What is a PEPE Coin and How Does it Work?
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 “memeable” 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 “PEPE the Frog”
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 PEPE’s official website, “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.”
On
the contrary, PEPE has been designed to capitalize on the popularity of
meme coins such as Dogecoin, Shiba Inu and others. That’s 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.
PEPE Coin Overview
CryptocurrencyPEPETicker SymbolPEPERank70Price$0.00 Price Change (24 hour)-3.40%Market Cap $5.5 billionCirculating Supply391,790,000,000,000 PEPEAll-time high$0.00
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