What is PepeCoin (PEPE)
PEPE is a meme coin that was launched in the middle of April 2023. Unlike the popular doge or Shiba Inu tokens, it is a different type of meme-coin. Memecoins are cryptocurrencies that are based on internet memes, often promoted by influencers or major figures in the space such as Elon Musk. While meme-coins have been met with both investor attention and scepticism due to their perceived lack of seriousness, they still hold the potential for investors to earn substantial profits. In this article, we take a closer look at PEPE, which should not be confused with other meme coins that share a similar name.
Centralisation Concerns
The Pepe coin is a relatively new player in the meme coin scene, having only launched in mid-April 2023. However, Crypto has already attracted attention for its impressive returns, with some investors turning their modest investments into life-changing fortunes. While the potential to profit from Pepe coin is alluring, there are concerns about the centralization of the token's supply.
According to reports, six wallets hold over $1 million worth of PEPE tokens, raising questions about the token's decentralization and the risk of market manipulation by a select few holders. This concentration of wealth in a few hands has the potential to affect the token's price and make it vulnerable to market volatility.
Moreover, there are rumours that some investors have been lured into investing in Pepe coin based on sensational stories of overnight millionaires. Such hype can be tempting for unsuspecting investors, and the lack of regulatory oversight in the crypto market only adds to the risk. As with any investment, it's crucial to do your research and understand the potential risks before investing in Pepe coin or any other cryptocurrency.
Pepe Makes Its Debut
Supported on the Ethereum blockchain, Pepe Coin, also signified as the $PEPE token debuted in the crypto market on April 16, 2023.
Bittrex Global, a major player in the cryptocurrency exchange market, has announced the listing of Pepe (PEPE) on its platform. In a move expected to encourage trading, the exchange has further sweetened the deal by offering zero fees on PEPE/USDC trades until August 28.
In a move expected to encourage trading, the exchange has further sweetened the deal by offering zero fees on PEPE/USDC trades until August 28. The popular meme-based digital token has seen its price inch upward by 2.4% to $0.00000153. However, the current price is notably below its all-time high of $0.00000431 recorded on May 5, recording a drop of 64.57%.
By Mahesh from the Modern Crypto world
