Pepe Coin rallies 1,000,000 percent

Crypto traders on Twitter, known for their interest in meme-themed cryptocurrencies, are shifting their attention from Shiba Inu-inspired tokens to those based on the internet meme Pepe the Frog. A new cryptocurrency called Pepe (PEPE) was launched on Sunday and has experienced a rapid surge in value, increasing by over 100000% in just five days. It achieved $110 million in trading volumes on Uniswap and reached a market capitalization of $160 million on Wed morning. The Pepe website describes the token as "the most memeable memecoin in existence" and suggests that it's time for Pepe to take over from dog-themed tokens.

The Pepe token quickly gained popularity, with data from Etherscan showing that it had 29,000 individual holders by Wednesday. The token's circulating supply is set at 420 trillion, a nod to "4/20," a term associated with cannabis culture. Despite being intended as a joke, the token has attracted significant trading activity, with over $1.3 million in liquidity locked up in a Uniswap trading pool for Pepe tokens. The tokens are not officially associated with the original Pepe the Frog meme or its creator, Matt Furie.

The Pepe the Frog meme, featuring a green frog with a humanoid body, originated from Matt Furie's 2005 comic Boy's Club and later became a viral internet sensation. The crypto community has a history of embracing meme-themed tokens, such as dogecoin (DOGE) and shiba inu (SHIB), which achieved substantial market capitalizations during previous bull markets. However, many such tokens tend to have short-lived popularity.

A trader supposedly turned 250 in PEPE into 1.5 million.