Why did PEPE coin price increase in May 2023?

Meme coins are widely recognized in the cryptocurrency market as a way to lift the spirits of investors, particularly when the broader market is volatile or stagnant.

If you are a fan of meme coins, then PEPE coin is a must-have since it has made history by experiencing an amazing 7,000% surge in its value since April 2023. As of today, the market capitalization of PEPE coin is $468,058,161 according to Coinmarketcap(CMC), which ranked 87th on CMC.

Let's investigate how quickly "PEPE," with its frog-like countenance, has become the topic of conversation and made its way into the top 100 cryptocurrencies in the market, rising sharply overnight.

What is a PEPE Coin and How Does it Work? 

PEPE coin is similar to other meme coins that do not have any actual worth and no practical use. It is seen as the most "memeable" meme coin built on Ethereum's blockchain, functioning as an ERC token.

PEPE coin was generated without any official team or plan in place, as an homage to the much-loved internet meme "PEPE the Frog" that became popular during the early 2000s.

Despite not having any underlying assets to back it, PEPE has managed to become one of the top 100 cryptos in terms of market capitalization within two weeks of its launch. Currently, it is ranked 70th on CoinMarketCap.com. It was released on April 15, 2023 at a value of $0.000000001 and it has risen to $0.0000014 at the time this article was written.

“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.”  — PEPE’s official website

PEPE has been created to take advantage of the success of other meme coins such as Dogecoin and Shiba Inu. The only distinction between these cryptos and PEPE is that the former are based on dogs while PEPE is based on a frog.

PEPE Coin employs a deflationary system in which a fraction of tokens are destroyed with each transaction. This system helps to establish rarity and also allows the remaining tokens to gain value over time.

Additionally, it implements a redistribution practice in which a segment of every purchase is distributed among the current token holders, which assists them in obtaining user involvement and long-term investments.

PEPE Coin Overview

Rank 87th
Price $0.000001193
Price Change (24 hour)
All-time high
$0.000004354 (May 06, 2023)
Circulating Supply
Market Cap

PEPE Coin History

The origin of PEPE is a mystery. It did not utilize any strategies such as ICOs, presales, or airdrops to disperse its tokens; instead, it was solely reliant on the fame of the PEPE the Frog meme for drawing in prospective investors.

It is noteworthy that PEPE has no connection to Matt Furie, the originator of the PEPE the Frog meme; instead, its inventors remain unidentified. All we are aware of is that PEPE was introduced in mid-April 2023.

The information regarding the team behind PEPE and its creators is limited, however the meme coin has acquired a substantial amount of attention through social media outlets like Twitter and Telegram. It rapidly formed a devoted following in no time. After only a few days of being launched, PEPE has earned over 290,000 followers on Twitter.

What was the reason for the rapid increase of PEPE Coin price?

PEPE made a remarkable entrance in the crypto realm and took the meme coin market by surprise. It gained $1 billion in market capitalization within 20 days. Its stunning debut resulted in a 7,000% increase over 17 days, causing a stir across the cryptocurrency meme coin domain.

It is clear that April was an exceptional month for PEPE, as demonstrated by the Google search data. The Google Trend score for “PEPE coin” increased from three to 100 between the week of April 9, 2023 and the week of May 15, with a value of 100 being the highest popularity for a specific keyword search on Google.

On May 6, 2023, PEPE coin experienced an unprecedented surge in value, reaching a peak of $0.000004354 with a market cap of $1.87 billion. This remarkable growth was driven by the fact that it was listed on many major cryptocurrency exchanges such as Binance, Uniswap, KuCoin, OKX, Huobi, Gate.io and MEXC.

What Actions are Necessary for Investors in PEPE Coin?

It is clear that cryptophiles have good cause to view PEPE coin as a likely candidate for the next meme coin due to its wide acceptance and unexpected fame. PEPE has demonstrated its potential by its outstanding performance since debuting, and can rival even the biggest meme coins in terms of success.

Crypto investors may be tempted to put a lot of money into PEPE due to its current popularity, hoping for a quick return on their investment. However, if we look at the graphs and consider that memes can suddenly become unfashionable, investors should not be too swayed by PEPE's fleeting fame as its hype could end abruptly.

Financial specialists strongly suggest that it should not be forgotten that PEPE Coin is designed only for recreational use and has no actual worth, so there should not be any expectation of financial gain. Furthermore, PEPE is a recent venture with almost insignificant price records to consult, thus investing in it with real money may be hazardous. Nevertheless, if someone really wants to invest in cryptocurrencies then they should go for the most well-known coins such as Bitcoin and Ethereum which shouldn't make up more than 5% of their whole monetary portfolio.

What is the future of PEPE Coin?

PEPE, with its frog-like face, is a prime illustration of the phenomenon of becoming famous and making huge amounts of money for those involved. However, if one has missed out on this opportunity, then they are unlikely to get another chance as it is impossible to predict what will occur in the cryptocurrency sector in the future.

PEPE has rapidly gained recognition from both critics and fans alike in the last month, outstripping its more renowned peers Dogecoin and ShibaInu.

Many have already had success with PEPE, while the rest are eager to discover what will come next. With the increasing number of holders, daily trading volume and social media following, experts think that PEPE still has a great deal of capacity to increase in value again.

PEPE is in a similar situation to that of a frog which is partially submerged in water and searching for better prospects.

Many worry that the surge in PEPE's value won't last, due to its lack of solid backing and core worth. There is no way to tell how long this upward trend will last before a downturn begins.

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