PEPE emerging as a hot new player in the Cryptowood

Photo of author

By Degen Lipsa

New players are continually appearing in the constantly changing cryptocurrency market to grab the interest of both investors and digital enthusiasts. Pepe, a Meme Coin that has swept the internet, is one such phenomenon that has recently gathered a lot of momentum especially after Elon musk joined the Pepe Frenzy.

Pepe is a cryptocurrency that takes its name from the well-known Pepe the Frog internet meme. Pepe the Frog, an internet meme that was first developed in 2005 by the artist Matt Furie, quickly rose to fame and came to represent internet humour and culture. Through the incorporation of the figure into the world of digital currencies, the Pepe coin pays homage to this popular cultural phenomena.

Elon Musk, a billionaire, joined the party by indirectly mentioning Pepe Coin in a meme, just as the cryptocurrency market was debating whether the current memecoin season has peaked.

The Tesla CEO posted a meme in the meantime that was obviously focused on American constitutional amendments. The “Pepethe frog” character in the meme, however, drew people’s attention. This could be because Musk is well known for supporting Dogecoin (DOGE), another memecoin, in addition to mentioning Shiba Inu (SHIB) and Floki Inu (FLOKI) in his tweets.

Just like every coin has it’s day, similarly this Crypto tadpole swelled into a billion-dollar bullfrog in a matter of days. Adding more, in 20 days, thePEPE coin price hopped so high that the total market cap topped $1.6 billion.

Pepe has recovered from its flimsy initial rally, but it still has capitalization of more than $700 million.

That market capitalization increased at an astonishing rate.

Over the course of a week, the price of Pepe(PEPE) and Bitcoin (BTC) were connected. While the froggy new ERC-20 token supported by the Ethereum network had price drops on days when BTC did, it experienced a Friday into the weekend rally with BTC.

The price decline of bitcoin over the past week reached a two-month low. Additionally, it was the worst week of the year for the top cryptocurrency.

Leave a Comment