The meme coin economy has welcomed a new token named after Pepe the Frog, the infamous meme and cartoon character created by Matt Furie. The token, called Pepe (PEPE), has rapidly gained popularity, becoming the sixth-largest meme coin asset in terms of market capitalization, valued at just over $130 million. However, concerns have been raised about the contract owner’s ability to modify the transaction tax and blacklist function. Both coinmarketcap.com and Web3 security startup Gopluslabs have warned investors to exercise caution.
The arrival of Pepe (PEPE) in the meme economy has been met with enthusiasm, with the newcomer quickly becoming a popular choice for investors. The coin appeared on the scene on April 18, 2023, and has since seen a rise of over 400% from its all-time low on the day it started trading. On April 20, PEPE’s market valuation reached a high of $165 million. The number of Pepe tokens in circulation is 420.69 trillion, with 29,756 PEPE holders. The term “$PEPE” has been trending in the United States with 1.44 million associated tweets in the last 24 hours. The crypto asset has recorded 122,368 transfers, with the top ten wallets commanding 17.25% of the entire supply.
PEPE is ranked #245 out of 10,755 crypto assets on coingecko.com and is the sixth-largest meme coin asset in terms of market capitalization size on the website’s meme coin economy page. On coinmarketcap.com, PEPE is ranked #2,605 out of 23,473 listed cryptocurrencies on the website. However, both coinmarketcap.com and Gopluslabs have warned investors that the contract owner may have the authority to modify the transaction tax and blacklist function. Such a move would go against the project’s tokenomics ethos, which states that there are no taxes and no bullshit.
PEPE’s roadmap is ambitious, with phase three of the plan aiming to produce “generational wealth” and create a “Pepe Academy.” At the end of phase three, the plan is to “flip Bitcoin.” The PEPE website insists that the team and project have “no association” with Matt Furie or his creation, Pepe the Frog. However, PEPE is not the first crypto asset to use the Pepe the Frog name and image, with several others dedicated to the famous meme, such as arbi pepe, pepesol, pepemoon, mcpepe’s, PEPE.bet, zkpepe, and babypepe. Pepe cash was created long before PEPE and the rest of these assets to bolster the community of digital artwork collectors and creators using the Counterparty blockchain and the original Rare Pepe NFT trading cards.
The PEPE token website claims that the crypto asset is not a financial vehicle with any real promises. “PEPE is a meme coin with no intrinsic value or expectation of financial return,” the website discloses. “There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.” It is worth noting that investing in meme coins can be a risky endeavor, and investors should always do their research and exercise caution.
In conclusion, the rise of Pepe (PEPE) in the meme coin economy has been met with enthusiasm, but concerns have been raised about the contract owner’s ability to modify transaction tax and blacklist function. As with all investments, investors should exercise caution and do their research before investing in meme coins.