Pepe Coin Skyrockets 95% Overnight: What’s Fueling Its Meteoric Rise in the Memecoin World?
Table of Content
- Overview of Meme Coins in the Crypto Market
- Defining Meme Coins
- PEPE Coin’s Characteristics
- Entry into the Top 100 Cryptocurrencies
- Speculative Nature of PEPE
- Financial Experts’ Warnings
- Understanding Market Risks
- Tips for New Investors
Meme coins are widely recognize in the crypto market for boosting investors sentiment, especially during periods of market is a bit choppy or moving sideways. Meme coins lighthearted nature often brings a sense of fun and optimism.
If you are a meme coins enthusiast, the newly launched “PEPE” coin is one to watch. Since its debute in April 2023, an unprecedented example by witnessing a crazy rally of almost 7,000%, setting a remarkable example in the crypto world. Within just a month of launch, PEPE coin has achieved a market capitalization of over $5 billion, showcasing its rapid rise and popularity among investors.
Even the cryptocurrency market on the rice since Donald Trump’s recent win in the US presidential elections last week, meme coins like Dogecoin and Shiba Inu also have seen a surge in investor intrest. However, one such memecoin Pepe has almost doubled its value in Thursday, surging nearly 94.43 per cent in just one day.
On November 14 at 7:30 am, Pepe coin reached 94.43 per cent jump over the $0.00001275 price recorded at 12:35 pm on November 13, as reported by CoinMarketCap. Its market cap also soared over 90% to over $10 billion, with trading volume skyrocketing by more than 250% on Thursday.
Understanding PEPE Coin: What It Is and How It Works
A meme coin is a type of cryptocurrency inspired by internet memes or jokes, often without a serious underlying project. Coins like Dogecoin and Shiba Inu derive their value largely through online hype and social media buzz, rather than from real-world utility or advanced technology.
PEPE coin, is just similar to other meme coin, the coin does not hold any fundamental and intrinsic value and has no utility. However, it is celebrated as one of the most “memeable” token, built on the Ethereum blockchain as an ERC-20 token.
PEPE coin does not have a formal development team or any structured roadmap. It was created casually as a tribute to the popular internet meme character known as “PEPE the Frog” which rose to fame in the early 2000s.
Even with no fundamental value, PEPE has been quickly climbed into the top 100 cryptocurrencies by market cap within just two weeks of its launch, currently holding the 70th position as per crypto website CoinMarketCap. PEPE coin first started trading on April 15, 2023, at a price of around $0.000000001, PEPE’s price has since surged, reaching $0.0000014 at the time of writing.
According to PEPE’s official website, “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.”
Why PEPE Coin is Gaining Momentum: Key Factors Driving Its Success
PEPE Coin employs a deflationary mechanism where a small percentage of tokens are gets burnt with each transaction. This mechanism creates scarcity, also potentially increasing the value of the remaining tokens over time.
Additionally, PEPE Coin incorporates a redistribution system, where a portion of every transaction is distributed among the existing token holders. This mechanism encourages user engagement and supports long-term investment by rewarding holders with more tokens over time.
Cryptomarket experts suggest that the surge in PEPE is part of overall excitement and exuberance currently sweeping through the cryptocurrency market.
“The explosive growth of Pepe, now the third-largest meme coin, highlights the renewed excitement in the crypto space, particularly in meme-driven assets. The significant price surge and the breach of its all-time high can largely be attributed to its listings on major exchanges like Robinhood and Coinbase. These platforms not only provide legitimacy but also provide broader access for retail investors,” said Avinash Shekhar, co-founder and CEO, Pi42.
CoinSwitch Markets Desk said it was a strong day for meme coins, as Pepe and Bonk were both listed on Coinbase. This fueled substantial demand, leading to a significant surge in their prices.
Information about the team and its creatorsof PEPE is limited, but PEPE has gained significant attention via social media platforms like Twitter and Telegram. In a short span since its launch, PEPE has successfully built a strong community and amassed more than 290,000 followers on Twitter.
What You Need to Know Before Investing in PEPE Coin
There is no doubt that crypto enthusiasts have all the reasons toview PEPE coin as a potential meme coin powerhouse, due to its remarkable entry and unexpected popularity. PEPE has impressed the whole crypto market with its stellar performance since launch, and has shown that it has the potential to compete with the top major meme coins on equal footing.
It is natural for crypto investors cosider making a big investment in PEPE due to its immense popularity, hoping to turn their fortune overnight. However, if we closely look at the charts reveals that meme coins can quickly lose their appeal, as their value is often driven by fleeting hype. Thus investors must not be carried away by PEPE’s temporary popularity and fame, as its popularity could fade just as quickly as it rose.
Financial experts strongly advise that investors should not forget that PEPE Coin is designed purely for entertainment purposes and no intrinsic value. As such, there should be no expectation of financial return at all, and it should not be viewed as a serious investment opportunity.
How to Buy PEPE in India?
If you decide to go with the flow and try your luck with PEPE, here are the steps to purchase the coin via crypto exchanges where it’s available:
Step 1: Create an account on the exchange’s website or app and verify your identity.
Step 2: If you already have an account, simply log in with your credentials.
Step 3: Click on the “Buy Crypto” link in the website navigation, which will display the available options in India. You can first consider buying a stablecoin and then use that to purchase PEPE.
Step 4: Pay for your PEPE using a bank credit or debit card, bank deposit, or through a peer-to-peer (P2P) service.
Step 5: Once you’ve purchased PEPE, you can store it in your personal crypto wallet or leave it in your exchange account for safekeeping.
Top EXchanges in India to Buy PEPE Coin
- Mudrex
- Wazrix
- Binance
- CoinDcx
Investing crypto has seen risky and very much volatility, before investing try to learn about the market codition and the future potential. Learn through reading and other Youtube video or check with any expertise, then only invest in cryptos.
