However, newcomers to the industry often find themselves drawn to meme tokens, such as Dogecoin or Shiba Inu. Their prices are subject to high volatility, leading many beginners to believe they can achieve hundreds or even thousands of percent in returns on their investments.
Additionally, these assets are more appealing due to their association with popular memes. Therefore, a person with limited knowledge is more likely to purchase something with a familiar name rather than an unknown product.
One such meme token is PepeCoin (PEPE). The Incrypted team explored what it represents and what prospects await it in the future.
The History of the Token’s Emergence
In 2005, American artist Matt Furie launched a comic series called “Boy’s Club.” The main character of the story was a green frog named Pepe, known for his signature phrase, “Feels good man.” Users quickly began using the character as a meme on social media.
However, Pepe gained widespread popularity in 2008 when an anonymous user scanned an image of Pepe along with his catchphrase and uploaded it to the 4chan platform. The image resonated with people, who began creating their own memes based on it.
The surge of Dogecoin in 2021 demonstrated a massive demand for meme tokens, which did not go unnoticed. New similar assets started to emerge, including attempts utilizing the Pepe frog. The most successful example of these is PepeCoin.
On April 4, 2023, an announcement for PEPE appeared on X (formerly Twitter), and the project launched on April 14. It quickly gained popularity and, at the time of writing, is the third-largest meme token by market capitalization after Dogecoin and Shiba Inu. Essentially, it is one of the few—and the most successful—examples that does not rely on the image of a Shiba Inu dog. The founders of the project noted this point on the official website.
The creators of the asset are anonymous developers. There are many theories circulating online about their identities, but none have been substantiated.
How Does PepeCoin Work?
PepeCoin is built on the Ethereum network with a supply of 420.69 trillion tokens. 100% of the asset’s supply is currently in circulation. Initially traded on Uniswap, immense demand allowed it to be listed on major centralized exchanges, including Binance, Bybit, OKX, and HTX.
According to information from the official website, the token has no intrinsic value or utility and is not intended for financial gain. It exists solely as a tribute to the meme featuring the green frog.
However, it is worth noting that the team has previously conducted token burns and launched official bridges to transfer PEPE to Arbitrum and BNB Chain. Additionally, the creators periodically share memes on social media and hold contests for the best artworks, with prizes in cryptocurrency.
Advantages and Disadvantages
PepeCoin is a simple and accessible asset for newcomers entering the industry. By making quick trades with it, there is a theoretical opportunity for decent profits due to its volatility. However, this same volatility also carries high risks of loss.
On the other hand, the upward movement of Bitcoin in early 2024 allowed most meme tokens to rise by hundreds of percent. PEPE is no exception, with its community actively contributing to boosting its price. However, it is important to note that such movements can be followed by sharp declines.
Moreover, the asset lags behind its competitors in terms of network transaction fees. While Dogecoin and Shiba Inu operate on their own blockchains where transaction costs do not exceed one cent, PepeCoin is built on Ethereum, making it less advantageous for small-volume purchases.
This issue is partially alleviated by conducting transactions on Arbitrum or BNB Chain. However, when trading on centralized exchanges, the problem becomes irrelevant.
What Awaits PEPE in the Future?
The declared goal of PEPE is to become the leading meme token in the market.
In this regard, the project shares artwork on social media. The website even features a semblance of a roadmap, although it does not shed light on the developers’ future plans.
Even in the event of inactivity from the creators, the token can continue to thrive, bringing together a community of fans who believe in its future.
Conclusions
PepeCoin has rapidly made its way into the list of the most popular meme tokens. Notably, it does not reference a specific dog breed, which is a rarity for such an asset.
Although this crypto project has no connection to Matt Furie, the creator of the green frog meme, the strength of the community has proven sufficient to secure PEPE’s place at the top, with demand for it remaining strong despite the high fees on the Ethereum network.
FAQ
What are meme tokens?
Meme tokens are assets that use popular characters from memes in their names. An ecosystem is built around them if it is designed by the developers.
Which meme tokens are listed on Binance?
The most popular meme tokens on Binance include Dogecoin, Shiba Inu, PepeCoin, dogwifhat, Floki, Bonk, and Memecoin.
Who created PepeCoin?
PepeCoin was created by anonymous developers.