The Rise of Pepe: From Meme Culture to Token Economy
In recent years, the Meme track in the cryptocurrency industry has risen rapidly, with the likes of Musk and other well-known figures inadvertently or intentionally promoting it. Meme has become one of the mainstream tracks and popular narratives in the cryptocurrency world, with many crypto KOLs, including V God, shifting from initial non-support to a more accommodating attitude and acknowledging its value.
The current market value of the popular “Spicy Chicken” Pepe has reached over 40 billion US dollars, peaking at over 70 billion US dollars in this round of meme performance. Many people are still puzzled by Pepe’s popularity, so let’s delve into how Pepe has evolved to its current state.
Pepe’s Meme Culture
The development of Memecoin is often based on materials with historical significance or existing popularity on the internet, and Pepe is no exception. Named after the character “Pepe the Frog” created by American cartoonist Matt Furie, Pepe first appeared in his work “Boy’s Club.” Originally serialized on MySpace in 2005 and concluded in 2010, the comic gained some attention on the internet. The frog Pepe, with its cute image and funny expressions, quickly won affection. Its popularity led to the emergence of other Memecoins related to the characters Brett, Andy, and Wolf, most of which were traded for a period of time.
Pepe’s popularity followed a path similar to many internet sensations: it began in subculture forums like 4chan and other niche groups, and then caught the attention of social media influencers, igniting its fame. The Pepe meme quickly spread and resonated among a large number of internet users, as its expressions and memes covered a wide range of emotions. Initially a symbol of joy, it gradually transformed into an emblem of sadness and despair, mirroring the prevalent self-deprecating and self-mocking culture on the internet.
Despite its death, the widespread use of Pepe’s image continues to thrive, allowing everyone to freely express their inner emotions, including sadness or frustration.
Pepe Token
Thanks to Pepe Frog’s rapid rise in popularity and extensive media exposure, Pepe Token (PEPE) was born in April 2023 and quickly became one of the objects of investment for many cryptocurrency enthusiasts. Within a month, PEPE’s market value exceeded 400 million US dollars, entering the top 100 cryptocurrencies by market capitalization.
The creation of PEPE aimed to resist the complex token economic model of the “Dog Series” Memecoins and return to the entertainment spirit of Memecoins, avoiding complex operations such as presale, destruction, and taxation in its token economics. PEPE’s goal is to surpass other Memecoins and become a leader in the Memecoin field.
In addition, PEPE drew inspiration from the former US President Trump’s campaign slogan “Make America Great Again” and adapted it to “Make Memecoins Great Again.” Its market operation incorporated strategies to attract attention from the cryptocurrency community, including tax-free policies, a redistribution system to reward long-term holders, and a deflation mechanism to maintain the scarcity of the token.
Pepe’s Rise
Before the emergence of Pepe, many similar Memecoins had been introduced, but only Pepe has achieved the current heights. The rise of PEPE can be attributed to several factors, including the influence of large holders and teams, the spreading of stories about early PEPE holders’ sudden wealth, and the FOMO sentiment following the success of other Memecoins like Dogecoin and Shiba Inu.
The involvement of trading platforms also played a crucial role in PEPE’s development, as it quickly gained traction on several prominent platforms. These factors combined to attract over 100,000 token holding addresses within a month of its release.
In summary, the rise of Pepe can be attributed to a combination of factors, including the influence of the team, the spread of stories of sudden wealth, and the FOMO sentiment following the success of other Memecoins. The involvement of trading platforms also played a crucial role in PEPE’s development.
Conclusion
In conclusion, the rise of Pepe from a Meme culture to a token economy is a multifaceted phenomenon influenced by various factors at different stages of its growth.