Why Is PEPE Coin Rising In May 2023?

Published: May 31, 2023, 1:37pm Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.Meme coins are best known in the crypto market to lift up the mood and sentiment of the investors especially when the overall market is a bit choppy or moving sideways. So, if you are a fan of meme coins, then you may not want to miss out on the newly-launched “PEPE” coin, which has set up an unprecedented example by witnessing a crazy rally of almost 7,000% since its launch in April 2023. Currently, PEPE coin has a market capitalization of over $5 billion, which it hit in just a month of its launch. Let’s dig deep into how this frog-faced “PEPE” has become the talk of the town within no time and how it entered the market’s top 100 cryptocurrencies, soaring overnight.What is a PEPE Coin and How Does it Work? PEPE coin is just like another meme coin which does not hold any fundamental and intrinsic value and has no utility. In fact, it is regarded as the most “memeable” meme coin built on the Ethereum blockchain and works as an ERC token.PEPE coin does not have a formal team or any roadmap. It has been just casually created as a tribute to popular internet meme character known as “PEPE the Frog” which gained popularity in the early 2000s. Even with no fundamentals, PEPE has been able to enter the top 100 cryptocurrencies by market cap in just two weeks of its launch and presently ranking at number 70 position as per crypto website CoinMarketCap. PEPE coin first started trading on April 15, 2023 at a price of around $0.000000001 and now one PEPE coin is equivalent to $ 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.”On the contrary, PEPE has been designed to capitalize on the popularity of meme coins such as Dogecoin, Shiba Inu and others. That’s why PEPE coin is much like Doegcoin and Shiba Inu, the only difference is that the latter are dog-based coins and PEPE is a frog-based one.PEPE Coin uses a deflationary mechanism in which a small percentage of tokens gets burnt with each transaction. This mechanism helps to create scarcity and also increase the value of the left tokens over a period of time.Moreover, it uses a redistribution system in which a portion of every transaction is shared amongst the existing token holders which helps them to gather user engagement and long-term investments.PEPE Coin OverviewCryptocurrencyPEPETicker SymbolPEPERank70Price$0.00 Price Change (24 hour)-3.40%Market Cap    $5.5 billionCirculating Supply391,790,000,000,000 PEPEAll-time high$0.00 Source: CoinMarketCap (As on May 25, 2023)History of PEPE CoinThe way PEPE has come to existence is still unknown. It did not use any of the methods such as initial coin offering (ICO), presale or airdrop to distribute its tokens rather entirely dependent on the popularity of PEPE the Frog meme, to gain interest from the potential investors.It is to be noted that PEPE has no connection to the main creator of PEPE the Frog meme, Matt Furie, rather the identity of its creators is still unknown. All that we know, PEPE was launched towards the middle of April 2023.The information about the team and its creators is scarce, but PEPE has successfully reaped a lot of attention via social media platforms such as Twitter and Telegram, and within no time could foster a community around the meme coin. In just a few days of its launch, PEPE already has more than 290,000 followers on Twitter.TwitterWhat Caused a Sudden Rise in PEPE Coin?PEPE entered like a boom in the crypto world and has shook the meme coin world totally by surprise. It surpassed its $1 billion market capitalization in a very short span of just 20 days. With such a super extraordinary entry, PEPE surged by a whopping 7,000% within a matter of just 17 days and rocked the crypto meme coin industry.Interestingly, April was an amazing month for PEPE, and it is quite evident by the google search data. The Google Trend score for “PEPE coin” rose from three to 100 from the week of April 9, 2023 to the week of May 15, where the value 100 depicts the peak popularity for a specific keyword search on google.Google Trend Score for “PEPEcoin” Over Past 30 daysGoogle Trends.At one time on May 5, 2023, PEPE coin reached its peak at $0.000004354, along with an astonishing market cap of $1.87 billion, depicting a meteoric rise. One important factor which contributed in moving the price of PEPE coin drastically, is its listing on several leading cryptocurrency exchanges, including Binance, Uniswap, KuCoin, OKX, Huobi, Gate.io, and MEXC.PEPE Coin Price Chart Over Past One MonthCoinMarketCapPresently, PEPE price has plummeted drastically as it has experienced a decline of more than 60% since its all-time high, with more than 3% decrease in the last 24 hours at the time of writing, which raises the question “Should we even consider this coin”?What Investors Must Do in PEPE Coin?There is no doubt that crypto enthusiasts have all the reasons to consider PEPE coin as the next potential meme coin due to its massive entry and unexpected popularity. PEPE has been able to impress the whole crypto market by its amazing performance since its launch and has shown that it can anytime compete with the top major meme coins at par.It is natural that crypto investors might be thinking to pump big time in PEPE due to its immense popularity and to turn their fortune overnight. But, if we closely look at the graphs and know that memes can turn into a joke anytime, thus investors must not be carried away by PEPE’s temporary popularity and fame as its hype can be over anytime soon.Financial experts strongly believe that one should not forget that PEPE Coin is intended purely for entertainment purposes and it contains no intrinsic value and therefore there should be no expectation of financial return at all. Moreover, PEPE is a fairly new project with almost negligible price history for reference, therefore it might be risky to put your hard money into it. Still, if anyone really wishes to invest in crypto coins then it is better to go for mainstream coins such as Bitcoin and Ethereum, which should only constitute 5% of your total financial portfolio.How to Buy PEPE in India?Well, if you still prefer to go with the flow and follow the trend by trying your luck in PEPE, then following are steps which would help you in purchasing PEPE coin via crypto exchanges, where it is available:Step 1: Create an account on the exchange’s website or via app and verify your identification.Step 2: If you already have an account with the similar exchange, then log in with your credentials.Step 3: Click on the “Buy Crypto” link on the website navigation, which will show the available options in India. Here at this step, you can consider buying a stablecoin first, and then use that coin to buy PEPE (PEPE).Step 4: Pay to buy PEPE via bank credit or debit card, bank deposit or by peer-to-peer (P2P) service.Step 5: Now that you bought your PEPE, you can store it in your personal crypto wallet or can also store it in your exchnage’s account.What Lies Ahead For PEPE Coin?Frog-faced PEPE is one of the best examples of “rise to fame” which have surely changed the fortunes of many by making bumper profits for them. But, if you have missed the bus, then the chances of catching it again seems slim as no one can predict what happens next in the crypto space. PEPE, which surpassed its much popular counterparts, Dogecoin and ShibaInu within no time, has made both critics and huge fan following over the past one month.There are many who already got lucky, while the others are curious to know what lies next for PEPE. With the rise in number of holders, daily trading volume and the following on social media channels, experts believe that there is still a lot of potential left in PEPE which might show its another bullish momentum.However, the situation of PEPE is similar to that of a frog, which is half dipped in water and the other half is still out and looking for much better opportunities.  Like other meme coins, PEPE has no solid foundation and strong intrinsic values, thus, many fear that this rally might not sustain for long. And, literally no one knows how long the upside momentum will continue for PEPE, before the bears step in.