• Pepecoin is a meme-inspired cryptocurrency that has grown faster than Shiba Inu in its early days.
• The market valuation of Pepecoin has dropped by 65% after reaching a record high of $1.54 billion.
• There is no real use case for the average person for Pepecoin, but its popularity may help it to surpass Dogecoin and Shiba Inu in market cap.
What Is Pepecoin?
Pepecoin is a new meme-inspired cryptocurrency growing faster than Shiba Inu in its early days, thanks to some big-name exchange listings. It captures people’s attention by mimicking features of memecoins based on popular internet memes like Dogecoin DOGE $0.07 , which uses the famous Shiba Inu dog meme as its logo, and “Pepe The Frog” meme created by Matt Furie in his 2005 cartoon “Boys Club”.
Price Performance Of PEPE
The market valuation of Pepecoin (PEPE) has dropped by 65% as of May 12, a week after its record high of $1.54 billion. Profit-taking appears to be the primary reason behind the extreme price correction as it rallied from almost nothing to as high as $0.00000372 after its launch on April 14, emerging as the fastest-growing ERC-20 token in the crypto market’s history.
Meme Campaign For PEPE Adoption
The anonymous team behind Pepecoin has leveraged the meme’s current popularity on Twitter and catalyzed early adoption by creating a coordinated meme campaign with media stories about early PEPE investors turning thousands of U.S dollars worth of investments into millions within a week, prompting more people to join the frenzy .For instance, the number of PEPE holders has grown from negligible to over 105,000 in a month according to CoinCarp.com .
Can PEPE Flip DogeCoin And SHIBA INU?
Pepecoin remains without any real use case for the average person and is still only about 5% of Dogecoin’s market cap of over $10 billion and 10% of second largest memecoin Shiba Inu SHIB $0.000009 , with a market cap near around $5 billion .However, due to its increasing popularity , it wouldn’t be surprising if it surpasses them both soon enough .
Despite having no real use case and being significantly smaller than DogeCoin and SHIBA INU ,the increasing popularity brought upon by media coverage and meme campaigns have made these memecoins quite profitable investments .It would not be surprising if PepeCoin surpassed both DogeCoin and SHIBA INU soon enough .