From Comic Character to Meme Coin: The Evolution of Pepe the Frog and the PEPE Cryptocurrency

PEPE is a meme coin built on the Ethereum network with Pepe the Frog as its theme, making it the third largest meme coin after Dogecoin and Shiba Inu. What is Pepe the Frog? Why is it so beloved by the community? And what features of the PEPE meme coin, which it initiated, have led it to become a cryptocurrency with a market capitalization of $4.7 billion?

The Origin of Pepe the Frog

Pepe the Frog is a character created by cartoonist Matt Furie, first appearing in the 2005 comic "Boy's Club." The comic depicts the lives of four roommates, with one of the characters being the frog Pepe the Frog. Pepe in the comic is portrayed as a laid-back, carefree character who often exhibits a relaxed and cheerful attitude.

In one scene in the comic, Pepe is depicted standing in a bathroom, pulling down his pants while urinating, and saying the phrase "Feels good man." This scene and phrase quickly became popular on the internet for its humorous and light-hearted vibe, becoming a favorite meme among netizens.

The Popularity and Evolution of Pepe Memes

By 2008, Pepe the Frog began to gain popularity on internet forums like 4chan and quickly became a meme used to express emotions. Different users started to adapt Pepe's image, creating various versions such as Sad Pepe, Angry Pepe, and more. These images gradually spread on platforms like Reddit, Tumblr, and other social media, becoming part of internet culture.

However, around 2015, Pepe memes were appropriated by some far-right and hate groups to spread their political and hateful messages. This sparked widespread attention and controversy, especially during the 2016 U.S. presidential election. According to writer Gary Lachman, Pepe became the "unofficial mascot of the alternative right movement." The use of Pepe gave rise to ironic worship of the ancient Egyptian frog-headed god Kek and ironic nationalism of the nonexistent Kekistan nation.

In response to this situation, original creator Matt Furie expressed his disappointment and initiated the "Save Pepe" campaign, attempting to reclaim Pepe's image from being associated with hate symbols. Over time, Pepe's image gradually returned to its original humorous and harmless nature on the internet, but its complex history still makes it a unique phenomenon in internet culture.

What is PEPE Memecoin?

PEPE is a cryptocurrency based on blockchain technology, inspired by the meme character Pepe the Frog.

Launched in April 2023, the memecoin PEPE claims to be tired of the dominance of dog-themed memes in the meme world. Early meme coins like Doge and SHIB were issued based on dog meme characters, while PEPE's release had no presale, zero trading tax, and the official team even destroyed LP tokens and relinquished contract permissions, promising that PEPE is the people's currency.

The total supply of PEPE is 4.2 billion tokens, currently circulating on Ethereum, BNB, and Arbitrum chains. It can be purchased on exchanges such as Binance, Bybit, Crypto.com, Gemini, and OKX.

Its official roadmap includes:

1. Memes
2. Vibes and Holding
3. Let memes take over

It's all about the meme vibes!

Among the memecoins tracked on CoinGecko, PEPE is the third-largest memecoin after Dogecoin and Shiba Inu, with a market capitalization of $4.7 billion, ranking 26th in the cryptocurrency market.

However, although the PEPE memecoin uses Pepe the Frog's image, it has no affiliation with the creator Matt Furie, and its revenue has not been shared with the original creator.

Controversies Surrounding PEPE Memecoin

PEPE garnered significant attention upon its release, sparking various discussions within the community. Early investors saw massive profits, leading to envy among others, but the lack of liquidity created a situation where gains were hard to realize. There were incidents of team members dumping tokens and crashing prices, which caused outrage within the community. Despite these negative events, PEPE continues to be loved and followed by the community.

Furthermore, the NFT marketplace OpenSea Pro announced last May that users could use the memecoin PEPE to purchase NFTs, providing another use case for PEPE beyond memes.

Even renowned American digital artist Beeple often uses Pepe as a meme in his works, with Beeple Studio planning to host a Pepe art exhibition in Charleston, South Carolina on August 10. The event invites the community to explore the origin and cultural impact of Pepe through insightful speeches, community art displays, and live art performances!

Beeple to Host Pepe Art Exhibition, Submission of Works May Receive Free Tickets

The Future and Risks of Memecoins

Memecoins are cryptocurrencies based on memes or internet culture, often originating from community-driven trends rather than actual technological innovation or application needs. The future development and investment risks of memecoins can be considered from various perspectives:

Community or Celebrity-Driven

The success of memecoins largely depends on the community support behind them. For example, Dogecoin surged significantly due to support from figures like Elon Musk, but as the memecoin market is relatively small, it is susceptible to manipulation by large holders or influential individuals. Figures like Musk can cause a surge in Dogecoin simply by posting a dog picture on Twitter, but this action led to a lawsuit against Musk by Dogecoin investor Keith Johnson, who accused him of a "pyramid scheme" and sought $258 billion in damages.

High Market Volatility

The memecoin market exhibits high volatility. The prices of these coins may fluctuate dramatically due to social media trends or market sentiment. This instability may attract speculators but also increases the risk of price crashes. The price volatility of memecoins is extremely high, exposing investors to the risk of significant losses in the short term. This makes memecoins a high-risk, high-return investment.

Lack of Intrinsic Value

Memecoins often lack practical application value or underlying technological support, with their value primarily driven by market speculation and hype. Once the market hype subsides, the value of these coins may quickly evaporate. In reality, countless memecoins issued in the crypto space, but only a few manage to survive. With governments increasingly tightening regulations on cryptocurrencies, memecoins may face more legal risks.

In conclusion, the future development of memecoins is uncertain, and they entail relatively high investment risks. Before investing, investors should carefully assess their risk tolerance and gain a deep understanding of market dynamics and related policy changes.