The Story of PEPE Crypto – How a Shitcoin Went to $1 Billion Market Cap in Less than 3 Weeks

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The crypto industry is the place where the most unexpected things can happen. Some cryptocurrencies have sudden falls, others increase in price out of the blue, and some become more popular than anyone would have thought in no time.

And even if it may not have done that exactly overnight, theis a good example of a crypto project that no one would have thought would succeed. Still, it eventually reached surprising values in a pretty short period of time.

Thus, let’s talk about Pepe. What is it? Who created it? And what is so special about the newest memecoin?

What Is Pepe Coin?

Well, at first, Pepe was a meme created by cartoonist Matt Furie. It first appeared in 2005, and it remained pretty popular all over the world. However, the Pepe we want to talk about is a memecoin created as a tribute to Pepe the Frog. The crypto project started just like any other memecoin, such as Dogecoin or Shiba Inu.

The main goal of Pepe is to become one of the most popular meme-based cryptocurrencies on the market, and by taking a quick look at the cryptocurrency’s evolution, investors might say that it has already achieved its goal.

Launched less than 1 month ago, on April 16, PEPE has gained remarkable popularity in a very short time. Unlike Dogecoin, for instance, Pepe Coin managed to steal crypto enthusiasts’ hearts in less than 3 weeks.
While Dogecoin’s highest value was reached on May 9, 2021 (DOGE was launched in 2014), PEPE’s case was pretty different. Launched on April 16, 2023, the token reached its all-time high on May 5, 2023, with its price getting to $0.000003457.

In what concerns PEPE’s market cap, the cryptocurrency had the highest market cap on the same day, reaching $1.61 billion. And for a memecoin recently launched, this is indeed surprising and totally unexpected. PEPE coin managed to make it into the top 100 cryptocurrencies in no time, while other projects needed years to achieve this.

But how did PEPE crypto reach a $1.6 billion market cap in less than 3 weeks from its launch?

How Did PEPE Crypto Become Popular?

Just like any other memecoin, PEPE gained popularity, especially from being developed based on an extremely renowned meme. And while some investors may believe that such tokens are a joke and will not maintain their popularity in time, memecoins are still some of the most traded cryptocurrencies.

Like it or not, many online users are intrigued by crypto projects that remind them of some old but gold eras, such as Pepe the Frog. And along with PEPE coin, other memecoins have seen slight increases in price and market cap, as Pepe crypto has reminded crypto users that meme-based cryptocurrencies are here and are still popular. This way, memecoins, in general, have stolen the spotlight once again.

PEPE crypto became popular as other memecoins did, and this happened because such projects have massive support from the online community. Imagine that once a Reddit group joked about raising the value of Dogecoin, this happened in no time. And the major help, in this case, was Tesla founder Elon Musk. When public figures support a crypto project, their success is inevitable. And this also happened in PEPE’s case.
Besides, PEPE crypto became popular because it was launched when there wasn’t too much buzz in the crypto industry. Crypto prices were slowly and surely coming back to their past values, and crypto enthusiasts did not have too much to talk about – no FTX scandal, no Terra Luna fall. And this means there was room for a new project to steal the spotlight on the market. Thus, it is fair to say that one of the reasons why the Pepe coin became so popular so quickly is the fact that the project had perfect conditions for doing so.

What about PEPE Crypto’s Evolution?

Once high, always high? Well, not really. And PEPE is a good example. Indeed, the ERC-20 meme-based token reached a market cap of $1.6 billion in less than 3 weeks after being launched. But does PEPE still have this market cap?

At the moment of writing, the PEPE coin has a market cap of around $650 million. This is a fall of almost 60%. And PEPE’s price did not stay at $0.000003457. At the moment of writing, the price of the PEPE coin stands at $0.000001669. And this means that PEPE is down by at least 51%, compared to its all-time high reached on May 5, 2023.

cheers to 100,000 holders on chain.

together we are making history. 🐸💚

— Pepe (@pepecoineth)

Currently, it is still pretty unclear whether Pepe coin will do well in time. As for now, the crypto project is considered by some investors to be yet another meme coin that can come and go. However, the fact that PEPE still has a market cap of over $650 million and is a little lower than #50 in the top 100 cryptocurrencies is still a good sign for the ERC-20 token.

Nevertheless, considering that a crypto investor swapped 0.125 ETH (around $250) for 5.9 trillion PEPE tokens and ended up with 4,500, the initial investment can be considered a good sign for the latest meme-based cryptocurrency.

Final Thoughts

PEPEOn April 16, 2023, the PEPE coin launched as one of the newest meme-based cryptocurrencies on the market. With a surprising evolution, PEPE reached a market cap of $1.61 billion in less than 3 weeks after its launch.

PEPE coin was developed as a tribute to Pepe the Frog, one of the most popular memes and a cartoon created by Matt Furie in 2005.

At the moment, PEPE has fallen about 50% in price and 60% in market cap, but the cryptocurrency’s market cap still exceeds $650 million. It is to see how the cryptocurrency will behave over time, as it is still less than 1 month old.