The newly launched cryptocurrency has caught the attention of the crypto community as the cryptocurrency industry continues to expand and new digital assets appear every day.
This is understandable, given that this crypto is already experiencing enormous success in terms of its price and market capitalization.
Nevertheless, as noted by ByBit on April 20, the "Pepe the Frog" cryptocurrency, which was launched on April 15, has already achieved a $150 million market valuation (in less than a week) and is still growing due to the Pepe the Frog meme's enormous popularity.
The meme coin was introduced in secret, without a presale, taxes, an LP burn, or a contract renunciation.
The logo of the meme coin is Furie's Pepe, a cartoon frog with a green humanoid body that initially debuted in the 2005 comic Boy's Club. The meme gained popularity in the 2010s and has since remained popular.
Over the last few days alone, the price of this crypto has increased a thousand-fold, according to CoinMarketCap. The market value of this crypto has increased to around $146 million, and since its debut, it has attracted more than 24,500 unique holders.
A market value of $33 million on this crypto was reached on April 18 after the memecoin, which went live on April 16, surged over 21,000% in the previous three days, recording $30 million in trading activities on Uniswap.
The token has a total circulating supply of 429 trillion, of which 93.1% has already been burnt, and transferred to the liquidity pool, leaving just 6.9% for CEX listings, bridges, and liquidity pools.
Note that four days ago, a certain crypto investor exchanged 0.125 ETH for 5.9 trillion tokens.
This investment exploded, making the investor a millionaire and turning a few hundred dollars in investments into about $2 million in a few days.
Because of this, investors continue to swarm to the digital currency in hopes that it will replicate the success of other meme cryptos, including Dogecoin (DOGE) and Shiba Inu.
Bitcoin, in comparison, is taking a severe beating despite $PEPE's popularity.
In the last day, the price of Bitcoin has drastically declined, dropping below $29,000 and forcing the liquidation of long-leveraged bets worth hundreds of millions of dollars.
Based on the Ethereum blockchain, this crypto is a potent fusion of decentralized technology and meme culture that owes its rise to the meme's extensive use on social media.
The character Pepe the Frog first appeared in Matt Furie's comic book series "Boy's Club" in 2005, and since then, people have spread it extensively on websites including MySpace, Gaia Online, 4chan, and Reddit.
While meme coin dealers are preoccupied with the question of whether Shiba Inu would surpass Doge this year, this crypto has managed to seize the spotlight and establish itself as a contender.
Investors were initially drawn to Dogecoin and Shiba Inu because of their incredible ecosystem growth and community development.
On the other hand, this crypto has a long way to go before catching up to some of its more powerful forebears like DOGE and SHIB.
It will be interesting, however, to observe whether the hype surrounding it is short-lived, or whether the PEPE team has a long-term plan.
Only time will tell if PEPE can find its place in the memecoin market and establish itself as a serious contender, or if it will disappear into oblivion.
On the 24-hour chart, PEPE appears to be trading sideways and has moved up by 20% over the last day (currently trading at $0.000000349776.
However, zooming out to a much larger timeframe shows the memecoin's meteoric rise and explains how a relatively new memecoin has managed to make so many millionaires in only a short while.
Where this new memecoin goes next will depend on PEPE's development and mood, as well as the overall climate of the crypto market as a whole, and the state of the world's macroeconomic system.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.