The memecoin inspired by Pepe The Frog is performing better than Dogecoin, the meme crypto par excellence.
In the past 24 hours, PEPE has recorded $227K in volumes against DOGE’s $168K.
Pepe the Frog surpasses DOGE’s doggie in trading volumes
The current 68th crypto by market capitalization is Pepe The Frog – $PEPE – the frog meme coin that has been climbing CoinMarketCap’s rankings since its market launch.
And indeed, PEPE is giving its investors some considerable gains. PEPE’s price went from an all-time low of $0.000002764 on 17 April 2023, to an all-time high of $0.000004354 on 5 May 2023. At the time of writing, PEPE has fallen to $0.000001544.
Its market cap also had the same surges, remaining at the time of writing at $605,000, up 560% from a month ago.
Seeing these results of PEPE, it is easy to compare it with the meme crypto par excellence, Dogecoin (DOGE), in 8th position by market capitalization.
DOGE has experienced a dump in its price over the past month of almost 10%, from $0.079 to the current $0.071. At the time of writing, DOGE’s market cap is $9.9 million.
Just like price and market cap, the trading volume of the two crypto memes over the past 24 hours also sees Pepe The Frog perform better than DOGE. And indeed, while PEPE records $227 thousand in volume, DOGE only $168 thousand.
Pepe The Frog: Elon Musk puts Dogecoin aside
Even Elon Musk, who is a strong supporter of DOGE to the point that in early April he replaced Twitter’s logo, the little blue bird, with Dogecoin’s dog, now appreciates Pepe The Frog.
In fact, Musk wanted to use frog memes to joke about the expressions that come up when constitutional amendments are shared.
This tweet doesn’t mean much on a crypto level, except that the big DOGE influencer is free to use as many memes as he wants on his Twitter profile, which is followed by more than 140 million followers.
In any case, this remark by Musk underscores how much Pepe The Frog is riding the wave of the moment for so many investors.
The Pepe The Frog memecoin featured on Ethereum, BNB Chain and Arbitrum
On Friday, Pepe announced that he is present on three blockchains: Ethereum, BNB Chain, and Arbitrum.
The new bridge that enables PEPE transfer across the three blockchains is powered by LayerZero‘s omnichain interoperability protocol.
Not only that, in addition to traveling across multiple blockchains, Pepe The Frog also continues to conquer more and more crypto-exchanges. The latest on the list was Kraken last Tuesday. Here’s the announcement on Twitter:
The project behind the crypto meme of the moment
Pepe The Frog is an ERC-20 token on Ethereum launched in the market on 14 April 2023, which aims to be the answer to dog coin memes.
In essence, Pepe is a meme coin with no intrinsic value or expectation of financial return. Moreover, the project has no formal team or development roadmap. Most importantly, Pepe has no whitepaper to support it, only its smart contract and official website.
This suggests that the only motive that has won so many people to invest in PEPE is entirely speculative. And indeed, the token is the very project of Pepe, and there are no other uses for it.
Its tokenomics present nothing special, except that there are 420.690 billion PEPE tokens, almost all of which have been put in the LP on Uniswap, except for a 6.9% that is in the hands of the central wallet to pay for any listings on exchanges.
Coinbase’s allegations have not fazed investors
Recently, crypto-exchange Coinbase wanted to inform its customers in a newsletter its thoughts about Pepe, calling him a “symbol of hate.”
This action was met with much controversy from the crypto-community, so much so that some supporters and holders of the meme coin, asked the crypto-exchange to apologize.
Not only that, some of them were outraged to the point of transferring their funds from Coinbase to other crypto-trading platforms.
Then, for a limited time, the hashtag #deletecoinbase also circulated, which within 2 hours of its creation, had seen over 14,000 tweets generated.
This event supported Uniswap’s DEX, which, by supporting PEPE, is performing better than Coinbase in terms of daily trading volumes.
Source: https://en.cryptonomist.ch/2023/05/22/pepe-frog-pepe-surpasses-dogecoin/