Up to now: the total market value of cryptocurrency has reached 1.17 trillion US dollars, and the total market value of the meme sector has reached more than 18 billion US dollars, accounting for 1.5%. The total market value of the meme currency sector has even exceeded ADA, SOL, TRX and The market value of these public chains such as LTC and MATIC.

The wealth-creating effect of MEME currency is quite strong. Shib has increased by 500,000 times, and DOGE has increased by about 400 times. It has also added a lot of small retail traffic to the market!

After the last bull-bear cycle, Doge and Shib, the leaders of meme coins, not only survived, but their market capitalization is in the TOP 15. Their price performance even exceeded many so-called value investment projects. Why are these projects with no use value? The market value of it exceeds that of many Layer 1 and Layer 2 public chains with quite good ecological development?

Let’s talk about MEME first:

What is PEPE

origin of pepe

The origins of meme coins can be traced to Dogecoin (DOGE) in late 2013 and peaked during the 2021 bull run.

In 2021, DOGE coin gained mainstream popularity, growing from a market value of US$700 million on January 1 to a market value of US$88 billion in early May. In 4 months, the market value increased more than 100 times.

In the wake of Dogecoin’s run, Shiba Inu. (SHIB) reached a market cap of $42 billion at the end of October, after starting the year with a market cap of less than $1 million. These dog-themed assets have no intrinsic value, but they are relevant to virality. connections to internet memes, driving their popularity among cryptocurrency users and retail users.

PEPE Token

According to the official website, the total number of PEPE tokens is 420, 690, 000, 000, 000 (420 trillion), of which 93.1% of PEPE tokens are sent to the liquidity pool, and the remaining 6.9% of the tokens are stored in A multi-signature wallet is only used as a currency listing, bridging and liquidity pool for future centralized exchanges.

At present, PEPE has no token economic utility. Of course, this is also a characteristic of many MEME tokens. In the future, pepe tokens may also be given some usage scenarios. After all, new narratives are needed to support the follow-up.

development stage

 

Just after pepe's official website was announced, there were more than 1,000 addresses. Coupled with the help of Twitter, it became popular very quickly. Whales entered the market and the benefits continued!

The second step is for Vibe and HODL to maintain community partnership through Pepe Times communication, provide holders with a dedicated discord channel, and go online on a centralized exchange with 10,000 holding addresses.

The third step is to develop the token economy and create Pepe-themed products. Customers can use PEPE tokens to purchase them, and part of the income earned will be destroyed. It will be launched on PEPE Academy and Pepe Tools, as well as on first-line centralized exchanges, with 100,000 holding addresses. At the same time, it proposes gimmicks that will surpass Bitcoin.

The first and second steps have already been achieved. The development speed of PEPE far exceeded the team’s expectations. After the token was issued on April 14, the growth rate was slower on the first and second days. On the third day, The number of addresses held by PEPE reached more than 2,700, and the number of addresses held by PEPE reached more than 16,000 on the fifth day. By May 5, the number of addresses held by PEPE exceeded 100,000, from 0 to 10 million, it only took more than 20 days.

We can feel the growth rate of PEPE by comparing it with Shib.

When SHIB entered a period of ultra-rapid growth in 2021, it still took the token 90 days to reach 100,000 holder addresses. In comparison, PEPE developed much faster.

Observing the development patterns of other meme coins, we can find that in the early days, meme coins generally used cultural narratives and speculation to detonate the market and build consensus. When the consensus demand for meme narratives reaches saturation, substantial functional exploration will need to be pursued to expand users and support market value.

In other words, the first stage is the financial flywheel that runs first, and then the second stage is the narrative implementation.

driving force

What is the force driving the surge of PEPE coins?

Of course, there are many influencing factors. The surge in PEPE is the result of the combined effect of many factors. It is difficult for us to outline an accurate model to explain in detail. In order to facilitate understanding, let’s try to interpret it from only three perspectives. .

1、FOMO

After seeing the huge wealth effect brought about by the crazy rise of Dogecoin and SHIB, people have been looking for the next MEME coin.

The emergence of PEPE and its rapid growth have stimulated people's FOMO emotions and fear of missing out on good opportunities such as hundreds of times of coins and thousands of times of MEME coins again. Therefore, the faster the early growth, the more people will buy. This is A self-reinforcing process. It only took less than a month from the issuance of PEPE to the number of token holding addresses exceeding 100,000.

PEPE is the same as other meme tokens. The total amount is very high, and there are still a lot of zeros in the decimal point. Retail investors use small funds to gain big profits. Even if they lose money, they will not lose a lot, they are all bearing it. Within the range, but if you make money, it will be dozens or hundreds of times the profit!

In addition to mobilizing people's FOMO emotions, exchanges also played a considerable role in the development of PEPE.

For example, it only took 6 days for the PEPE token to be listed on the MEXC exchange, which was also the first centralized exchange on which it was listed. From the time the token was issued, it took a total of 22 days to be listed on Binance, the world's largest cryptocurrency exchange. This is a treatment that many other mainstream tokens do not have. After all, there are still certain thresholds for listing on Binance.

Of course, for exchanges, they have to earn transaction fees. Whichever currency is more popular will choose which token to list online. For a token that has reached more than 100,000 currency holding addresses in more than 20 days, He said that with such high popularity, exchanges will certainly not miss the opportunity. Exchanges will rush to launch it. In addition to Binance, OKX Exchange, Huobi and other exchanges have also been launched.

The launch of these leading exchanges not only lowers the threshold for user speculation, but also brings more users and funds to PEPE tokens based on the user volume of exchanges such as Binance.

Spread of get-rich-quick stories

In addition, the sudden wealth stories of early holders have continued to attract more users to enter the market. After all, the huge increase in PEPE has indeed made a group of early users rich, and these sudden wealth stories will become the impetus for more users to join. force.

future potential

In the Memecoin sector, Pepe ranks third in market capitalization, behind Dogecoin and Shib.

Let’s compare the top 3 Meme sector coins by market value:

Dogecoin market value: US$10.3 billion, ranking 7th in the entire encryption market.

Shib currency market value: 6 billion US dollars, ranking 14th in the entire encryption market.

PEPE coin market value: US$500 million, ranking 75th in the entire encryption market.

Currently, PEPE’s market capitalization is only one-twelfth that of SHIB and one-twentieth that of Dogecoin.

Let’s compare the number of holding addresses of Shib and PEPE tokens:

According to statistics from the dune platform, the current number of holding addresses for SHIB tokens is 1.4 million+, while the number of holding addresses for PEPE tokens is 130,000+. The difference between the two is almost 10 times. The number of holding addresses for PEPE tokens is number, not to mention DOGE.

Let’s take a look at the social media data comparison:

SHIB's Twitter account has 3.72 million followers, DOGE's Twitter account has 3.84 million followers, and PEPE's Twitter account has 430,000 followers, a difference of more than 9 times.

Moreover, it is still a bear market. Once the bull market comes, the increase in MEME currency will be very exaggerated, which will of course also benefit PEPE.

Therefore, compared with these top Meme coins, PEPE still has a lot of room for development. After all, compared with DOGE and SHIB, PEPE was only issued in April this year, and it only took a few months. Achieving such results is already quite good.

Of course, as for the future market value of PEPE, and whether it can surpass the leading Meme coins such as SHIB and DOGE, everything is still unknown. It also depends on the future layout of PEPE. HorairballoonCN will continue to pay attention to the development of MEME coins such as PEPE.

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