How a Frog-Inspired Token Hopped Its Way to the Top

Introduction

Back in the day, memes were simple forms of expression and delight. But today, they’ve evolved into something much more significant. Enter PEPE, the new meme behemoth that has captured headlines and spawned a litter of copycats and spin-offs. Let’s dive into the fascinating journey of PEPE, from its early days to its recent rise.

The Origins of PEPE

PEPE is a deflationary meme coin that operates on the Ethereum blockchain. It pays homage to the iconic Pepe the Frog internet meme, which gained popularity in the early 2000s. The project aims to capitalize on the success of meme coins like Shiba Inu and Dogecoin, positioning itself as a notable meme-based digital asset.

From Zero to Hero

Shortly after its public launch in April 2023, Pepe became a sensation. To put things in perspective, it took Dogecoin almost four years to surpass a $1 billion market capitalization. In contrast, Pepe Coin achieved the same milestone within just three weeks of its launch. Talk about a leap! However, there was a twist in the tale.

In August 2023, the Pepe Coin community was alarmed when 16 trillion PEPE tokens (worth about $15 million) were unexpectedly moved from the project’s multi-signature wallet to several centralized exchanges—a classic rug-pull. To make matters worse, the official PEPE account revealed that some insiders had gone rogue and were responsible for the bulk transfers.