Since it was first introduced in April 2023, Pepe Coin, also known as $PEPE, has been at the center of a number of debates and debates. The cryptocurrency was developed using Ethereum, and it was inspired by the internet meme known as Pepe the Frog.
In contrast to previous meme currencies, the frog-inspired PEPE has the potential to be the SHIB-killer. It has also embraced its identity as a meme-based cryptocurrency, even going so far as to state that it does not have any intrinsic value or use case. One of the first examples of a meme is Pepe the Frog, which served as the idea for the currency.
Despite the fact that even the original meme was sometimes mired in controversy, Pepe Coin was able to leverage on the community and fan following that already existed. In addition, in order to capitalize on the meme currency trend, Pepe currency used strategies such as a policy of not imposing taxes and aggressive marketing.
However, things did not go according to plan for PEPE when Matt Furie, the creator of Pepe the Frog, filed a lawsuit against the currency for making an unlawful use of material that was protected by copyright. It was in June of 2023 that Furie initiated legal action, claiming that the cryptocurrency was infringing upon Pepe's trademark.
To make matters even worse, Furie was of the opinion that the cryptocurrency was ruining the purity that the original joke included. As a means of putting an end to the activities of $PEPE and the continued usage of the meme, the inventor requested a cease-and-desist order. The litigation is still being litigated, and it has undoubtedly had an impact on Pepe's reputation in the market.
This is not the only issue that $PEPE was involved in; the cryptocurrency community was quick to accuse it of being a pump-and-dump scam almost immediately after it was introduced. Due to the fact that $PEPE does not have any fundamental use, there was a wave of mistrust around the whole project.
A regular pattern that is followed by every other pump-and-dump technique was likewise mimicked by its abrupt increase and collapse. The currency was also criticized by a large number of aficionados for being similar to Shiba Inu and Dogecoin. It was asserted by users that the currency was not creative and that it was taking advantage of the popularity of meme currencies without providing any practical benefits.
However, these concerns were temporarily eclipsed by the security breach that occurred in the official Pepe Coin Telegram channel. A cyberattack was launched against the organization in August of 2023, which not only resulted in monetary loss but also exposed personal information.
An enormous quantity of $PEPE, which is worth millions of dollars, was taken by the perpetrator. Investors suffer immediate consequences as a result of the theft, since they lose all of their token holdings. Additionally, it is thought that sensitive information, including as usernames and wallet addresses, was disclosed by the organization once it was compromised.
Due to the circumstances, the Pepe Coin project was unable to win back the trust of its users, which adversely affected its market standing for a period of time.
Pepe is presently trading at 0.0000009786 dollars, which is a decrease of 7.33% over the course of the last twenty-four hours. On the basis of market capitalization alone, the currency is ranked 126th, which indicates that people are continuing to remain committed to the project. The cryptocurrency Pepe Coin is expected to have a favorable market outlook in the next months, according to a number of projections made by several analysts.
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