Pepecoin is a new meme-inspired cryptocurrency growing faster than Shiba Inu in its early days. Pepecoin captures people’s attention by mimicking features of memecoins based on popular internet memes. The most well-known is Dogecoin, which uses the famous Shiba Inu dog meme as its logo. Pepecoin is based on the “Pepe The Frog” meme created by Matt Furie in his 2005 cartoon “Boys Club.” The market valuation of Pepecoin (PEPE) has dropped by 65% as of May 12, a week after its record high of $1.54 billion. Profit-taking appears to be the primary reason behind the extreme price correction as it rallied from almost nothing to as high as $0.00000372 after its launch on April 14, emerging as the fastest-growing ERC-20 token in the crypto market’s history.
The number of PEPE holders has grown from negligible to over 105,000 in a month, according to CoinCarp.com. But Pepecoin remains without any real use case for the average person. This isn’t unlike Dogecoin, however, whose shot-to-fame in recent years has more to do with Elon Musk’s support than its utility as a token. PEPE is still only about 5% of Dogecoin’s market cap of over $10 billion. It’s also 10% of the second-largest memecoin Shiba Inu, with a market cap of around $5 billion. For instance, SHIB’s first centralized exchange listing appeared more than 260 days after launch.
In comparison, PEPE’s centralized exchange debut occurred only six days after launch. And 22 days later, the token started trading on Binance, the world’s largest crypto exchange by volume. The launch of PEPE also coincides with the 100% rise in Uniswap’s daily active users on Ethereum, now approaching its all-time high of 90,000 from May 2021. Notably, PEPE’s short-term gains appear identical to DOGE’s price rally on the weekly charts. Also, its ongoing correction looks similar to DOGE’s 90%-plus decline from its record high of $0.75 in May 2021. In other words, Pepecoin’s price could extend its ongoing correction in the short term toward $0.00000083, or 35% below the current price levels. Moreover, a Dogecoin-like 90% crash from the market top would bring PEPE’s price to $0.00000035, which served as resistance in April 2023.
Source:Gola, Y. (2023, May 12). What is Pepecoin, and can it flip memecoins Dogecoin and Shiba Inu?. Cointelegraph. https://cointelegraph.com/news/what-is-pepe-coin-flip-memecoin-dogecoin-shiba-inu