{"id":20045,"date":"2023-04-20T15:18:07","date_gmt":"2023-04-20T15:18:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/new-pepe-the-frog-crypto-token-becomes-sixth-largest-meme-coin-by-market-cap-altcoins-bitcoin-news\/"},"modified":"2023-04-20T15:18:07","modified_gmt":"2023-04-20T15:18:07","slug":"new-pepe-the-frog-crypto-token-becomes-sixth-largest-meme-coin-by-market-cap-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/new-pepe-the-frog-crypto-token-becomes-sixth-largest-meme-coin-by-market-cap-altcoins-bitcoin-news\/","title":{"rendered":"New \u2018Pepe the Frog\u2019 Crypto Token Becomes Sixth Largest Meme Coin by Market Cap \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

A new token named after Pepe the Frog, the infamous meme, and cartoon character created by Matt Furie, has entered the meme coin economy. The token is called Pepe (PEPE), and at the time of writing, it has become the sixth-largest meme coin asset in terms of market capitalization, valued at just over $130 million. However, amidst the fast rise, both the website coinmarketcap.com and the Web3 security startup Gopluslabs have warned that the contract owner may have the ability to modify the transaction tax and blacklist function.<\/strong><\/p>\n

PEPE Market Booms Despite Warnings of Contract Modification<\/h2>\n

Doge and the other dog friends in the meme economy have a new companion, but this time, the newcomer is a frog, specifically Matt Furie\u2019s Pepe the Frog. The coin pepe (PEPE)<\/a> has not been around for long, appearing on the scene on April 18, 2023. According to current statistics, PEPE is up more than 400% from the coin\u2019s all-time low on the day it started trading. Two days later, on April 20, PEPE\u2019s market valuation reached a high of $165 million. The number of pepe tokens in circulation is 420.69 trillion, and at the time of writing, there are 29,756 PEPE holders<\/a>.<\/p>\n

\"\"
During the last 24 hours, the term \u201c$PEPE\u201d has been trending in the United States with 1.44 million associated tweets.<\/figcaption><\/figure>\n

So far, the crypto asset has recorded 122,368 transfers. Out of the 29,756 PEPE owners, the top ten wallets command 17.25% of the entire supply. Additionally, according to PEPE\u2019s rich list statistics, the top 100 PEPE holders own 44.51% of the entire token supply. On coingecko.com, PEPE is ranked #245<\/a> out of 10,755 crypto assets, and the web portal\u2019s meme coin economy page shows that PEPE is the sixth-largest<\/a> meme coin asset in terms of market capitalization size. On coinmarketcap.com (CMC), PEPE is ranked #2,605 out of 23,473 listed cryptocurrencies on the website.<\/p>\n

CMC\u2019s PEPE page also contains a warning link that says: \u201cAccording to Gopluslabs the contract owner may contain the authority to modify the transaction tax and contain blacklist function. Please exercise caution before taking any action and DYOR.\u201d<\/p>\n

CMC also shared the Gopluslabs page<\/a> that analyzes the PEPE contract. CMC shares warnings like this for other coins, such as Crypto AI (CAI), which states<\/a>: \u201cAccording to Gopluslabs, the smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please exercise caution before taking any action and DYOR.\u201d If the PEPE team has the authority to modify the transaction tax, it would go against the project\u2019s tokenomics ethos.<\/p>\n

\u201cNo Taxes, No Bullsh**. It\u2019s that simple,\u201d the PEPE tokenomics page<\/a> details. \u201c93.1% of the tokens were sent to the liquidity pool, LP tokens were burnt, and contract is renounced. The remaining 6.9% of the supply is being held in a multi-sig team wallet only to be used as tokens for future centralized exchange listings, bridges, and liquidity pools. This wallet is easily trackable with the ENS name \u2018pepecexwallet.eth.\u2019\u201d PEPE\u2019s web portal also shows a picture of the frog urinating on the top meme assets like SHIB, DOGE, and APE.<\/p>\n

\"\"<\/p>\n

Not the First \u2018Pepe the Frog\u2019 Crypto Asset and Probably Not the Last<\/h2>\n

PEPE\u2019s roadmap<\/a> has big aspirations as phase three of the plan is to produce \u201cgenerational wealth\u201d and create a \u201cPepe Academy.\u201d At the end of phase three, it also says \u201cflip Bitcoin.\u201d Furthermore, the PEPE website insists that the team and project have \u201cno association\u201d with Matt Furie or his creation, Pepe the Frog.<\/p>\n

PEPE is not the first crypto asset to use the Pepe the Frog name and image, as there are a number of others dedicated to the famous meme, such as arbi pepe<\/a>, pepesol<\/a>, pepemoon<\/a>, mcpepe\u2019s<\/a>, PEPE.bet<\/a>, zkpepe<\/a>, and babypepe<\/a>.. Furthermore, pepe cash<\/a> was created long before<\/a> PEPE and the rest of these assets in order to bolster the community of digital artwork collectors and creators using the Counterparty blockchain and the original Rare Pepe NFT trading cards<\/a>.<\/p>\n

The new PEPE token website claims that the crypto asset is not a financial vehicle with any real promises. \u201cPEPE is a meme coin with no intrinsic value or expectation of financial return,\u201d the website discloses. \u201cThere is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.\u201d<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
Altcoins<\/a>, APE<\/a>, arbi pepe<\/a>, association<\/a>, babypepe<\/a>, Bitcoin<\/a>, Blacklist<\/a>, Centralized Exchange<\/a>, Circulation<\/a>, CMC<\/a>, coingecko.com<\/a>, Coinmarketcap.com<\/a>, Crypto AI<\/a>, crypto assets<\/a>, Cryptocurrency<\/a>, Doge<\/a>, generational wealth<\/a>, Gopluslabs<\/a>, Liquidity Pool<\/a>, LP tokens<\/a>, Market Capitalization<\/a>, Matt Furie<\/a>, mcpepe’s<\/a>, Meme Altcoins<\/a>, Meme Coin<\/a>, Multi-sig<\/a>, nft<\/a>, pepe<\/a>, Pepe Academy<\/a>, pepe cash<\/a>, Pepe the Frog<\/a>, PEPE.bet<\/a>, pepemoon<\/a>, pepesol<\/a>, Roadmap<\/a>, Security<\/a>, shib<\/a>, Smart Contract<\/a>, Supply<\/a>, tokenomics<\/a>, Tokens<\/a>, trading<\/a>, transaction tax<\/a>, valuation<\/a>, Wallets<\/a>, Web3<\/a>, zkpepe<\/a><\/div>\n<\/div>\n

What do you think about the rise of Pepe (PEPE) in the meme coin economy, and do you believe that its contract owner\u2019s ability to modify transaction tax and blacklist function is a cause for concern? Share your opinion in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n