The SAUDIPEPE token, the Arabic version and, according to its creators, the best friend of the popular Pepe coin, grew 1494,12% in 24 hours. The asset was just listed on CoinMarketCap, after which it immediately entered the top 2 most trending cryptocurrencies on the site and the top 1 in growth over the last 24 hours. After that, however, the token failed. Read more about what this project is and whether it can join the elite Pepe leagues below.
Pepe’s best friend: What is SAUDIPEPE?
According to the creators of the token, SAUDIPEPE is a coin for those who missed out on x’s during the triumph of DOGE, SHIB, and recently PEPE.
“SAUDIPEPE is destined to become one of the biggest memecoins and join the elite league. Be part of the incredible journey and feel the power of the Saudis,” stated the project’s team.
As part of this goal, the creators intend to deploy an entire ecosystem that will provide users with access to:
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- SAUDIPEPE NFTs.
- P2E gaming.
- AI services.
- Liquid staking.
It is worth noting that all sub-projects are still under development, but it is known that everything, in one way or another, will be tied to a native SAUDIPEPE token, through which users will be able to perform certain actions, depending on the direction.
To manage the ecosystem, 10B tokens were immediately issued for general circulation. Moreover, this is the maximum supply, that is, the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency. Thus, subsequent minting is not provided.
The project’s tokenomics also states that:
- The coin has a 0% buy-and-sell tax.
- The project’s ownership renounced.
- SAUDIPEPE’s liquidity is locked forever.
- 20% of the initial tokens were burned.
- 6% of the assets will be used for CEX listings, liquidity pools, and development.
It is unknown who the creator of the project is. But, as is the case with most meme tokens, the authors prefer to remain in the shadows. However, as a rule, such projects are launched by fans or community members of the coin to which the token being developed is dedicated.
“Here to bring you an infinite wealth”: why is the coin rising?
The main reason why this token and others like it are growing now is the ongoing altcoin season, the main stars of which this year are meme tokens. And given that it all started with the Pepe token, now all coins similar to it are starting to hit the trends. Earlier, we reported about such a phenomenon as PEPEmania, which to some extent confirms this reason for the growth.
It seems like PEPE is currently like Bitcoin in the world of meme tokens, which, when it grows itself, pulls all other similar assets with it. So, if the growth of SAUDIPEPE is related to the rise of the “original coin,” it would be useful to know why it grew. The answer to this question can be found on the page of the head of SpaceX and Tesla, Elon Musk (at the time of writing, he has already stepped down as CEO of the social network and handed it over to Linda Yaccarino).
Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi
— Elon Musk (@elonmusk) May 13, 2023
On May 13, the businessman posted a meme on Twitter with an image of a popular frog, mocking the constitutional amendments being discussed. Musk’s mention of the token led to its surge of more than 50% to $0.000002044. Overall, PEPE has already grown more than 6000% since its launch.
Back to SAUDIPEPE: apart from the influence of PEPE, its growth could also be caused by the listings on the CoinTiger exchange, CoinMarketCap, and CoinGecko. The event took place on May 12, but judging by the chart on CoinMarketCap, the growth of the asset began only a few days later. Therefore, if the listing was a trigger for the token surge, it had a delayed impact.
“Make Saudi coins great”: SAUDIPEPE’s current price and comparison with PEPE token
As of this writing, the token is trading at $0.0007144, down 23,99% from 24 hours ago. However, the daily price peak was $0.001655, indicating a daily gain of 1494,12%.
Globally, though, the asset is up 1008,7% from its all-time low ($0.00006377) on May 9, 2023. Thus, if you had invested in SAUDIPEPE at the start, you would currently have x11,2 of the invested amount.
Comparing PEPE to the Arabic version token, the “original” one at the time of writing is worth $0.000001665, which is 431 times less than SAUDIPEPE. This difference is explained by the fact that PEPE has more tokens in circulation (392 trillion versus 10 billion), which affects the value: the higher the supply, the lower the demand and, consequently, the price.
At the same time, the graph shows that SAUDIPEPE is below PEPE in terms of growth dynamics.
A new star in the crypto universe: is SAUDIPEPE a good investment?
Judging by the last chart, in terms of price, PEPE performed better at the start, showing less volatility. Thus, investors’ funds and users themselves were subject to less pressure from price swings. Thus, PEPE got an initial boost, allowing the project to continue developing. Here are some more figures for comparison (PEPE vs. SAUDIPEPE).
- Market cap: PEPE — $655M (rank #66). SAUDIPEPE — $7.8M (rank #2631).
- Listed. PEPE — more than 24 exchanges (including Binance), SAUDIPEPE — two exchange (TigerCoin and Uniswap).
- Holders: PEPE — 112,822. SAUDIPEPE — 1413.
At the same time, SAUDIPEPE has just begun its journey and will probably periodically repeat the success of PEPE and maybe even do better. There are also those who already see growth in this asset and believe that it is “a new star in the crypto universe.”
Witness the rise of a new star in the crypto universe – #SAUDIPEPE!
With no buy/sell tax, renounced ownership, and liquidity locked forever, it’s a unique and promising crypto offering. With staking pools, CEX listings, airdrop campaigns, and a big #NFT collection soon,… pic.twitter.com/IfAXSq8qum
— Helin Ulker (@beautyofhelin) May 11, 2023
However, we must keep in mind that it is a meme token in one way or another, and despite the fact that it plans to follow in the footsteps of a successful asset (PEPE), it does not suggest at all that it will repeat its success. This is not PEPE’s “heir.”
And this can be said so far, both in terms of long- and short-term possible benefits: at the time of writing, SAUDIPEPE went from $0.00198 to $0.0007586 (from +960% to -38%). This makes it a highly volatile token, so before investing in such coins, do your own research and invest only the money you are willing to lose. Good luck!