Pepe Coin ($PEPE) burst onto the cryptocurrency scene in April 2023, quickly gaining traction as a meme coin built on Ethereum’s blockchain. With a passionate community and a remarkable $5 billion market capitalization, it became one of the most actively traded cryptocurrencies in a short time.
Pepe Coin operates on unique principles, including a deflationary mechanism that burns a small percentage of tokens with each transaction, aiming to create scarcity and potentially drive up the value of remaining tokens. Additionally, there’s a redistribution system that rewards existing token holders, incentivizing long-term investment. Unlike other cryptocurrencies, Pepe Coin transactions don’t incur additional fees, promoting ease of use and accessibility.
Pepe the Frog, the inspiration behind Pepe Coin, originated as a character in Matt Furie’s comic book “Boy’s Club” and gained popularity as an internet meme. Despite controversies surrounding its use, efforts have been made to reclaim its positive image through initiatives like the “Save Pepe” campaign.
Despite lacking fundamentals, PEPE quickly climbed the ranks to become one of the top 100 cryptocurrencies by market cap within just two weeks of its launch, currently ranking at number 70. Its price surged dramatically within a short period, experiencing a remarkable 7,000% increase in just 17 days. The sudden rise in PEPE Coin’s popularity was evident from the surge in Google searches for “PEPE coin” during April 2023.