An example of its not being forbidden is that it is acceptable in many places in the Emirates and Turkey. You can buy it from shops. It is treated as a paper dollar, which is originally a meme currency created to steal from Arabs and Muslims.

Is PEPE coin forbidden in Islam?

To understand the legal ruling, the following points must be considered:

1. No real project to support it

PEPE was created as a joke or "meme coin", and there are no solid technical or economic goals behind it that would make it actually useful.
Islam encourages investment in assets and projects that have real benefits, not in assets based on hype or speculation only.