Pepe Coin (PEPE) is a cryptocurrency that takes inspiration from the internet meme Pepe the Frog. It has had a year with its value and perception, in the market going through fluctuations. This meme based digital currency entered the scene in mid April 2023. Quickly gained traction alongside other well known meme coins like Dogecoin DOGE -0.02% and Shiba Inu.
One noteworthy incident in PEPEs journey occurred when it was labeled as a “symbol of hate” in a Coinbase newsletter in May 2023. This sparked controversy within the crypto community leading to criticism and the trending hashtag #deletecoinbase. As a response Coinbases Chief Legal Officer, Paul Grewal publicly apologized for their oversight regarding PEPE.
When it comes to its market performance PEPE experienced a surge in December 2023 surpassing its value at launch by a significant margin. However it did not reach its peak value of $0.000003734 from May 2023. As of December the coins value stood at $0.000001259—an impressive increase of, over 2115% since its inception.
However it still remains, around 70% lower than its point ever recorded on May 5 2023.
Despite these ups and downs PEPE recently experienced a surge of 15% indicating a comeback in the market. This increase in value pushed PEPE to reach a peak of $0.00000159 per coin which brought optimism to investors and enthusiasts. However PEPE faces challenges in its performance due to competition from other meme coins like SHIB and BONK.
The market capitalization of PEPE has also been noteworthy surpassing $525 million and placing it at the 102nd position among all cryptocurrencies by market capitalization. However there was a price drop in August 2023 when developers reportedly transferred 3.8% of the token supply across different crypto exchanges without prior notice or explanation. This event raised concerns, among investors.