Pepe token is the new kid in the block in the crypto industry that has grabbed the attention of many crypto investors and traders. Even those not attracted to the crypto industry are now aware of the token.
Is the Pepe token now bigger than Dogecoin? Brace yourself as we share everything you need to know about the Pepe token, its achievements, and its comparison with Dogecoin.
Simply put, the Pepe token is a meme coin with no intrinsic value and was only created for a joke and entertainment purposes. It was clearly written on their website when they said their aim within the crypto sector was to be the most “memeable meme coin.” On the other hand, you should know that there’s nothing different about this. In the past, many meme coins, including Dogecoin, were created without any particular use case or value.
The meme coin was launched in the middle of April 2023 and made its first entry into Etherscan on the 18th of the same month. Things went very fast for Pepe as it astronomically grew in value and started getting a lot of investors. Within a month of being launched, the meme coin was already at a $1 billion market capitalisation and, at one point, even surpassed Dogecoin’s daily trading volume.
One of the things that led to the popularity of the Pepe token is its branding value. Like other meme coins, it relied on the popularity of a meme to become very popular. It used the picture of a popular meme called Pepe to Frog as its brand image, which helped it attract many investors.
Although the appeal for the Pepe token has reduced a little bit, there’s but doubt that the influence of this token rocked the crypto industry for many weeks. Crypto whales and shrimps took control of the opportunity and pumped as much money as possible into the token. During this time, the token achieved a lot of milestones.
The Pepe token taking a bullish stance against a market filled with bears was something many investors found amazing. In the process of taking this bullish stance, Pepe made a lot of millionaires in the crypto market. There was a verified story of an investor who used $27 to create millions using the Pepe token. For a token that reached close to 7000% on pure profits, it should be no surprise that many crypto traders made thousands and millions of dollars with it. While Pepe has made many millionaires, cashing out on the token might be more challenging than it sounds. So many investors already profiting from the Pepe token are still finding it hard to sell.
Despite creating millionaires, the major achievements of the Pepe time come down to its tokenomics and market value. Data from credible sources shows that the Pepe token gained an incredible 7,270% from its launch price to reach its ATH on May 5. This is an astonishing market value increase compared to other tokens launched within the same period. The token also became a billion-dollar capitalization cryptocurrency within three weeks of being launched. It also gained listings much faster than many cryptocurrencies were able to do so. Within a month of launching, some of the biggest exchanges in the world started listing Pepe.
No one can argue that Pepe is currently the most hyped meme coin in the crypto market. Even in their daily trading value, it has surpassed major meme coins such as Dogecoin and Shiba Inu. This has led to comparisons between Pepe and Dogecoin. While Pepe has the most hype right now, it has its issues.
First, Pepe is the most hyped cryptocurrency at the moment, with several investors looking to make massive profits from the token. Many exchanges are already listing the token, letting the token get a wider audience. But there’s a problem. Despite the massive millions of dollars traders make from the token, they still find it hard to sell it off due to a lack of liquidity. Compared to Dogecoin, Pepe tokens have less or limited liquidity than the former. Dogecoin has been in the crypto market for quite a long time, so it has wider and almost unlimited liquidity than Pepe.
Also, the Dogecoin community is larger and stronger than Pepe’s. It is crystal clear that most investors and traders putting their money in the Pepe token are just for quick profits and scammers are taking advantage of the situation. Most of them trading the Pepe token are just there for the hype and quick money and are not ready for building long term.
Finally, despite starting as a joke just like Pepe, Dogecoin has grown to have a specific utility in the crypto industry. Many top tech companies, such as Tesla, have used Dogecoin as a means of payment for their merchandise. One of the richest men in the world, Elon Musk, is a big fan of the token. Support like this is one of the qualities the Pepe token lacks since it is still new. Specifically, many analysts prefer you invest in Dogecoin for the long term rather than the Pepe token.
The major description explaining how the Pepe token became very popular can be traced back to the Pepe the Frog meme. In fact, the token’s image is that of Pepe the Frog. This is similar to Dogecoin, whose image is based on the Shiba Inu dog meme.
However, the creators or team behind this Pepe token claims that they didn’t have any relationship with those who created this meme. They just picked up the meme and rode on its popularity to create a joke cryptocurrency.
Pepe is the newest meme token that has achieved much success within its first month of existence and many investors are rushing to invest in the cryptocurrency before the hype dies down.
Due to the hype, this Pepe token has succeeded in reaching many milestones within a short period. It overtook Dogecoin in terms of daily trading volume at one time. While this token might seem like the next big thing after Bitcoin, one should do their own research before investing.
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