What is Pepe Coin & why is it trending? All you need to know

Amid the debate on whether meme coins have utility or not, a new meme coin, known as Pepe Coin is currently hogging the limelight. Over the past couple of weeks, crypto enthusiasts have been pouring money into Pepe Coin. Today, let us explore this meme coin.

What is Pepe Coin?

The crypto made its debut on 16 April 2023, without any presale and in a discreet manner. Its founders remain anonymous, though the team behind the project has successfully garnered attention and fostered a community around the meme coin. Its native token is PEPE.

In fact, the token is based on the iconic Pepe the Frog internet meme, created by Matt Furie, which gained popularity in the early 2000s. Further, its design is influenced by the iconic green frog and is tailored to the preferences of meme coin patrons.

As per Coinmarketcap, Pepe Coin aims to institute a no-tax policy, a burning mechanism to maintain its scarcity as well as a redistributive system rewarding long-term stakers.

Know Pepe’s consensus mechanism

This meme coin has been launched on the Ethereum blockchain. It is secured by the Proof-of-Stake (PoS) consensus mechanism.

Where to purchase the Pepe Coin?

Pepe Coin can be easily traded on various renowned cryptocurrency exchanges. Some of these are Uniswap, Gate.io, Huobi, Binance, OKX, Bybit, MEXC, etc.

Pepe's price performance 

Interestingly, despite the lack of seriousness, this meme coin has witnessed stunning growth in its market capitalisation since its inception and is currently ranked 59th among all cryptos worldwide.

In fact, over the last few weeks, Pepe Coin holders have been making spectacular profits, witnessing a nearly 5,000,000% rise in its price. Moreover, owing to its seemingly overnight success, this coin has been listed on MEXC Global, a crypto exchange designed with a focus on meme coins.

However, the token is down by about 45 percent after setting a peak of $0.00000431 on Friday, thereby reaching a market cap of $1.8 billion just over three weeks since its issuance in mid-April. Moreover, as per CoinDesk, a pseudonymous trader spent merely $263 three weeks ago to buy trillions of PEPE tokens. And, as of Monday, this trader continues to hold over $5 million worth of the tokens.

Here, it must be mentioned that experts have repeatedly raised concerns about investors’ behaviour who had purchased huge amounts of PEPE, sparking the risk of too much of the trending coin in a few hands looming over the short-term future. In fact, those who are looking to invest in the volatile and risky world of cryptos must undertake a thorough study of the desired cryptocurrency and invest according to their risk appetite.

What is Pepe’s current value?

At the time of writing this article, the meme coin declined by 23.61 percent and is at $0.000001868. Currently, it has a circulating supply of 391.79 trillion coins, while its maximum supply is capped at 420.69 trillion coins.

[Disclaimer:  All of the information in this opinion piece/story/article is for educational purposes only and is not investment or financial advice. We suggest you do your own research before making any investment decisions. Cryptocurrencies and NFTs are volatile and high-risk in nature. Don't invest more than what you can afford to lose. India Today will not be liable for any loss incurred if you refer to this article for details on crypto or any other form of investment.]