Pepecoin is a new meme coin that has done well in the market. Many new people are joining the current fad and investing in the treading coin. In this article, we will briefly review PepeCoin, how it came about, and whether it is indeed worth it.
What Is PepeCoin (PEPE)?
Pepecoin is based on the meme Pepe the Frog, which first appeared in the 2000s and quickly gained popularity on platforms such as Reddit and 4Chan. Earlier this month, the Twitter handle @Pepecoineth was created to promote the new cryptocurrency. However, after 10 days, the price began to climb and the account began to get a lot of attention. In fact, most investors on Twitter either dislike or love the coin.
Pepe is well-known because it is a symbol of online culture, which has spread to the crypto industry. Pepe the meme and cryptocurrency have a long relationship, beginning with NFTs in 2016.
PepeCoin has seen a significant increase in popularity in recent months, with its value rapidly increasing. The great branding and advertising done by the team, as well as the incredible support the coin receives from its investors, are two of the most important aspects driving the meme currency’s meteoric development.
On the other hand, because the cryptocurrency market is mostly unregulated, there is a larger danger of fraud. There is also the potential that cryptocurrency is merely a bubble that will explode soon enough.
Is the PepeCoin (PEPE) Hype Justified?
PepeCoin has grown in popularity in recent months, which has increased the coin’s value significantly. Furthermore, the quick price increase has raised questions about whether the enthusiasm around PepeCoin is legitimate. Let’s dig a little more into PepeCoin.
First and foremost, the coin is a meme coin, which severely limits its validity. Furthermore, the coin was only introduced a few months ago. It also has no true ties to the inventor of Pepe the Frog.
$PEPE is an ERC-20 token that affects the entire market owing to rising gas costs. Believe it or not, the token’s price fluctuation has caused gas costs on the Ethereum network to soar.
Right now, PepeCoin holders are making money, but there is another group of people who are profiting the most. There has been much suspicion that some large “whales” possess the majority of the $PEPE tokens and can sell them at any time.
Zooming in on the realized PnL graph, people who bought PEPE for the first time in the past week have realized only around $10mm of PnL
Perhaps this is why not many are euphoric about PEPE on the timeline
Only the early buyers have made real money
— thiccy (@thiccythot_) May 6, 2023
Potential Sandwich Attacks
There has also been conjecture on Twitter that there may be some “sandwich attackers”. These are not necessarily exploits but are seen negatively in the crypto field. They extract value from users while benefiting neither the network nor the user.
A digital wallet called “Jaredfromsubwat. eth,” a likely reference to the popular sandwich chain, has spent around $2 million. Most likely attempting to lure sandwich traders who are mostly interested in low-cap tokens.
This has increased the cost of fees over the whole network, and each transaction on Ethereum now costs significantly more than it did previously.
Furthermore, the swappers receive the majority of the profit-to-loss ratio in the first week. That essentially indicates that 80% of the profit gained goes to those who most likely had previous knowledge of the coin. They purchased it during the first week of its release.
Despite the risks associated with investing in PepeCoin, there are some advantages that should be considered. The enormous community support that PepeCoin receives is one of the most significant advantages of investing in it. The PepeCoin community is excited about the project, which has contributed to its popularity and success.
The team behind the coin has also worked hard to design a distinct coin that is easily identifiable and has struck a chord with younger people. The use of Pepe the Frog distinguishes it from other coins on the market.
The currency’s ascent has also piqued the interest of investors, who are likely to invest in the coin and assist the price rise even more. Despite the fact that investing in the coin involves some risk, the coin has its own potential. Its strong community support, distinct branding, and recent price increase imply that the coin is worth a shot.
Conclusion
To summarize, PepeCoin is an innovative meme coin based on the popular Pepe the Frog. It has grown in popularity and value in recent months. However, like with any cryptocurrency investment, there are hazards associated, including the chance of fraud and the market becoming a bubble.
While there are benefits to investing in PepeCoin, such as solid community support, investors should conduct their own research and exercise caution before making any choices regarding their investments.
Takeaways
- Pepecoin is based on the meme Pepe the Frog, which first appeared in the 2000s and quickly gained popularity on platforms such as Reddit and 4Chan.
- Earlier this month, the Twitter handle @Pepecoineth was created to promote fresh cryptocurrency entering the market.
- The great branding and advertising done by the team and the support the coin receives from its investors are two of the reasons driving the currency’s meteoric price surge.
- There has also been conjecture on Twitter that there may be some “sandwich attackers” who are not necessarily exploits but are seen negatively in the crypto field.
- Despite the risks associated with investing in PepeCoin, there are some advantages that should be considered.
- While there are benefits to investing in PepeCoin investors should conduct their own research and exercise caution before making any choices regarding their investments.
