Pepe coin (PEPE) is a deflationary memecoin that was launched on Ethereum in April 2023. It is inspired by the Pepe the Frog internet meme, which was created by Matt Furie in the early 2000s. The project aims to capitalize on the popularity of meme coins, like Dogecoin and Shiba Inu, and establish itself as one of the top meme-based cryptocurrencies¹².
Pepe coin has a total supply and a max supply of 420,690,000,000,000 PEPE, which is a reference to the 420 and 69 memes. The project has a no-tax policy and a burning system, which means that a percentage of every transaction is permanently removed from circulation. This creates a deflationary effect, which theoretically increases the value of the remaining coins over time¹².
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As of January 16, 2024, the price of Pepe coin is $0.000001256 USD, which is about 0.0001256% of one cent. The market cap of Pepe coin is $528,265,069 USD, which ranks it at #109 among all cryptocurrencies. The 24-hour trading volume of Pepe coin is $90,411,732 USD, which indicates a high level of interest and activity in the market¹.
To reach one cent, Pepe coine would need to increase its price by 796,825 times, which is a very unlikely scenario. Even if Pepe coine could maintain its current market cap, it would need to burn 99.9999% of its total supply to reach one cent. This would require an enormous amount of transactions and time, which is not feasible given the current state of the Ethereum network and the competition from other meme coins¹².