The new memecoin Pepe The Frog was launched on the 14th of April and has already reached a market cap of $691 million.
Needless to say, the new coin has not only played a leading role in the markets over the past few weeks, but has also been the talk of the crypto community on Twitter.
Memecoin Pepe: analysis, prices and more on the new crypto
Beyond all the comments made about the new crypto in recent weeks, we see that from a technical point of view, Pepe The Frog is an ERC-20 token on Ethereum. Since its launch, Pepe has gained 21,000%, reaching a trading volume of $30 million and a market cap of $139 million.
Pepe is currently listed on Bitget, the exchange where several memecoins are listed, as well as OKX, Gate.io, Huobi and MEXC, and can also be bought on DEX Uniswap.
According to the founders themselves, the crypto was created as a response to the dog memecoins for Pepe.
Be careful though, as Pepe is a memecoin with no intrinsic value or expectation of financial return. In fact, there is no formal team or roadmap.
Moreover, in the complete absence of fundamentals, the only motive driving hundreds of thousands of people to invest in Pepe is speculative in nature. In fact, there are no plans for Pepe at the moment, and the official website itself is rather poor.
However, it has to be acknowledged that despite the lingering concerns about Pepe, not least the recent criticism from Coinbase, the crypto has provided a real boost to the Memecoin market.
Specifically, it has caused congestion on both the Ethereum and Bitcoin networks, as well as high transaction fees. In fact, by taking advantage of the new BRC-20 standard, a version of Pepe The Frog has also been created on Bitcoin.
How does the Pepe token work?
As mentioned above, the Pepe coin is an ERC20 token and is therefore created and issued via smart contracts on Ethereum. For now, it has no use other than to be traded, so even in terms of how it works, it is quite simple.
In short, the token is the project itself and, as mentioned above, there are no other utilities associated with memecoin for the time being.
For example, there are no metaverse related projects like there are for other meme tokens, and there are no layer 2s. Basically, there is only a programme, albeit a very vague one, for the growth of the coin.
We see that the announced tokenomics is also relatively simple. There will actually be 420,690 billion PEPE tokens. Almost all of them have been placed on the LP on Uniswap, except for 6.9% that are in the hands of the central wallet to pay for any listings on exchanges.
Finally, it should be noted that there is no WhitePaper on Pepe. Everything you need to know is in the smart contract and on the official website. Logically, many people have complained about the lack of a whitepaper.
Although it should be pointed out that very unambitious projects have only provided themselves with whitepapers for prestige and publicity. So this is not really a problem for Pepe.
Source: https://en.cryptonomist.ch/2023/05/14/pepe-crypto-disrupting-memecoin/