Move over Dogecoin and Shiba Inu, there’s a new meme coin in town that’s shaking up the cryptocurrency world. Introducing PEPE, the frog-inspired ERC-20 token that’s quickly climbing the ranks to become one of the hottest meme coins on the market.
In just a few short weeks, PEPE has amassed a market cap of over $337 million, making it the fifth biggest memecoin in the category. With an impressive 24-hour trading volume that was only beaten by Dogecoin, PEPE is less than $8 million from overtaking Floki (FLOKI).
So what’s behind PEPE’s rapid ascendency? Like other meme coins, its success is largely fueled by social media hype. But it’s also breaking away from the pack by charting its own course and not merely following Bitcoin’s cues.
It all began in mid-April when PEPE emerged on the scene, based on the infamous Pepe the Frog memes. Within two weeks, it had a market cap of over $326 million, surpassing the likes of Dogecoin and Shiba Inu in a surprising turnaround.
While it’s still too early to say whether PEPE will continue to capture the internet’s imagination and remain permanently embedded in the consciousness of the world’s crypto communities, there are factors that could impact its longevity. For example, a listing on a major cryptocurrency exchange like Binance could extend its impressive run, as it did for Floki Inu.
But investing in meme coins like PEPE comes with high risk. Their price is essentially tied to how much people are talking about them online, making them vulnerable to price manipulation. And even those who do find themselves in possession of a hoard of PEPE tokens at the height of its value, without sufficient liquidity, cashing out may prove difficult.
Still, the rise of PEPE adds to the fascinating backstory of one little green frog. First drawn by American cartoonist Matt Furie in 2005, Pepe the Frog has been used as an in-joke on 4-chan, an alt-right icon, and a symbol of resistance used by Hong Kong protesters. Where this meme will go next is anyone’s guess.
For now, it’s clear that PEPE is a force to be reckoned with in the meme coin market. Whether it will dethrone Floki and Baby Doge Coin remains to be seen, but one thing is certain: PEPE is making waves and capturing the attention of investors and crypto enthusiasts alike.
In conclusion, PEPE has emerged as the new king of meme coins, dethroning Dogecoin and Shiba Inu in a surprising turnaround. While its longevity is still uncertain, there’s no denying the hype surrounding this frog-inspired ERC-20 token. As the meme coin market continues to heat up, it’ll be interesting to see where PEPE goes next and whether it will continue to climb the ranks and shake up the crypto world.
