My thought on Pepe after the whole mess with Coinbase.
I’m astonished by the new memecoin that has rocked the crypto world. It’s called PepeCoin, and it’s based on a popular, if controversial, internet meme involving a frog. PepeCoin has skyrocketed over 10,000% in the past week, reaching a market cap of over $1 billion. It shows how the investor sentiment in the crypto space is driven by fun, excitement, and profits. PepeCoin claims to be the ultimate meme coin, with a deflationary tokenomics that reduces its supply by 2% every transaction, a community-driven governance that allows holders to vote on proposals, and a charitable donation mechanism that allocates 1% of every transaction to a charity wallet. It also has a loyal fan base of “crypto degenerates” who are spreading the word and the meme on social media and online forums. PepeCoin is not for the weak-hearted, but for those who like to live on the edge and enjoy the ride. #PepeCoin #MemeCoin
Some of the factors that are driving the popularity and price of PepeCoin are the viral marketing campaign that uses memes, stickers, videos, and influencers to promote the project; the listing on major crypto exchanges such as Binance, DigiFinex, and Huobi; the endorsement from celebrities such as Elon Musk, Snoop Dogg, and Paris Hilton; and the speculation from traders who are looking for quick returns and high volatility.
Some of the risks and challenges that PepeCoin faces are the legal and regulatory uncertainty that surrounds its use of a trademarked image without permission; the technical and security issues that could arise from its reliance on a single smart contract; the environmental and social concerns that could arise from its high energy consumption and controversial meme; and the competition from other meme coins such as Dogecoin, Shiba Inu, and Simpson Coin.