PEPE: The Memecoin That You Have Been Hearing About
Remember this green color thinking frog that we always encounter on websites? Now, a group of developers have created a token under its name!
Introduction
Pepe coin is one of the latest memecoin in the market. It is named as ‘Pepe’ because the developers are inspired by the ‘Pepe the Frog’ meme, which gained popularity in the 2010s.
After the token was launched in 16 April 2023, its market capitalisation has grown to nearly $133 million. People started to take notice of this token and more than 19,000 individuals have owned the token (number of owners are increasing as the days go by!). Within the few days of its launch, the token has soared over 400%, reaching a high of $0.0000004002 at the time of writing (April 2023).
Tokenomics
According to their self-reported data, the token has a circulating supply of 420,690,000,000,000 (420 trillion). 93.1% of these tokens have already been sent to the liquidity pool, with the LP tokens burned and contracts renounced. This leaves only 6.9% of the supply in a multi-sig team wallet to be used in CEX listings, bridges, and liquidity pools.
The main trading platform of Pepe token is on Uniswap, and it has a locked up amount worth of over $1.3 million, which is quite impressive for a new token. Other centralized exchanges are racing to list Pepe token on their platforms as well!
The Team
On its websites https://www.pepe.vip/, there isn’t much info about the team that developed this project, unless someone in the project pops out and talks about it, nobody currently knows who they are.
They also wrote ‘$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. the coin is completely useless and for entertainment purposes only.’ on the website, which is quite straightforward.
Warning Signs
Despite its extraordinary growth, analyst have highlighted some of the red flags found in this project:
- The most fundamental items such as roadmaps, team introduction, technology behind the token are not clearly stated and investors don’t really know what they are buying for except for the name of the token. As of now, it is solely created to be hyped up and does not have any true value.
- As mentioned previously, the team behind the project is completely anonymous, only appearing on Twitter days before the launch.
- The tokens are still quite centralized. A few large wallets control large portion of the entire liquidity pool, and if they choose to sell them in an instant, the token’s liquidity will be drained off in an instant, causing a rug pull.
So, what are your thoughts on $PEPE token? Let us know in the comment section!
- What is Rocket Pool and why many investors are using it? Read this article to find out!
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