crypto space. The currency is based on the popular internet meme, Pepe the Frog. Comically, the total circulating supply of PEPE is 420 million, slyly referencing 4/20 of cannabis culture. Built on the Ethereum blockchain, Pepe Coin is an ERC20 token. Its deflationary feature is one of its distinctive characteristics. Every transaction results in a small percentage of tokens being burned, creating a scarcity that can spur demand. Additionally, a redistribution scheme is in place to reward long-term ownership and investment by distributing a percentage of each transaction to current token holders.

Pepe Coin also places a strong emphasis on community engagement and development. They are actively interacting with users through social media and providing updates and insights on the project. This sense of community and commitment to transparency only adds to the long list of accolades for PEPE.

the graph showing unprecedented growth of pepe coin
At the time of writing, $PEPE is trading at $0.0000002797. Image Source

Pepe Coin has had an impressive run since its launch, with significant gains in value over a short amount of time. The currency’s price rose over 250% following its launch, reaching $0.000000265475. Aditionally, an airdrop anounced by the project saw the token rise almost 2000%. Pepe Coin’s market cap has risen to $165 million with about 25,000 holders. Biggest cryptocurrency exchange by volume, Uniswap, has seen the bright end of this run as the transactions on the decentralised exchange reach an all-time-high with 66% RISE

Over thirteen accounts, whales have collected up to 30 trillion $PEPE, or almost $10 million. To purchase Pepe Coin, a private investor exchanged 0.125 ETH worth $251. The investor purchased 5.9 trillion Pepe coins for $251, and over the following three days, their value skyrocketed. In just 4 days, the $251 rose to $1.14 million.

The official twitter of PEPE has been quite candid about their competition with the much popular Doge Coin. Source :Twitter

PEPE’s price rally is quite similar to that of Shiba Inu and Floki Inu. Meme coins have become a cultural phenomenon of sorts and have an enormous reach. With a focus on community engagement and strong branding, they create a sense of hype anf FOMO (fear of missing out) that drives up demand and prices.

Doge Coin, which originated as a joke in 2013, in considered the first meme coin and gained popularity quickly. Shiba Inu is another popular meme coin that has seen significant growth.The craze around them can be attributed to their appeal to younger generations and their potential for quick profits due to their volatile nature. Along with that, meme coins often have low barriers to entry, which makes them accessible to a wider audience. Although initally they were taken light heartedly, they are now considered strong contenders in the crypto space often riding the market highs and lows steadily.

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