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What is so special about $PEPE?
$PEPE is a memecoin on Ethereum blockchain. It is associated with “Pepe the Frog” meme, dating back to the 2000s. Its rapid growth surpassed $1 billion in capitalization at the height of bear market!
Following the initial wave of Dogecoin (DOGE) and succeeding dog-themed meme coins like SHIB and FLOKI, the success story of PEPE proves the importance and reliability of DEXTools as the world’s leading app for DeFi trading, as the first chart that the $PEPE team shared on Twitter was precisely a DEXTools one!
$PEPE’s chart on DEXTools app shared in Twitter.
$PEPE relied on DEXTools since its launch, and after a few weeks PEPE reached over 1.5 billion market capitalization when the PEPE Binance listing announcement. It’s overall valuation has dropped from a high of $1.82 billion on May 6 to $604 million at the time of publication.
On April and May there has been a boom of meme tokens that have used DEXTools as a takeoff platform. Among the most prominent are $BOB, $LADYS, $PSYOP or $RFD, which have generated the most attention both for their relevance in social networks and for the million-dollar volume figures they handle.
Binance, the world’s largest centralized exchange, listed PEPE alongside Floki on May 6, 2023, reaching its record market capitalization.
But…. what is a memecoin, actually?
Innovation and inventiveness continue to push boundaries in the wide and dynamic world of cryptocurrencies. The rise of meme tokens is an intriguing trend that has occurred recently. These virtual currencies have gained popularity, attracting the interest of both crypto experts and fans of popular online memes.
During what is now referred to as “crypto meme season”, the idea of meme tokens significantly gained traction in crypto world. It refers to a time when the value and ubiquity of numerous digital currencies inspired by memes increased, mostly due to social media buzz and viral marketing activities. The emergence of the “crypto meme season” dissolved the distinction between digital assets and online culture, resulting in a distinctive and alluring trend in cryptocurrency industry.
Although meme tokens frequently cause controversy, it is undeniable that they have the power to captivate an increasing number of crypto fans. Even if a meme coin does not have large use cases (as could be Cardano and Ethereum), it becomes a strong social symbol, which leads its owner to feel part of a community and reinforce his or her identity.
The close ties between the crypto industry and internet culture are to blame for the popularity of meme tokens like PEPE. These tokens capitalize on a sizable online community that relies on sharing and engaging with humorous and relatable material by embracing memes.
Investors seeking to profit from the market craze surrounding these digital assets frequently turn to meme tokens. Although the prices of these tokens can fluctuate greatly, the possibility of substantial short-term gains has attracted a lot of traders to the meme token market.
The latest successful meme coins in DEXTools (linked to charts)
It is the most recent meme token depicting PEPE the Frog. Just two weeks after its release, it experienced a massive 4,744% price increase. It’s actually the meme behind the “Bob Is Here To Explain” twitter account, an AI bot created to respond to anyone who tags @ExplainThisBob in a particular tweet. Elon Musk himself tweeted “I love BOB” after hearing Bob’s statement that he had a giga-brain that can explain any tweet.
The price of the LADYS token is still hovering 300 times above its launch-day low, demonstrating the token’s appeal on the charts. This meme tokenomics started with a huge total supply of more over 888 trillion, which is very typical for a meme coin. However, the vast bulk of the supply was received by the liquidity pool.
This token pretends to redefine relationship between creators and investors. In just one day since debut, $PSYOP was added to CoinMarketCap. It was trending first on DEXTools, and has a market valuation of $6 million—almost a 30k% rise from the launch price!
REFUND $RFD is a community driven token which is based on Ethereum. On May 19, 2023, it made a huge splash, and It is intended as an adventurous game theory experiment and a way to give back to the community that helped it succeed.
