Pepe (PEPE) price correlated with Bitcoin (BTC) over the seven-day chart. While the froggy new ERC-20 token powered by the Ethereum blockchain fell in price on the days BTC did, it rallied along with BTC on Friday into the weekend.
Bitcoin’s price dive over the last week was a two-month low. Moreover, it was the leading cryptocurrency’s worst week of the year.
As CoinMarketCap notes, the Pepe coin launched in 2023 is distinct from Pepe Cash (PEPECASH):
“Pepe is not to be confused with Pepe Cash, another meme coin that was launched in 2016 and is used to buy and sell rare Pepe artworks on the Counterparty platform.”
Pepe coin (PEPE) did not exist before April 16, 2023. Its anonymous creators launched the deflationary supply, fungible token meme coin without a presale or marketing muscle.
Meanwhile, the new blockchain tadpole swelled into a billion-dollar bullfrog in a matter of days. Furthermore, in 20 days, the PEPE coin price hopped so high that the total market cap topped $1.6 billion.
After retracing back from its flash-in-the-pan launch rally, Pepe remains capitalized in an amount in excess of $700 million.
That’s an impressively fast market capitalization.
Pepe coin is more than a smart logo and name referencing a legendary Internet meme. The meme coin’s Ethereum smart contract has some clever economics built in.
The supply of PEPE is deflationary, with a limit above 420 trillion tokens. It also has a burn mechanism to shore up scarcity by burning LP tokens from liquidity providers and voiding contracts.
Furthermore, PEPE has a “no taxes” policy, which means very low fees to execute transaction orders. Additionally, PEPE chain redistributions are built in to favor long-term stakers to stave off inflation.
The coin’s debut on crypto trading platforms was designed to be as fair as possible. While many new crypto projects have allocated an unfair amount of the supply to founders and devs, 93.1% of the tokens were allocated to liquidity for sales. Meanwhile, 6.9% remained in a multi-sig wallet for strategic deployment.
The project’s first phase, “Meme” is already complete and was an outstanding success. The rapid flow of capital into PEPE put the project on par with crypto memecoin blue chips. In under a month, it became a peer of DOGE, SHIB, and popular NFT collections like BAYC.
With incentivizing economics like that, PEPE coin bears will be hard pressed to keep their shorts covered.
The Pepe meme is one of the Internet’s most epic ones, with a thriving community that goes back many years. There’s no telling who exactly is Pepe’s most devoted memester, but anyone who’s ever used Reddit can tell you a lot of them, and users who post Shiba Inu memes are the same people.
As a result, it has not been really much of a surprise that Pepe coin launched with the kind of success it had. It was tailor-made to appeal to and serve a vast, anonymous market of veteran crypto investors with deep pockets full of juicy ROI from other meme coin investments.
Crypto whale investor support for Pepe coin has been mixed. Whales snapped up $10M USD worth of tokens, stocking up 7% of the PEPE supply a week after its launch. They controlled around one-third of its liquidity on markets at the beginning of the rally.
Around 30 “smart wallets” (large and active traders) bought a million dollars worth of the new coin at the start of its rally, according to Nansen Ethereum blockchain data. Over the last week’s price plummet, some whale addresses took profits. Meanwhile, three crypto whales were spotted buying $4 million worth of PEPE by Lookonchain.
Tesla and SpaceX CEO and Dogecoin bull Elon Musk boosted PEPE Saturday with a meme of Pepe “Explaining constitutional amendments.” The meme featured two panes with the meme frog depicted alternatively as a super cute browser of dank memes and a modern battlefield combat soldier.
seize the memes of production $PEPE https://t.co/iVKu7YX82g
— Pepe (@pepecoineth) May 13, 2023
The successful premiere of Pepe on Ethereum is an exciting development for crypto investors. It’s also an excellent case study on how to get into hugely successful projects early.
Many early investors in Pepe were able to turn a couple hundred of dollars into a million in just a few days. One trader who goes by the pseudonym dimethyltryptamine.eth bought $263 worth of PEPE that turned into $12.8 million practically overnight.
That kind of profit from a single investment could suddenly change many people’s lives. Here are some daily practices to keep that will increase your odds of hitting a home run like this.
When new cryptos hit an exchange, you’ll get an alert.
Search volume on Google for “pepecoin” registered spikes on Google Trends starting the day it launched. So there was some buzz going around the community about it the day PEPE went for sale.
With a coin listing alert, you can stay apprised of new opportunities. But be advised that there are multiple new listings a day. So you will need an efficient process and working, a historically back-tested system for sifting through leads this way.
One pattern in the Pepe coin saga is how many early buyers got it on Uniswap. Defi volumes for Pepe exchanges soared ahead of the Pepe coin price going parabolic on May 1.
Here is a short guide with warnings about the risks of using Uniswap.
The trader who made a multi-million dollar profit on a $263 investment used Uniswap. Binance, KuCoin, Huobi, Gate.io, and MEXC are other exchanges where PEPE is currently listed.
Pepe coin’s super bullish debut validates the thesis of meme coin investors who buy and trade coins like Dogecoin and Shiba Inu. Furthermore, it is more overwhelming evidence of the Internet’s enormous and relentless appetite for Ethereum services to store savings.
It is remarkable here, as the blockchain industry has enthusiastically advertised, that these open-source finance platforms are open to being utilized by anyone who learns how to write Ethereum’s scripts and design financial products.
Additionally, these blockchain platforms are autonomous, decentralized, and artificially intelligent. Anyone can build a defi (decentralized finance) app and go to work for Ethereum without the need for any approval or support from other humans.
The software is designed so that it can be utilized by anyone with sufficient working knowledge of the instructional manuals for programming Ethereum (ETH).
The post PEPE Coin Price Madness: How to Find the Next Meme Surprise? appeared first on CryptoPotato.
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