Today we look at this year's very popular MEME track leader [PEPE]
It is a MEME coin, similar to DOGE and SHIB, and is also the first choice of major MEME coin hoarders. The recent increase is still good, from 0.00000771 on November 1 to the highest point of 0.00002754 on December 9, which doubled 2.5 times in 39 days. It has now fallen back to 0.00002508. The current market value of PEPE coin has reached 10.56 billion US dollars, and the current market value ranks 20th. Today we will see why it is so strong.
Introduction
PEPE is a deflationary meme coin launched on Ethereum. The cryptocurrency was created as a tribute to the "Pepe The Frog" internet meme created by Matt Furie, which became popular in the early 2000s.
The project aims to create an investment product similar to meme coins such as Shiba Inu and Dogecoin, and strives to become one of the top cryptocurrencies in the meme field. PEPE uses the following methods to attract cryptocurrency enthusiasts, including: a fee-free policy, a redistribution system that is beneficial to long-term investors, and a destruction mechanism to maintain the scarcity of PEPE tokens.
Project Background
It is worth noting that in August 2023, the price of PEPE plummeted by 20%, and founder Testa faced scrutiny. It was reported that he and team members stole more than $15 million worth of PEPE from the project's multi-signature wallet.
PEPE coin details and destruction
The maximum supply of this token is up to 420,690,000,000,000.
All of them are now in circulation.
At present, PEPE holders are still strong, believe in PEPE, and hold a large amount.
The amount held by whales has not decreased significantly, indicating that whales still have illusions about PEPE, which may cause the token price to rise further.
Social Media Data
X platform [Twitter]: 720,000 followers, and each post has an average of about 200,000 views.
PEPE official website: 88.7K, ranking#2729in the financial category [growth is still good]
Track analysis and competition status
MemeCoins usually have no practical use and rely mainly on emotions and cultivating community stickiness. Between 2020 and 2021, memecoins such as $DOGE and $SHIB established themselves and demonstrated the unique charm of the memecoin market. Currently, the total market value of all memecoins is about $126 billion, among which Dogecoin, Shiba Inu, Dogwifhat and PEPE occupy a prominent position in the top 50 cryptocurrencies by market value.
Why can PEPE rise?
There were many local dogs before PEPE came out, but only the current Pepe has reached the current height. How did PEPE get to where it is today? Here is a brief summary of the reasons:
Team: The team is extremely capable and has a top marketing team. In the early days, it collaborated with some influential KOLs for publicity and obtained resources from listed companies.
Stories of getting rich quickly spread: Stories of early PEPE holders getting rich quickly spread across social media and the cryptocurrency community.
FOMO: After experiencing the crazy rise of Memecoins such as Dogecoin and SHIB coin, people have been looking for the next potential skyrocketing token. The emergence and rapid growth of PEPE triggered people's fear of missing out, fearing that they would miss out on similar opportunities like Memecoins that increased by 100x and 1,000x again. This fear of missing out led more and more people to buy PEPE, forming a self-reinforcing cycle. PEPE attracted more than 100,000 coin holding addresses in less than a month after its release.
Promotion of CEX/DEX: Trading platforms play an important role in the development of PEPE.
Summarize
As a MemeCoin project, PEPE lacks substantial product and technical support. At the same time, the PEPE team's previous history of malicious cashing out and the legal review that the founder may face have added more uncertainty to the development of PEPE, which is also a risk factor that needs to be considered when investing in PEPE.
However, PEPE's inherent communication properties give it a unique comparative advantage, and it has already succeeded in community and cultural narratives, occupying a place in the MemeCoin market. The continued hype of PEPE by a large number of whales also provides a certain growth foundation for the long-term development of PEPE.
In terms of current market value, compared with DOGE and SHIB, PEPE is likely to surpass SHIB and become the second largest MEME, but because the overall market is too strong, it has a market value of 10 billion, which is less than 1 times the distance from the second largest MEME SHIB. We need to be cautious. In addition, the first-tier exchanges are basically all online. Unless hot money enters the market or the project party releases actual application value, there will not be much increase in the short term. Waiting for hot money to enter the market will have the opportunity to gain higher growth in the big cycle market. Do not chase high prices. It is recommended to enter the market after the correction. In the current market, a big correction is an opportunity. Seize the opportunity. There are not many opportunities left, brothers.
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