What Is PepeCoin (PEPE)?
What Is PepeCoin (PEPE)?
PepeCoin is a memecoin that is inspired by the Pepe the Frog meme. PEPE is an ERC-20 token that is built on the Ethereum blockchain. According to its Twitter bio, PepeCoin aims to be “The most memeable memecoin in existence.”
PepeCoin is the latest memecoin to join the rarefied field of memecoins to hit the $1 billion market capitalization. Other notable memecoins in this exclusive group include DogeCoin (DOGE) and Shiba Inu (SHIB).
What Is PepeCoin Used For?
While it was created as a memecoin with no real utility and use cases, the team behind PEPE has laid out its roadmap on how they plan to conduct a “meme takeover”. The roadmap includes three phases:
Phase 1
Phase 1 includes the launch of the token, getting listed on popular websites such as CoinGecko and Coinmark, and get $PEPE trending on Twitter.
Phase 2
Phase 2 focuses on community partnerships, the formation of a token gated Discord group, and being listed on Centralized Exchanges (CEXs).
Phase 3
Phase 3 leads up to the objective of completing a “meme takeover” with the launch of PEPE Academy, merch, tools, and getting listed on Tier 1 exchanges.
How Does PepeCoin Work?
As PEPE runs on the Ethereum blockchain, it is secured by the Proof of Stake consensus mechanism.
In Ethereum’s Proof of Stake system, individuals and/or organizations that verify transactions are called “validators”. Instead of having to own expensive and energy-intensive computer equipment, to become a validator on the network, one needs to invest and stake the native coin on the blockchain.
Validators need to put up 32 ether - worth around $69,000 as of September 2023 - to become a validator. If they do not own that amount of ether individually, validators can join a staking service where participants pool their money together and serve as validators jointly. The staked amount serves as collateral, which can be confiscated in part if the network detects fraudulent transactions.
After staking the coin, the individual and/or organization join an activation queue. Validators are selected from the activation queue based on the amount of ether staked. The greater the amount of coin staked, the greater the probability of being selected to verify the transaction.
The validators selected to verify transactions will then create new blocks on the chain. The other validators that are not involved in the process will help validate the newly created blocks.
Once the new blocks are validated, they will be added to the blockchain. The validators that successfully create the new blocks will be rewarded with a certain amount of the network’s coin.
PEPE Tokenomics
PEPE has a total and circulating supply of 420.69 trillion tokens.
The memecoin is deflationary and employs a burning mechanism whereby a portion of the tokens is burned after each transaction. The burning of or destruction of tokens/coins is irreversible, reducing the total supply over time and aims to maintain the scarcity of the PEPE token.
PEPE employs a redistribution system where a portion of every transaction gets distributed to existing token holders. This rewards long-term stakers and incentivizes investors to hold PEPE for longer periods.
In addition, PEPE also implements a no-tax policy whereby it does not impose taxes or fees on transactions or activities on its network. This can potentially help the memecoin attract a wider audience and expand its user base.
PEPE reached an all-time price high of $0.00000431 on May 5, 2023. Since its all-time high, the price of PEPE has fallen by more than 80% as of October 2023. With a circulating supply of 420.69 trillion PEPE tokens, PepeCoin has a market capitalization of $252.43 million.
What Is The History Of PEPE?
PepeCoin was launched on 16 April 2023, and in just less than a month, the cryptocurrency reached a market capitalization of over $1 billion. As of the writing of this article, PepeCoin ranks 65 in the top 100 coins by market capitalization.
The popularity of the coin and its meteoric rise however can be traced back to 2008 during the inception of the Pepe meme. Since then, the green frog with huge eyes, created by the artist Matt Furie, has become Internet meme royalty. It is important to note that PepeCoin has no official connection with Furie or the cartoon character.
Since its launch, PepeCoin has generated controversies such as the memecoin being a pump-and-dump scheme. Despite the controversies, it has quickly become one of the most popular memecoins with a large and active community on social media, particularly Twitter and Telegram.
Leveraging on the status of Pepe, PepeCoin achieved history by becoming the fastest crypto to reach $1 billion in market cap. It took PepeCoin just 19 days to hit the milestone. For context, it took Bitcoin and Ethereum, the two biggest cryptos by market cap, 1,579 and 287 days respectively to climb above $1 billion. Dogecoin and Shiba Inu, the other popular meme coins, took 2,585 and 279 days respectively to reach the same target.
Who Created PepeCoin?
PepeCoin is a community-driven project and has no central team. According to the official website, the founders of PepeCoin go by the handle Pr0m3theus and damoos3. The founders choose to remain anonymous and other than their extensive experience in the crypto industry, not much else is known.
How To Trade 1000PEPE?
Sign up for an account on the Flipster website or by downloading the Flipster app (Android or Apple).
Click the [Trade] tab.
Search for PEPE, and click on it.
Select the leverage (up to 50x).
Select either a Trigger Order or Market Order.
Input the amount of crypto you wish to trade, or select a percentage of your available funds to use.
Once you have confirmed the details, click the [Long] or [Short] button to open a position.
Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.