In the wild and crazy world of Crypto Twitter, a new trend is emerging. Traders are eschewing the Shiba Inu tokens that have recently been so popular, and are instead jumping on the bandwagon of Pepe the Frog. The Pepe (PEPE) token was launched just a few days ago, but already it has enjoyed rapid success, achieving a gain of over 21,000%, and hitting a market capitalization of as much as $33 million at its peak.
The token is branded after the popular internet meme, which depicts a green frog with humanoid features. However, it is not officially associated with either the original creator of Pepe, Matt Furie, or the meme that has been so popular for years. Despite this, the token's popularity is increasing at a rapid rate. At the time of writing, the token had already attracted more than 10,000 individual holders.
The Pepe token's circulating supply is a staggering 420 trillion, which is no coincidence. This number is a reference to the popular slang term “4/20”, which is frequently used in cannabis culture. Even though the token is intended to be nothing more than a joke, liquidity on the Uniswap trading pool has exceeded $1.3 million, which demonstrates that it is being taken seriously by many.
The rise in popularity of the Pepe token is not unique. Crypto Twitter is known for its love of meme coins, and traders are always seeking the next big thing. Recent examples of this trend include Dogecoin (DOGE) and Shiba Inu (SHIB), which both enjoyed incredible success in the previous bull market. While most meme coins enjoy only short periods of popularity, some professional investors have suggested that they will always have a place in the crypto ecosystem.
James Wo, the founder of crypto fund DFG, has suggested that it is natural for traders to look for opportunities outside the major currencies such as bitcoin and ether. Meme coins are an important part of the trading landscape, and with the ability for anyone to call a smart contract and issue tokens on Ethereum or other blockchains for just a few cents, it is easy to see why they have become so popular. While some have bet on article-based tokens or even McDonald's-branded Grimacecoins, it is the Pepe token that is currently enjoying the most success. The future of this token, and the meme coins that will inevitably follow it, is yet to be seen.