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Why Pepe Coin is on the Rise – Forbes Consultant INDIA
Meme coins are best known in the cryptocurrency market for lifting the mood and sentiment of investors, especially when the overall market is a bit choppy or moving sideways.
So, if you are a fan of meme coins, then you may not want to miss the newly launched “PEPE” coin, which has created an unprecedented example by witnessing a crazy rally of almost 7,000% since its launch in April 2023. Currently, the PEPE coin has a market capitalization of over $5 billion, achieved in just a month since its launch.
Let’s take an in-depth look at how this frog-faced “PEPE” quickly became the talk of the town and how it entered the top 100 cryptocurrencies on the market, soaring overnight.
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What is a PEPE coin and how does it work?
PEPE coin is just like another meme coin that has no fundamental, intrinsic value and has no utility. In fact, it is considered the most “memeable” meme coin built on the Ethereum blockchain and functions like an ERC token.
PEPE coin has no formal team or any roadmap. It was casually created as a tribute to the popular Internet meme character known as “PEPE the Frog” who gained popularity in the early 2000s.
Even without fundamentals, PEPE has managed to break into the top 100 cryptocurrencies by market capitalization in just two weeks since its launch and currently sits at position number 70 according to cryptocurrency website CoinMarketCap. The PEPE coin started trading on April 15, 2023 at a price of around $0.000000001 and now one PEPE coin is equivalent to $0.0000014, as of this writing.
According to PEPE’s official website, “PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and serves only entertainment purposes.”
In contrast, PEPE was designed to capitalize on the popularity of meme coins such as Dogecoin, Shiba Inu, and others. That’s why the PEPE coin is very similar to Doegcoin and Shiba Inu, the only difference is that the latter are dog-based coins and PEPE is frog-based.
PEPE Coin uses a deflationary mechanism where a small percentage of tokens are burned with each transaction. This mechanism helps create scarcity and also increase the value of remaining tokens over a period of time.
Furthermore, it uses a redistribution system where a portion of each transaction is shared among existing token holders which helps them garner user engagement and long-term investments.
PEPE Coins Overview
History of the PEPE coin
How PEPE came to be is still unknown. It has not used any of the methods such as initial coin offering (ICO), presale or airdrop to distribute its tokens, rather depending entirely on the popularity of the PEPE the Frog meme, to attract the interest of potential investors.
It should be noted that PEPE has no connection to the main creator of the PEPE the Frog meme, Matt Furie, rather the identity of its creators is still unknown. All we know, PEPE has been launched around mid-April 2023.
Information about the team and its creators is scarce, but PEPE has successfully garnered a lot of attention via social media platforms like Twitter and Telegram, and in no time has managed to foster a community around the meme coin. Just a few days after launch, PEPE already has more than 290,000 followers on Twitter.
What caused a sudden increase in the PEPE coin?
PEPE entered the world of cryptocurrencies like a boom and totally shook the world of meme coins by surprise. It surpassed its market capitalization of $1 billion in a very short span of just 20 days. With such a stunning entry, PEPE surged by a whopping 7,000% in a matter of just 17 days and shook up the meme crypto coin industry.
Interestingly, April was a banner month for PEPE, and this is quite evident from Google search data. The Google Trends score for “PEPE coin” went from three to 100 from the week of April 9, 2023 to the week of May 15, where 100 represents the peak popularity for a specific keyword searched on Google.
Google trending score for “PEPEcoin” over the last 30 days
At one time, on May 5, 2023, the PEPE coin reached its peak at $0.000004354, along with an astonishing market capitalization of $1.87 billion, representing a meteoric rise. An important factor that contributed to dramatically moving the price of the PEPE coin is its listing on several major cryptocurrency exchangesincluding Binance, Uniswap, KuCoin, OKX, Huobi, Gate.io and MEXC.
PEPE coin price chart for the last month
Currently, the price of PEPE has collapsed drastically as it has seen a decline of more than 60% from its all-time high, with a decrease of more than 3% in the last 24 hours as of this writing, which raises the question “ We should also consider this coin”?
What should investors do in PEPE Coin?
There is no doubt that cryptocurrency enthusiasts have every reason to consider PEPE coin as the next potential meme coin thanks to its massive entry and unexpected popularity. PEPE has been able to impress the entire cryptocurrency market with its extraordinary performance since its launch and has proven that it can compete on par with leading meme coins at any time.
It is natural that cryptocurrency investors may think of investing heavily in PEPE due to its immense popularity and transforming their fortune overnight. But, if we look closely at the charts and know that memes can turn into a joke at any time, investors should not get carried away by PEPE’s temporary popularity and fame as its hype may end soon.
Financial experts firmly believe that one should not forget that PEPE coin is intended for entertainment purposes only and does not contain any intrinsic value and therefore there should be no expectation of financial return. Furthermore, PEPE is a fairly new project with almost negligible price history for reference, so it might be risky to invest your money in it. However, if someone really wants to invest in cryptocurrencies, then it is better to opt for traditional coins like Bitcoin and Ethereum, which should only make up 5% of your total financial portfolio.
How to buy PEPE in India?
Well, if you still prefer to go with the flow and follow the trend by trying your luck in PEPE, below are the steps that will help you buy PEPE coin via cryptocurrency exchanges, where it is available:
- Step 1: Create an account on the exchange’s website or through the app and verify your identification.
- Step 2: If you already have an account with the similar exchange, log in with your credentials.
- Step 3: Click on the “Buy Crypto” link in the website navigation, which will show you the options available in India. At this point, you can consider buying a stablecoin first and then using that coin to buy PEPE (PEPE).
- Step 4: Pay to purchase PEPE via bank credit or debit card, bank deposit or via peer-to-peer (P2P) service.
- Step 5: Now that you have purchased your PEPE, you can store it in your personal crypto wallet or even in your exchange account.
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Enjoy zero cryptocurrency deposit fees and the best rates in the industry.
Award-winning broker
Listed in Deloitte Fast 50 Index, Best Global FX Broker of 2022 – ForexExpo Dubai October 2022 & more
Best-in-Class for investment offerings
Trade over 26,000 assets with no minimum deposit
Customer care
Dedicated 24/7 support and easy registration
We invite you to invest carefully, your capital is at risk
Detailed article: How to buy PEPE coins in India
What lies ahead for the PEPE coin?
Frog-faced PEPE is one of the best examples of “rise to fame” that has certainly changed the fortunes of many by making exceptional profits for them. But if you missed the bus, the chances of getting back on it seem slim as no one can predict what will happen next in the crypto space.
PEPE, which quickly surpassed its highly popular counterparts, Dogecoin and ShibaInu, has attracted the attention of critics and big fans over the past month.
Many have already been lucky, while the others are curious to know what the next PEPE has in store for us. With the increase in the number of holders, daily trading volume and following on social media channels, experts believe that there is still a lot of potential in PEPE, which could show another bullish momentum.
However, PEPE’s situation is similar to that of a frog, which is half submerged in water and the other half is still out and looking for better opportunities.
Like other meme coins, PEPE does not have solid foundations and strong intrinsic values, so many fear that this rally may not last long. And, literally, no one knows how long the bullish momentum for PEPE will continue, before the bears intervene.
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