The meme coin economy has a new player that has made a splash in the world of cryptocurrencies.
In two weeks since its launch, the Pepe token ($PEPE) has scaled the crypto charts, securing its spot as the 98th most valuable cryptocurrency with a market capitalization of around $451.38 million.
This new token, inspired by the infamous meme and cartoon character Pepe the Frog, was introduced to the market on April 17, 2023.
As Bitcoin News reported on April 20, 2023, despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. This warning, issued by both coinmarketcap.com and Web3 security startup GOPLUS Labs, appears not to have deterred investors.
Two days after its launch, $PEPE’s market valuation hit a high of $165 million. Around 6:29 a.m. UTC on May 1, 2023, $PEPE reached a record high of $0.00000107, propelling it into the list of top 100 cryptoassets by market cap.
The advent of $PEPE token’s rise has been further catalyzed by getting listed on multiple centralized exchanges.
At 5:00 a.m. UTC on May 1, 2023, OKX announced the listing of $PEPE on their spot trading markets. PEPE/USDT spot trading was opened at 09:00 a.m. UTC on the same day, leading to even greater interest and activity in the token.
As of 4:58 p.m. UTC on May 1, 2023, PEPE was trading at around $0.00000105, marking a significant 31.1% increase in the past 24 hours and a remarkable 234.7% rise in the past week.
Here is the Pepe team explaining how to buy the $PEPE token:
As for Pepe’s tokenomics, the total supply is 420,690,000,000,000. The Pepe team says:
“No Taxes, No Bullshit. It’s that simple. 93.1% of the tokens were sent to the liquidity pool, LP tokens were burnt, and contract is renounced. The remaining 6.9% of the supply is being held in a multi-sig wallet only to be used as tokens for future centralized exchange listings, bridges, and liquidity pools. This wallet is easily trackable with the ENS name ‘pepecexwallet.eth’“
And here is Pepe’s roadmap:
Finally, the Pepe team’s disclaimer is worth paying attention to:
“$pepe coin has no association with Matt Furie or his creation Pepe the Frog. This token is simply paying homage to a meme we all love and recognize. $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.“