Pepe is a cryptocurrency that originated as a meme token inspired by the Pepe the Frog internet meme. It was created as a decentralized community-driven project and gained popularity in certain online communities.
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Inspired by the "Pepe the Frog" meme, Pepe (PEPE), an ERC-20 token, entered the cryptosphere in April 2023, kicking off a new memecoin season. Its market capitalization soared briefly to $1.5 billion, before Pepe experienced a severe downturn as investors took profits.
As the legend goes, Pepe was inspired by the “Pepe the Frog” meme created by Matt Furie in his “Boy’s Club” cartoon.
The coin gained popularity through frog-themed memes shared by its creators and supporters on social media. Pepe's success—as with previous meme coins—underscores how crypto communities can embrace cultural trends regardless of economic fundamentals. Despite being compared to predecessors like Dogecoin (DOGE) and Shiba Inu (SHIB), which boast market capitalizations of $10 billion and over $5 billion respectively, Pepe's market cap currently stands at around $700 million, down over 50% from its peak in May 2023.
Pepe has roughly a total, circulating and max supply of 420,690,000,000,000.
Pepe operates on blockchain technology, similar to other crypto assets, ensuring transactions as secure and decentralized as the protocol is capable of.
The project allocated 93.1% of its maximum supply of 420.69 trillion tokens to a liquidity pool at launch, reserving the remaining 6.9% in a multi-signature wallet for future use. Initially, the project implemented a deflationary mechanism, burning a small percentage of tokens per transaction to create scarcity (!) and potentially increase token value over time. Additionally, a redistribution system was introduced, allowing a portion of transaction fees to be distributed to existing token holders to promote user engagement and long-term investment. However, it remains uncertain whether this redistribution system will be maintained following recent project changes.
PEPE’s functionality includes the ability to be stored in digital wallets, sent, and received across the network. Essentially and in sum, Pepe is rarely—if ever—used for anything other than as a collectors item. PEPE therefore distinguishes itself by leveraging the community and viral elements of meme culture, aiming to create an enjoyable and interactive experience for its users.
PEPE is primarily used as a medium of exchange within its designated ecosystem. It is designed to facilitate transactions and interactions within a community that appreciates the cultural and humorous value of its underlying meme concept. As an integral part of this digital ecosystem, PEPE enables users to engage in the exchange and holding of digital assets, underpinned by the principles of blockchain technology. The usage of PEPE underscores a blend of cultural relevance with the technological advancements of decentralized finance.