Pepe (PEPE) is currently one of the most talked about cryptocurrencies. Its ambition? To compete with the famous canine memecoins, in this case Dogecoin and Shiba Inu, among others, which have seen flourishing days, supported by none other than Elon Musk. Despite the elusiveness of the formula for success, we will in this new Coinstory Dissect the frog for a better coinstory.
$PEPE the Cheeky Memecoin of the Famous Frog
Represented by a frog wearing a red cap on which is written “make memecoins great again” (a nod to the famous slogan of Donald Trump), $PEPE presents itself as a spectacular memecoin. As a reminder, a memecoin is a form of humorous expression that can be declined in the form of image, gif or video.
The value of $PEPE is therefore based entirely on humor and total speculation around this notion. Since the dollar is no longer backed by gold, why not a shitcoin backed by humor? Still, it’s easy to see that $PEPE openly mocks other memecoins by trying to outdo them.
But what is the use of Pepe?
Apart from its insolence and the existence of many memecoins (shitcoins?), Pepe shares the same DNA as its brethren DOGE, SHIBA INU and other crypto-currencies of the same kind.
Apart from the specificities of the Ethereum blockchain and its Proof of Stake, the creation of this token does not bring any innovation to the blockchain technology. Nor does it have any incredible utility, such as that of Bitcoin which allows peer-to-peer exchange without intermediaries. Nor any other utility that would bring innovation compared to those already existing in the web3 universe. So, what could explain the success of this token?
A success due to a super tokenomics?
There are 490.690 trillion tokens in circulation. So much for the fact that tokens are abundant and there will be no need to fight for them. It is important to remember here that the value of a cryptocurrency, and of Bitcoin in particular, lies, besides its technological revolution, in its limited number of tokens: 21 million, which creates scarcity.
Compared to the dollar, the supply of $PEPE is therefore not unlimited. At the time of writing, the market capitalization of the token is 746 million, with a trading volume of $1.084 billion in 24 hours. We understand here that the hype and speculation around the token is at its peak. Especially since the token has realized a multiplication by more than 25,000 of its value since its creation less than a month ago.
It’s easy to see how some memecoin enthusiasts could amass a fortune.
However, in this rush, it’s easy to overlook the basic checks and run into the many scams that litter the path of this victorious shitcoin: like Twitter accounts that offer to give you some for free and siphon off your wallet as soon as you log into the smart contract. Or other tokens of the same name with low liquidity that exchange you a shitcoin that will be impossible to resell afterwards.
Having been around the blockchain myself for a while, the schemes employed by scammers are becoming more and more ingenious and complex, so stay alert. So this is not an investment tip, but rather a call for the constant vigilance that the world of cryptocurrencies requires.
How do I get my $PEPE?
If, despite the many warnings and red flags, you still want to get $PEPE for a shitcoin experience, for the love of shitcoins or even for greed, you should turn to decentralized wallets like Uniswap. All you have to do is exchange Ethereum obtained on Metamask or elsewhere. This portfolio is recommended by the Pepe team itself.
We can’t say it enough : check carefully what you connect your wallet to and which smart contract you give permissions to. You can also turn to CEX (centralized exchanges) such as Binance, Huobi or again Kucoin. It is therefore very easy to obtain them, but beware of resale: no buyers, no resale if the market collapses.
$PEPE an ambitious frog
The Team’s roadmap is rather clear and precise with 3 main axes:
- The launch of the token with its listing on CoinmarketCap and Coingecko, get more than 1000 Hodlers (investors who keep the token in their wallet) and create a Twitter account to attract a community with the famous memecoins of the frog.
- Make partnerships and get listed by WEB3 actors like Uniswap, Mexk, Gateio and many others visible on their website. Make a newsletter and create a Discord.
- Creation of a range of derivative products around the branda crypto academy (we already have our own at Coinpri : our partner Cryptocademia).
There is no denying that the $PEPE cryptocurrency has made a splash in the blockchain world without bringing any revolution or novelty to our ecosystem. We’ve already seen other shitcoins that, aside from hype and FOMO, have nothing to add to a growing ecosystem where players are now looking to bring value and utility. In your opinion, does the cheeky PEPE have a bright future or will it be put away in a drawer like so many other projects before it? Let us know in comments what you think. And above all, stay tuned COINNECTED.
Co-founder of Coinpri, Expert in blockchain and NFT, I vulgarize the new web3 and blockchain paradigm here.