PEPE Meme Coin Becomes Sixth-Largest Meme Asset Despite Warnings of Contract Modification
PEPE Market Booms with Over $130 Million in Market Capitalization
The Pepe meme has become the latest addition to the meme coin economy with the launch of a new token named after the infamous meme and cartoon character created by Matt Furie. Dubbed as “PEPE,” the token has quickly gained popularity and become the sixth-largest meme coin asset in terms of market capitalization, valued at just over $130 million.
PEPE’s Rapid Rise in the Meme Coin Economy
Despite being launched only on April 18, 2023, PEPE has already recorded an impressive growth of over 400% from its all-time low. On April 20, PEPE’s market valuation hit a high of $165 million, attracting a substantial number of investors. At the time of this writing, there are 420.69 trillion PEPE tokens in circulation, and the token has attracted 29,756 holders.
PEPE Tokenomics
According to the PEPE tokenomics page, LP tokens were burned while 93.1% of the tokens were put into the liquidity pool. Currently, the multi-sig team wallet is holding the remaining 6.9% of the PEPE token supply, which is reserved solely for use as tokens for centralized exchange listings, bridges, and liquidity pools in the future. Nevertheless, both CoinMarketCap and Web3 security startup Gopluslabs have cautioned that the contract owner might have the power to change the transaction tax and blacklist function.
Warnings of Contract Modification
The PEPE page on CoinMarketCap displays a cautionary message stating that, as per Gopluslabs, the contract owner may possess the power to change the transaction tax and implement the blacklist function. The warning on CoinMarketCap’s PEPE page advises users to exercise caution and perform their own research before taking any action. Should the PEPE team have the ability to change the transaction tax, it would be in opposition to the project’s tokenomics values, which stress the importance of “No Taxes, No Bullsh**. It’s as simple as that.”
PEPE’s Roadmap
PEPE’s roadmap aims to produce “generational wealth” and create a “Pepe Academy.” The project’s final goal is to “flip Bitcoin.” Additionally, the PEPE website claims that the project and its team have “no association” with Matt Furie or his creation, Pepe the Frog.
Not the First Pepe-Related Crypto Asset
There exist numerous crypto assets that have adopted the name and image of Pepe the Frog, just like PEPE. These include arbi pepe, pepesol, pepemoon, mcpepe’s, PEPE.bet, zkpepe, and babypepe, among others. Pepe Cash was created earlier than PEPE and other tokens as a way to assist the Counterparty blockchain community of digital art collectors and makers as well as the original Rare Pepe NFT trade cards.
PEPE’s Entertainment-Focused Nature
Although the PEPE token has seen a swift increase in value and boasts a remarkable market capitalization, the official PEPE website clarifies that it is not a financial instrument that can provide any substantial assurances. According to the website, the PEPE token is considered a meme coin with no intrinsic value or promise of financial profit. The token has no official team or roadmap, and it is purely designed for entertainment purposes.
Conclusion
The introduction of the pepe (PEPE) token into the meme coin economy has caused a buzz, with its market capitalization rapidly increasing since its launch on April 18, 2023. However, the warnings from coinmarketcap.com and Gopluslabs regarding the potential for contract modification by the token’s owner have raised concerns about the project’s tokenomics ethos. Despite this, the PEPE website insists that the token is purely for entertainment purposes and has no financial promises or expectations. The rise of the PEPE token also highlights the continuing popularity of the Pepe the Frog meme, with several other crypto assets using the name and image dedicated to the infamous meme.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
