What is a PEPE coin in cryptocurrency?
Since their launch, meme coins have gained immense popularity and have become one of the fastest-growing niches in the cryptocurrency industry. Memecoins usually named after a political figure, animal or any character received worldwide attention and appreciation from the public. Since the major intent behind them was to integrate humour, meme coins became successful in transforming the mood of traders and investors.
The Pepe coin is a popular meme coin that immediately came on the list of the best 100 cryptocurrencies by market cap value just a few weeks after its launch in April 2023. The coin was inspired by the popular character Pepe Frog. The meme coin is built on an Ethereum blockchain network and is considered one of the most memorable coins.
The growing popularity behind Pepe Coin
Just weeks after its launch in April, Pepe coin’s market cap value exceeded over $1 billion. This marked a milestone for the meme coin, as most of its fellow meme coins took nearly four to five years to reach a higher market cap value. According to the current estimates, the market capitalization of Pepe coin has exceeded $420 million.
The team and the developers behind this popular meme coin remain anonymous. However, they worked collectively towards promoting and popularising the meme coin through social media platforms and other online forums. Pepe coin has also over five lakh followers and supporters on leading social media platforms like X. The project’s adoption rates depict that there has been higher integration of Pepe coins into the crypto industry since its launch. It became the first meme coin to be marked on the lists of over 320 active markets around the globe.
Its popularity can also be attributed to its distinctive features such as a deflationary mechanism, redistribution system, and no-tax policy. These features have also helped the mem coin gain a large number of supporters. The deflationary feature provides burning tokens and redistribution rewards for the users to ensure scarcity and also allows them to increase the value of the mem coin over time. These features consequently helped the mem coin in attracting more audience. The no-tax policy of the Pepe coin allows users to engage in investing activities without paying any additional expenses. This feature has also expanded community support.
What led to a sudden rise in Pepe Coin?
Earlier this week Pepe coin barged the title of being the 3rd largest meme coin by exploding 50% in the past 24 hours. It has doubled within a single day nearly surging over 94.43 percent on the weekly scale. The sudden rise of the meme coin that came in as a surprise has caused a boom in the crypto industry.
The Pepe coin was recently listed in a few global exchanges and this could be one of the main reasons behind the sudden rally. Robinhood one of the leading crypto exchange platforms announced that the company will be soon trading the mem coin. Paul Grewal, the Chief Legal Officer of Coinbase, another popular centralised exchange will be trading the Pepecoin.
The sudden surge of the meme coin could also be attributed to the recent enthusiasm of the cryptocurrency market. The rapid rise of a meme coin has excited the landscape of the crypto market. The market also encountered a high surge of Bitcoin exploding over $90,000. Despite the rise of other digital currencies, the major success of the crypto market is due to the meme coins that have surged the market with triple-digit numbers. The massive breakthrough of the coin has already made crypto enthusiasts consider Pepe coin a potential meme coin in the crypto industry. But the investors should not get too carried away with its sudden popularity and should always remember the actual purpose of the meme coins. There might be many risk factors behind this novel concept in cryptocurrency.
Conclusion
The massive surge of the Pepe coin has caused a sudden competition to other leading meme coins like Dogecoin and Shiba Inu in no time. The sudden rise of the mem coins may have also benefitted many people who have invested in it. Considering the volatile nature of the crypto markets, this can be considered a golden opportunity for Pepe coin.
Pepe coin has mostly remained at the forefront with its massive number of followers and supporters. Crypto experts believe that the meme coin might witness potential growth in the coming days too. However considering the nature of meme coins, the coin might also face some potential dips. The meme coins usually lack a proper foundation and intrinsic values and are solely created for the purpose of entertainment. Taking account of these factors, how long the sudden rally of the meme coin will sustain remains a question.