Pepe (PEPE) price showed a correlation with Bitcoin (BTC) over a seven-day period. The ERC-20 token, based on the Ethereum blockchain, experienced a decrease in value on the days when BTC did, but it joined in on the rally with BTC on Friday, leading into the weekend.
Bitcoin’s price dropped to a two-month low last week and had its worst week of the year.
Feels good, man
According to CoinMarketCap, Pepe coin, which launched in 2023, is different from Pepe Cash (PEPECASH):
“Pepe is not to be confused with Pepe Cash, another meme coin that was launched in 2016 and is used to buy and sell rare Pepe artworks on the Counterparty platform.”
The anonymous creators of Pepe coin (PEPE) launched the meme coin without a pre-sale or any marketing efforts. The coin’s deflationary supply and fungible token made it swell into a billion-dollar bullfrog within days, and within 20 days, its price caused the total market cap to top $1.6 billion.
Currently, Pepe remains capitalized at an excess of $700 million, making it an impressively fast market capitalization.
A Mighty Croak: PEPE Coin Economics at a Glance
Pepe coin offers more than just a smart logo and name. Its Ethereum smart contract has some clever economics built in, such as a deflationary supply with a limit above 420 trillion tokens, a burn mechanism that burns LP tokens from liquidity providers and voids contracts, and a “no taxes” policy to execute transaction orders at very low fees. Additionally, PEPE chain redistributions favor long-term stakers to stave off inflation.
The coin’s debut on crypto platforms was as fair as possible, with 93.1% of the tokens allocated to liquidity for sales, and 6.9% were left in a multi-sig wallet for strategic deployment. The first phase of the project, “Meme,” was an outstanding success, and it became a peer of DOGE, SHIB, and other popular NFT collections like BAYC within under a month.
With these incentivizing economics, short-sellers of PEPE coin will find it challenging to keep their shorts covered.
Meme Coin Power
Pepe is an Internet legend, with a thriving community that dates back many years. Its launch was guaranteed to have success to appeal to and serve a vast, anonymous market of veteran crypto investors with deep pockets full of juicy ROI from other meme coin investments.
Whale investors showed mixed support for Pepe coin, with some whales snapping up $10M worth of tokens, stocking up 7% of the PEPE supply a week after its launch. They controlled around one-third of its liquidity on markets at the beginning of the rally. Around 30 large and active traders bought a million dollars worth of the coin at the start of its rally, and some whale addresses took profits last week. However, three crypto whales were spotted buying $4 million worth of PEPE by Lookonchain. Tesla and SpaceX CEO and Dogecoin bull Elon Musk also boosted PEPE Saturday with a meme of Pepe “Explaining constitutional amendments.”
seize the memes of production $PEPE
— Pepe (@pepecoineth) May 13, 2023
How to Find the Next Pepe?
The successful premiere of Pepe on Ethereum is an exciting development for crypto investors. It’s also an excellent case study on how to get into hugely successful projects early.
Many early investors in Pepe were able to turn a couple of hundred dollars into a million in just a few days. Here are some daily practices to keep that will increase your chances of hitting a home run.
Get New Coin Listing Alerts.
When new cryptos hit an exchange, you’ll get an alert. With a coin listing alert, you can stay apprised of new opportunities. But be advised that there are multiple new listings a day.
Use Uniswap and Get Notifications for Updates from DeFi Exchanges.
Early buyers of Pepe coin got it on Uniswap. DeFi volumes for Pepe exchanges soared ahead of the Pepe coin price going parabolic on May 1. However, using Uniswap comes with risks.
Currently, PEPE is listed on Binance, KuCoin, Huobi, Gate.io, MEXC, and other altcoin exchanges.
Bottom Line: Frog Coin Flies
Pepe coin’s super bullish debut validates the thesis of meme coin investors who buy and trade coins like Dogecoin and Shiba Inu. It is also overwhelming evidence of the internet’s enormous appetite for Ethereum services to store savings.
These open-source finance platforms are open to being utilized by anyone who learns how to write Ethereum’s scripts and design financial products. Additionally, these blockchain platforms are autonomous, decentralized, and artificially intelligent. Anyone can build a defi (decentralized finance) app and work for Ethereum without needing approval or support from other humans.
The software is designed so that anyone with sufficient working knowledge of the instructional manuals for programming Ethereum (ETH) can use it.