The cryptocurrency market is no stranger to the rise of meme-themed coins, and the latest sensation is PEPE. According to CoinMarketCap, PEPE’s price has surged by a staggering 1000% in the last two days, and its market capitalization has grown to almost $146 million. Since its launch, PEPE has attracted over 24,500 unique holders, highlighting the growing interest in meme coins among investors.
PEPE is a direct competitor to the existing Doge meme coins and was launched in stealth, with no presale, no taxes, no LP burnt, and no contract renounced. The meme coin’s mascot is Furie’s Pepe, a cartoonish frog with a green humanoid body that first appeared in the 2005 comic Boy’s Club. The meme went viral in the 2010s and has continued to resurface even years later.
Since its launch on April 16, PEPE has seen incredible growth, surging over 21,000% in just three days. It has also generated $30 million in trading volumes on Uniswap and reached a market capitalization of $33 million on April 18. The trading volume has since fluctuated around $152 million, a rise of 174% in the last 24 hours.
The total circulating supply of PEPE is 429 trillion, of which 93.1% has already been sent to the liquidity pool, burned, and renounced, leaving only 6.9 percent for CEX listings, bridges, and liquidity pools. The PEPE coin roadmap promises token-gated Discord groups, partnerships, CEX listings, merch, T1 exchange listings, and a burning mechanism.
Despite the incredible gains, investors in meme coins like PEPE should be aware of the high volatility in these assets. Unlike blue-chip cryptocurrencies like Bitcoin and Ether, meme coins tend to trend for short periods and cool off shortly afterward since they are susceptible to news updates.
However, the popularity of meme-themed cryptocurrencies seems to be growing, and developers are already creating related projects. For instance, WOJAK, a project named after a popular memetic character, has already risen to a $10 million market cap. Moreover, ArbDoge AI (AIDOGE), a meme coin based on Arbitrum, spiked by over 1000% in the last 48 hours.
Despite the impressive gains of meme coins, investors should approach them with caution and be prepared for potential liquidity concerns. Nonetheless, the rise of PEPE and other meme-themed cryptocurrencies highlights the growing interest in the intersection between cryptocurrency and meme culture, with developers continuously exploring new opportunities in this exciting space.