Cryptocurrency

Pepe Coin: Here’s all you need to know about the new cryptocurrency

Pepe Coin, commonly known as the $PEPE token and supported by the Ethereum network, made its debut in the cryptocurrency market on April 16, 2023.

By Sakshi Vats

To compete with cryptocurrencies like Dogecoin and Shiba Inu, Pepe Coin, a new cryptocurrency, was introduced to the market in April 2023. Memecoin is the name of the subcategory of cryptocurrencies that Pepe Coin and its rivals fall under. Memecoins are cryptocurrencies that, as their name implies, are modelled after aspects of memes that have gained popular over time on social networking sites. This brand-new competitor in the Memecoin market is modelled after a cartoon frog that frequently appears in well-known online memes and has expressions that are specifically designed to capture the relatable emotion behind the meme.

Pepe Coin’s Arrival and Rise

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Pepe Coin, also known as the $PEPE token and supported by the Ethereum network, made its debut on the cryptocurrency market on April 16, 2023.

It was quietly released, without any endorsements from celebrities or free PEPE token airdrops to the winners of social media competitions.

A “no tax policy” on PEPE has been implemented by the coin’s unknown developers, which makes it appealing to novice and small investors. This implies that investors who trade Pepe Coins won’t be assessed a petrol fee for Pepe transactions. Along with a timely method for burning some assets to preserve the proper scarcity, the Pepe Coin ecosystem also offers a rewarding procedure for long-term stake holders. The circulation supply of the coin is fixed at 391,790,000,000 tokens.

Well, due to its renowned meme character inspiration, these characteristics soon started enticing meme-loving cryptocurrency investors to buy some Pepe Coins, even if it only had a novelty value.

PEPE entered the trading market during April with a debut price of $0.000000001 (about Rs. 0.000000083).

The PEPE token surged by 7,000% in the first seventeen days after introduction, reaching a market cap of $1.8 billion by May 5, according to reports.

PEPE is now trading at $0.000001514 (about Rs. 0.00013) as of Friday, May 19, according to CoinMarketCap, one month and three days after its debut.

However, it’s interesting to note that Pepe Coin’s capitalization, which was $1.8 billion (approximately Rs. 14,890 crore) on May 5, quickly dropped to its current valuation of $597.9 million (about Rs. 4,950 crore) as market conditions weakened due to the economic downturn in the US economy.

The warning warnings and rumours

With the cryptocurrency community, eager investors frequently get carried away with the pomp and circumstance surrounding brand-new cryptocurrencies and wind up putting money in arbitrary coins in the hope that they will somehow break into the next “to the moon” cryptocurrency.

People were curious about Pepe Coins once they started making headlines for their popularity, and many of them started to wonder if Pepe Coin was a fraud business of some sort.

The fact that this coin’s inventors are unknown, the unheard-of price surge it experienced in a matter of days, and its rapid decline in value all contributed to the suspicion that Pepe Coin might be a rug-pull hoax in the making.

In rug pulls, fraudsters establish randomised crypto coins and let them pump as high as they can. Once they have collected their desired amount of money from the investors, they abandon the projects and leave the money behind, leaving the investors helpless.

Present Situation & DOGE, SHIB Comparison

Even while massive cryptocurrency exchanges like Binance and CoinMarketCap have already listed the Pepe token for trading on their platforms, some people are still hesitant to use $PEPE, at least for the time being.

After Elon Musk recently shared a strange meme starring Pepe the Frog, the craze surrounding this altcoin became even crazier.

Musk followers were eager to point out that this quiet acknowledgment from Musk would boost Pepe and have an impact on his well-known preferred Memecoin, DOGE.

Sakshi Vats

Sakshi vats is pursuing graduation in Journalism - Mass Media. She is a student with a strong communication and content writing skills. Sakshi is currently working as a journalist at BusinessUpturn.com and can be contacted at sakshivats2308@gmail.com

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