Pepecoin (PEPE) is a new memecoin that was launched on April 15, 2023, and immediately won the sympathy of the crypto community. The token is inspired by Pepe the Frog, a character created by cartoonist Matt Furie, who first appeared in the comic strip Boy’s Club in 2005. Pepe the Frog became a popular internet meme, associated with various subcultures and movements, such as 4chan, Anonymous, alt-right, and Hong Kong protests.
Pepecoin developers tagged Pepecoin as “the most memeable memecoin in existence”, aiming to outshine Dogecoin and Shiba Inu, two of the most famous memecoins in the crypto space. Pepecoin claims to have no intrinsic value and no utility, except for being a fun and artistic way to express emotions and opinions on the blockchain. Pepecoin is part of the Rare Pepe project, which aims to create and collect digital art cards featuring Pepe and other characters.
How Does Pepecoin Work?
Pepecoin is an ERC-20 token that runs on the Ethereum network. It has a total supply of 1 quadrillion PEPE, half of which was sent to Vitalik Buterin, the co-founder of Ethereum, as a gesture of goodwill. The other half was added to Uniswap as liquidity. Pepecoin has no pre-sale, no team tokens, no marketing fund, and no tax. It relies entirely on community support and word-of-mouth promotion.
Pepecoin has a unique feature called “redistribution”, which rewards long-term holders and penalizes sellers. Every time someone sells PEPE, 10% of the transaction amount is deducted and redistributed to all existing holders. This creates an incentive for users to hold PEPE for longer periods of time and discourages dumping.
Pepecoin also has a burning mechanism, which aims to maintain scarcity and increase demand. Every time someone transfers PEPE, 1% of the transaction amount is burned and removed from circulation. This reduces the total supply of PEPE over time and creates deflationary pressure.
Also Read, Pepe Coin: The Meme Coin That Soared 20,000% in 2023
PEPE Price Analysis
Pepecoin has gained a lot of attention and hype in 2023, especially after it was listed on CoinMarketCap and CoinGecko, two of the most popular crypto data platforms. Pepecoin reached its all-time high of $0.00000129 on May 23, 2023, making some early investors rich overnight. Pepecoin also attracted the interest of Conor Kenny, a crypto analyst who discussed the potential of PEPE reaching the $1 mark in a video published on July 14, 2023.
However, Pepecoin has also faced several challenges, such as legal disputes, censorship issues, and competition from other memecoins. In June 2023, Pepecoin dropped to $0.00000035 after a lawsuit was filed against the Rare Pepe Foundation, the organization behind the project. The lawsuit alleged that the foundation violated intellectual property rights and defamed the original creator of Pepe the Frog.
Currently, Pepe is trading at $0.000001395 and is up 10% with a 24h trading volume of $154 million. The volume is also up 80%. The current market cap stands at $544million. Let’s have a look at the chart for trend analysis:
PEPE is trading below the horizontal resistance. Looking for rejection until it will do a breakout ✌️.
Conclusion
Pepecoin still faces many risks and uncertainties, such as legal hurdles, censorship issues, and market volatility. Pepe is poised for a breakout and is also showing great spike in volume numbers also.
However, Pepecoin also has a loyal and passionate community that believes in its potential and value. As long as Pepe can maintain its popularity and relevance in the crypto space, it may have a chance to become a mainstream memecoin.
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