PEPE is a meme coin built on Ethereum and launched with the theme of Pepe the Frog. PEPE is the third largest meme coin after Dogecoin (Doge) and Shiba Inu (SHIB). What is Pepe the Frog? Why is it so popular among the crypto community? And what are the characteristics of the PEPE meme coin it launched that made it a cryptocurrency with a market value of US$4.7 billion?
Origins of Pepe the Frog
Pepe the Frog is a character created by comic book artist Matt Furie who first appeared in the 2005 comic strip Boy’s Club. This comic tells the story of the lives of four roommates, one of whom is Pepe the Frog. Pepe in the comics is a laid-back, carefree character who often displays a light-hearted attitude.
In one scene in the comic, Pepe is depicted standing in a toilet, pulling down his pants while urinating, and uttering the line "Feels good man." The scene and line quickly became popular online due to its humor and light-hearted vibe, becoming a favorite meme among netizens.
The popularity and evolution of the Pepe meme
By 2008, Pepe the Frog began to gain popularity on online forums such as 4chan and quickly became an emotional meme. Different users began to adapt Pepe's image and create various versions of Pepe, such as sad Pepe, angry Pepe, etc. The images gradually spread on Reddit, Tumblr and other social media platforms, becoming part of online culture.
However, by around 2015, Pepe memes began to be appropriated by some far-right groups and hate groups to spread their political and hateful rhetoric. This caused widespread concern and controversy, especially during the 2016 US presidential election. According to writer Gary Lachman, Pepe became "the unofficial mascot of the alt-right movement." The use of Pepe spawned a satirical cult of the ancient Egyptian frog-headed god Kek, as well as a satirical nationalism of the non-existent nation of Kekistan.
Matt Furie, the original author, also expressed his disappointment in this situation and launched the "Save Pepe" campaign in an attempt to restore Pepe's image from the hate symbol. Over time, Pepe's image on the Internet has gradually returned to its original humor and harmless side, but its complicated history still makes it a unique phenomenon in Internet culture.
What is the PEPE meme coin?
PEPE is a cryptocurrency based on blockchain technology, created inspired by the meme character Pepe the Frog.
The meme currency PEPE, which was released in April 2023, claimed that it was tired of the phenomenon of dogs dominating the meme world (early meme coins Doge and SHIB were all issued with dogs as meme characters), and called the issuance of PEPE There is no pre-sale, zero transaction tax, and the official even destroys LP tokens and gives up contract rights, promising that PEPE is the people's currency.
The total supply of PEPE is 4.2 billion, currently circulating on the Ethereum, BNB, and Arbitrum chains. It can be purchased on exchanges such as Binance, Bybit, Crypto.com, Gemini, OKX and more.
Its official roadmap is:
Memes
atmosphere and holding
Let the memes take over
The whole vibe is meme-y!
Among the meme coins tracked by CoinGecko, PEPE is the third largest meme coin after Dogecoin (Doge) and Shiba Inu (SHIB), with a market capitalization of $4.7 billion, ranking 26th among cryptocurrencies.
However, although the PEPE Meme Coin uses the image of Pepe the Frog, it has no connection with the author Matt Furie, and its income has not been shared with the original work.
PEPE meme coin controversy
PEPE attracted great attention from the community when it was released, and also sparked various topics, including the fact that some early entrants made thousands of times their profits, making everyone envious. However, the lack of liquidity also created a situation where you can see but cannot eat. . Later, there were negative news such as the team dumping goods and destroying the market, causing public outrage, and the founder was cheated. However, PEPE is still deeply loved and paid attention to by the community.
The NFT market OpenSea Pro announced in May last year that users can use the meme currency PEPE to purchase NFTs, which also gives PEPE another use in addition to memes.
Even Beeple, a well-known American digital artist, often uses Pepe as a meme. Beeple Studio plans to hold a Pepe art exhibition in Charleston, South Carolina on August 10th! The community is invited to join in and explore Pepe’s origins and cultural impact through insightful talks, community art displays, and live art performances!
(Beeple will hold a Pepe art exhibition, and you can get free tickets if you submit your work)
The future and risks of meme coins
Memecoins are cryptocurrencies based on memes or Internet culture, which often originate from community-driven craze rather than actual technological innovation or application demand. The future development and investment risks of meme coins can be considered from multiple perspectives:
Community or celebrity driven
The success of meme coins depends largely on the support of the community behind them. For example, Dogecoin has risen sharply due to the support of celebrities such as Musk, but due to the relatively small size of the meme coin market, it is easy to be manipulated by large investors or influential figures. For example, Musk can cause a surge in Dogecoin simply by posting a picture of a dog on Twitter (now filed a lawsuit and sought damages of US$258 billion.
High market volatility
The meme coin market is extremely volatile. The prices of these coins can change drastically due to social media trends or fluctuations in market sentiment. This instability may attract speculators, but also increases the risk of a price collapse. The price of meme coins is extremely volatile, and investors may face the risk of huge losses in the short term. This makes meme coins a high-risk, high-reward investment.
lack intrinsic value
Meme coins usually lack actual application value or basic technical support, and their value mainly comes from market speculation and hype. Once the market frenzy subsides, the value of these coins can quickly evaporate. In fact, there are countless meme coins issued in the currency circle, and only a handful of them survive. As governments become increasingly strict in regulating cryptocurrencies, meme coins may face more legal risks.
In summary, the future development of meme coins is uncertain, and its investment risks are relatively high. Before investing, investors should carefully assess their risk tolerance and have an in-depth understanding of market dynamics and relevant policy changes.
This article From Comic Character to Meme Coin: Pepe the Frog and the Evolution of the PEPE Cryptocurrency originally appeared on Chain News ABMedia.
