What is a $PEPE Coin and How Does it Work?
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#PEPE coin is just like another meme coin which does not hold any fundamental and intrinsic value and has no utility. In fact, it is regarded as the most âmemeableâ meme coin built on the Ethereum blockchain and works as an ERC token.
$PEPE coin does not have a formal team or any roadmap. It has been just casually created as a tribute to popular internet meme character known as â#PEPE the Frogâ which gained popularity in the early 2000s.
Even with no fundamentals, #PEPE has been able to enter the top 100 cryptocurrencies by market cap in just two weeks of its launch and presently ranking at number 70 position as per crypto website CoinMarketCap. PEPE coin first started trading on April 15, 2023 at a price of around $0.000000001 and now one PEPE coin is equivalent to $ 0.0000014, at the time of writing.
According to PEPEâs official website, â#PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.â
On the contrary, #PEPE has been designed to capitalize on the popularity of meme coins such as Dogecoin, Shiba Inu and others. Thatâs why PEPE coin is much like Doegcoin and Shiba Inu, the only difference is that the latter are dog-based coins and PEPE is a frog-based one.
PEPE Coin uses a deflationary mechanism in which a small percentage of tokens gets burnt with each transaction. This mechanism helps to create scarcity and also increase the value of the left tokens over a period of time.
Moreover, it uses a redistribution system in which a portion of every transaction is shared amongst the existing token holders which helps them to gather user engagement and long-term investments
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