What Is PEPE Coin (PEPE)? How to Trade It on Phemex

On the Internet, memes have become ingrained. They have existed since the very beginning of Web1 and most likely will for a very long time to come. It shouldn’t be shocking that they’ve also gained popularity in the cryptocurrency market. Memecoins, in contrast to other coins, concentrate on becoming viral through the explosive nature of memes and their rapid dissemination. Over the last few weeks, the frog-themed memecoin, Pepe (PEPE), just became the new red hot memecoin with a similar early trajectory with its more established competitor Dogecoin.

? Quick Facts: PEPE Coin (PEPE)

• Ticker Symbol: PEPE

• Chain: Ethereum (ERC-20)

• Contract Address: 0x6982508145454ce325ddbe47a25d4ec3d2311933

• Circulating Supply: 420.69 trillion

• Max Supply: 420.69 trillion

• Primary Use Case: Meme-based token with staking and governance features

• Current Market Cap: Approximately $5.78 billion

• Availability on Phemex: Yes,Spot/Futures

What is Memecoin? How does it work?

Memecoins are essentially cryptocurrencies that draw their inspiration from Internet jokes and memes. For instance, the Doge meme that was based on a Shiba Inu viral photo served as the inspiration for Dogecoin. Meme coins have been existing for a while, but some credit the meme stock battle of late 2020, when the Reddit group WallStreetBets greatly elevated the value of GameStop’s shares, sparking the present surge. After that, a different group of Redditors made jokes about pumping up Dogecoin’s value in a similar manner, and the jokes spread.

These cryptocurrencies aren’t usually intended to be considered seriously, but they can nevertheless catch on when others in the community invest in the latest one to get in on the joke. Retail investors occasionally join the coin once its value has increased and spiked, which helps the coin gain even more traction. Prominent social media personalities and celebrities also increase the appeal of some meme coins. The person who is undoubtedly most well-known for this is Elon Musk. In fact, a branch of Dogecoin called Floki Inu is named after Musk’s actual pet dog.

How Many PEPE Coins Are There?

• Max Supply: 420.69 trillion tokens

• Circulating Supply: 420.69 trillion tokens

• Inflationary/Deflationary: Deflationary

• Burn Mechanism: PEPE employs a deflationary model where a portion of tokens is burned with each transaction. Additionally, significant token burns have been announced to reduce supply and potentially increase value.

? What Does PEPE Coin Do?

PEPE Coin serves multiple functions within its ecosystem:

• Staking: Holders can stake PEPE to earn rewards, incentivizing long-term holding and network participation.

• Governance: PEPE holders have voting rights on certain protocol decisions, fostering community-driven development.

• Transaction Fees: Used to pay for transactions within the PEPE ecosystem.

• Medium of Exchange: Accepted in various meme-centric NFT marketplaces and platforms.

These use cases aim to provide utility and encourage active participation in the PEPE community.

⚔️ PEPE Coin vs. Bitcoin

PEPE Coin: Will it make memecoins great again?

The PEPE memecoin, according to its official website, is intended to be «the most memeable memecoin in existence». As the official website also states, it 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”. Besides, there’s no offiicial connection between this memecoin and Matt Furie, the creator of Pepe the Frog.

Even though the team is joking that it has no plans at all, it has established specific goals in the structure of three separate timeline phases, as are illustrated below:

?‍? Team & Origins

PEPE Coin was launched anonymously in April 2023, a common practice among meme coin projects to emphasize community over centralized leadership. The project pays homage to the "Pepe the Frog" meme created by Matt Furie but is not officially affiliated with the artist. The anonymous team aimed to create a decentralized, community-driven token that captures the spirit of internet culture.

?️ Key News & Events

• April 2023: PEPE Coin launches on Ethereum, quickly gaining popularity.

• May 2023: Market cap surpasses $1 billion within weeks of launch.

• March 2024: PEPE announces a major airdrop, distributing 1 trillion tokens to the community.

• January 2025: Plans to burn $1 billion worth of tokens to reduce supply and potentially increase value.