Why Pepe Coin Is Rising – Forbes Advisor INDIA

Meme coins are most famous in the crypto market for raising the mood and sentiment of the investors, especially when the overall market is a bit choppy or moving sideways.

So, if you are a fan of meme coins, you might not want to miss the newly launched “PEPE” coin, which has set an unprecedented example by making a crazy rally of almost 7,000% since its launch in April see. 2023. Currently, PEPE coin has a market capitalization of over $5 billion, which it hit within a month of its launch.

Let’s dig deep into how this frog-faced “PEPE” became the talk of the town in no time and how it entered the market’s top 100 cryptocurrencies and skyrocketed overnight.

What is a PEPE coin and how does it work?

PEPE coin is just like another meme coin that has no fundamental and intrinsic value and no utility. In fact, it is considered the most “memeable” meme coin built on the Ethereum blockchain and works as an ERC token.

PEPE coin does not have a formal team or any roadmap. It was created, incidentally, as a tribute to the popular internet meme character known as “PEPE the Frog” that became popular in the early 2000s.

Even with no fundamentals, PEPE was able to enter the top 100 cryptocurrencies by market capitalization within just two weeks of its launch and is currently at the number 70 position according to crypto website CoinMarketCap. PEPE coin first started trading on April 15th, 2023 at a price of around $0.000000001 and now one PEPE coin is equal to $0.0000014 at the time of writing.

According to PEPE’s official website, PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or road map. The coin is completely useless and for entertainment purposes only.”

On the contrary, PEPE is designed to capitalize on the popularity of meme coins such as Dogecoin, Shiba Inu and others. Therefore, PEPE coin is very much like Doegcoin and Shiba Inu, the only difference is that the latter is dog coin and PEPE is a frog based one.

PEPE Coin uses a deflationary mechanism in which a small percentage of tokens are burned with each transaction. This mechanism helps create scarcity and also increases the value of the left tokens over a period of time.

In addition, it uses a redistribution system in which a portion of each transaction is shared among the existing token holders, helping them to gather user engagement and long-term investments.

PEPE Coin Overview

History of PEPE Coin

The way in which PEPE came about is still unknown. It did not use any of the methods like initial coin offering (ICO), pre-sale or airdrop to distribute its tokens, instead completely depending on the popularity of PEPE the Frog meme, to get interest from the potential investors.

It should be noted that PEPE is not related to the main creator of PEPE the Frog meme, Matt Furie, but the identity of its creators is still unknown. All we know, PEPE was launched by mid-April 2023.

The information about the team and its creators is scarce, but PEPE successfully gained a lot of attention via social media platforms such as Twitter and Telegram, and was able to foster a community around the meme coin in no time. In just a few days after its launch, PEPE already has more than 290,000 followers on Twitter.

What caused a sudden rise in PEPE Coin?

PEPE entered the crypto world like a boom and took the meme coin world completely by surprise. It surpassed its market cap of $1 billion in a very short span of just 20 days. With such an extraordinary entry, PEPE surged a whopping 7,000% in a matter of just 17 days, rocking the crypto-meme coin industry.

Interestingly, April was a great month for PEPE, and this is evident from the Google search data. The Google Trend Score for “PEPE coin” increased from three to 100 from the week of April 9, 2023 to the week of May 15, where the value 100 represents the top popularity for a specific keyword search on Google.

Google Trend Score for “PEPEcoin” over the last 30 days

At some point on May 5, 2023, PEPE coin peaked at $0.000004354, along with an astonishing market cap of $1.87 billion, depicting a meteoric rise. One important factor that has contributed to the price of PEPE coin moving drastically is its listing on several leading cryptocurrency exchanges, including Binance, Uniswap, KuCoin, OKX, Huobi, Gate.io and MEXC.

PEPE Coin Price chart over the last one month

Currently, PEPE price has fallen drastically as it has experienced a decline of more than 60% since its all-time high, with more than 3% decline in the last 24 hours at the time of writing, raising the question : “Should we even consider this coin”?

What should investors in PEPE Coin do?

There is no doubt that crypto enthusiasts have every reason to consider PEPE coin as the next potential meme coin due to its massive entry and unexpected popularity. PEPE has been able to impress the entire crypto market with its incredible performance since its launch and has shown that it can compete with the top most important meme coins at any time.

It is natural that crypto investors might think of pumping big time into PEPE due to its immense popularity and changing their fortunes overnight. But if we look closely at the graphs and know that memes can turn into a joke at any time, investors should therefore not get carried away by PEPE’s temporary popularity and fame as his hype could be over anytime soon.

Financial experts strongly believe that one should not forget that PEPE Coin is purely for entertainment purposes and contains no intrinsic value and therefore there should be no expectation of financial return whatsoever. Moreover, PEPE is a fairly new project with almost negligible price history for reference, so putting your hard-earned money into it can be risky. Still, if one really wants to invest in cryptocurrencies, it is better to go for mainstream coins like Bitcoin and Ethereum, which should only make up 5% of your total financial portfolio.

How to buy PEPE in India?

Well, if you still prefer to go with the flow and follow the trend by trying your luck in PEPE, then follow steps that will help you buy PEPE coins via crypto exchanges, where available:

Step 1: Create an account on the exchange’s website or via application and verify your identification. Step 2: If you already have an account with the similar exchange, then login with your credentials. Step 3: Click on the “Buy Crypto” link on the website navigation, which will show the options available in India. Here at this step you can consider buying a stablecoin first, and then use that coin to buy PEPE (PEPE). Step 4: Pay to buy PEPE via bank credit or debit card, bank deposit or through peer-to-peer (P2P) service. Step 5: Now that you have purchased your PEPE, you can store it in your personal crypto wallet or can also store it in your exchange’s account.

What lies ahead for PEPE coin?

Frog-faced PEPE is one of the best examples of “rise to fame” who surely changed the destinies of many by making huge profits for them. But if you missed the bus, the chances of catching it again seem slim, because no one can predict what will happen next in the crypto space.

Overtaking its very popular peers, Dogecoin and ShibaInu in no time, PEPE has made both critics and huge fans over the past one month.

There are many who were already happy, while the others are curious to know what is next for PEPE. With the increase in number of holders, daily trading volume and the following on social media channels, experts believe that there is still a lot of potential left in PEPE which may show another bullish momentum.

However, the situation of PEPE is similar to that of a frog, which is half dipped in water and the other half is still out and looking for much better opportunities.

Like other meme coins, PEPE has no solid foundation and strong intrinsic values, so many fear that this rally may not last long. And literally no one knows how long the upward momentum for PEPE will last before the bears jump in.

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