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“The dog days are over”: Pepe token takes the crypto world by storm with more than 100% growth in just 24 hours

Andrew Zhoao

News editor

Apr 18, 2023 at 06:47

The new meme coin Pepe (PEPE) grew more than 100% in 24 hours. The token was launched on Sunday, April 16, but it has already gained a fan base and pushed aside other similar projects, such as Dogecoin and Shiba Inu. Let’s find out what’s special about it and how much you can earn from it below.

The most memeable memecoin: what is Pepe?

Pepe is a meme token, meaning a coin that was created based on an internet meme or has some other humorous aspect. In this case, the token refers to the famous anthropomorphic frog character “Pepe the Frog,” which appeared on the internet back in 2005. The creator is considered cartoonist Matt Fury, whose creation can be considered one of the main memes of all time and is still relevant today.

However, according to the official website, the Pepe coin has nothing to do with Matt Fury and his creation. The authors of the token simply decided to revive the former popularity of the beloved character and pay tribute to everyone’s favorite meme. Moreover, considering Pepe a true meme, they oppose “the endless derivative of ShibaCumGMElonKishuTurboAssFlokiMoon Inu coins.”

“The Inu’s [sic] have had their day. It’s time for the most recognizable meme in the world to take his reign as king of the memes. Pepe is here to make memecoins great again,” the developers say.

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The coin was launched on Sunday, April 16 in the amount of 420,690,000,000,000 PEPE. This number was not chosen by accident, as many meme tokens refer to the “4/20” cannabis culture. Out of these supplies:

  • 93,1% of the tokens were sent to the liquidity pool; LP tokens were burned; and the contract was terminated.
  • The remaining 6,9% of the coins are held in the team’s wallet with multiple signatures. According to plans, these PEPE will be used as tokens for future centralized exchange listings, bridges, and liquidity pools. You can follow this wallet at “pepecexwallet.eth.”

FOMO time: PEPE current price

The token’s market capitalization has reached $40M in just three days, and one coin can be bought for $0.00000009684 at the time of writing, up 105,3% from one day ago.

PEPE to USD chart
PEPE to USD chart

So, now Pepe is making its first historical maximum, but it’s still unknown when the reversal will start. However, according to CoinDesk, those who started buying the token initially turned a few hundred dollars into six figures. Given the incredible hype around meme tokens, usually represented by “dog” coins, these results are unsurprising.

It’s also worth noting that, according to Ethersan, the number of active token users at the time of writing has increased by 20% in 24 hours and is approaching 12,000. Probably, investors feel the potential of the asset and are trying their best to buy it in large quantities.

So far, the token has been listed on only three exchanges, which are Uniswap, Bitget, and LBank. So, if you want to buy PEPE, you have to go there. The website of the asset described the process of buying tokens through Uniswap, where the last 24 hours had the highest trading volume. On patforum, over the last 24 hours, trading volume was about $40M. 

Read more about how to buy PEPE on this exchange below:

  • Create a wallet. Download Metamask or any other wallet for free. For desktop users, download the Google Chrome extension by going to metamask.io.
  • Buy Ethereum. Have ETH in your wallet to switch it to PEPE. If you don’t have any ETH coins, you can get them on MetaMask, transfer from another wallet, or buy them on another exchange and send them to your wallet.
  • Go to Uniswap. Go to Uniswap and connect your wallet. Paste the PEPE token address into Uniswap, select PEPE, and confirm. When Metamask prompts you for a wallet signature, sign.
  • Switch ETH for PEPE.

As for the last point, the conversion is free because there are no taxes on it.

Will Pepe be great again?

The token is showing impressive growth, but whether it will continue to grow is still unknown. Many meme coins are no longer just entertainment coins. Thus, it is enough to remember the same Shiba Inu, which is constantly developing its ecosystem and can compete even with ordinary cryptocurrencies.

The gravity of Pepe, in this case, is that the trading pool on Uniswap for PEPE tokens blocks more than $1.3M of liquidity, and everything is provided to the providers. Such actions eliminate the possibility of the project collapsing for the reasons that caused FTX to collapse in November 2022. At a time when the market has not yet fully recovered, such a move is an additional reason for investors to pay attention to a more secure asset.

In addition, the developers have already released a roadmap, which also sheds light on how the creators plan to play big. A total of three phases have been announced so far.

  • Phase 1: Get CoinGecko and CoinMarket listings; get 1000+ holders; and get PEPE trending on Twitter. All these points are done.
  • Phase 2: Community partnerships – Pepe times digital newsletter; formation of a token-gated Discord group, Pepe palace for holders. CEX listings; 10,000+ holders (done).
  • Phase 3: Pepe-themed merchandise, revenues to PEPE buy and burn; Pepe Academy; Pepe Tools; Top 1 exchange listings and 100,000+ holders; flip Bitcoin.

Moreover, the creators are launching an airdrop, which may also increase interest in the token.

Pretty ambitious plans, especially for Bitcoin. However, we have long noticed that meme tokens can compete with ordinary assets, so we can hardly take Pepe seriously. At the same time, we should not hope that this token will continue to grow and immediately fly to the Moon because to reach the level of Bitcoin, the market capitalization of Pepe must be higher than $586B, which is 12.7K times the current figures.

As for meme tokens, Dogecoin tops the list so far. In order for Pepe to surpass the current leader, the token’s market capitalization would need to increase 314 times. That’s not as much as catching up to Bitcoin, but it’s also nearly impossible. Although, who knows?

Do you think PEPE will succeed in becoming a leader among all meme tokens, or is it just another passing project? Please share your thoughts in the comments.

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