How High Can Pepe Crypto Go?

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Contributor, Benzinga
May 18, 2023

A next generation of meme coins have quietly emerged in 2023. Investors are asking, could these new meme coins see a similar fate as Dogecoin and Shiba Inu did in 2021? One of the most popular meme coins through the 2023 bear market as been Pepe, a frog-themed crypto on Ethereum's blockchain.

Let's delve into how high Pepe token can go, and what's driving the price of this crypto upwards.

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How High Can PEPE Go?

It's difficult to predict how high Pepe can go, but if you're expecting the crypto to hit $1, don't hold your breath. There's a total supply of 420.69 trillion tokens, meaning that the market capitalization of Pepe would need to be roughly 200x the size of Apple to be worth $1 per token.

That being said, if Pepe picks up steam when the market is risk-on, it could appreciate multiple from its current price. Dogecoin and Shiba Inu both reached tens of billions of dollars in market capitalization, while Pepe's market cap sits at a modest $500 million.

Why is PEPE Moving?

PEPE Community 

The thriving PEPE cryptocurrency owes much of its success to its passionate and devoted community. Online communities like Reddit and Discord have wholeheartedly embraced PEPE, providing a platform for its supporters to express their creativity and enthusiasm. Within the PEPE community, a distinctive culture has emerged, characterized by the creation and sharing of memes, artwork and other content centered around Pepe the Frog. This strong sense of belonging and shared identity has played a crucial role in propelling PEPE forward in the highly competitive world of cryptocurrencies.

Meme Economy 

Internet memes have integrated into the fabric of online culture, capturing widespread attention and transcending into popular consciousness. Capitalizing on this powerful phenomenon, the PEPE meme coin harnesses the allure of internet memes to entice users and investors. The ascent of PEPE is not anchored solely in its technological advancements but also in the speculative fervor and enthusiastic anticipation surrounding its cultural significance.

NFTs 

The digital art market has undergone a transformative revolution with the emergence of non-fungible tokens (NFTs), and PEPE has fully embraced this trend. By venturing into the realm of Pepe-themed NFTs, the project enables users to engage in the acquisition, sale and exchange of exclusive digital artworks. Integrations with NFTs has not only enriched the PEPE ecosystem but has also captivated the interest of collectors and aficionados of digital art.

Can PEPE’s Price Keep Rising?

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PEPE, similar to other successful meme coins, derives its value not from practical real-world applications but rather from homage to one of the internet's most beloved memes. The project stands out due to its tax-exempt status, providing investors with the advantage of negligible charges when trading PEPE. A significant portion of the token supply, more than 93%, was deposited into the project's liquidity pool and subsequently burned, permanently reducing circulation and increasing the value of the remaining tokens.

The limited circulating supply of PEPE, coupled with the enthusiastic participation of retail traders, has fueled a surge in its price and sparked heightened interest in its price prediction since its launch.

The success of Pepe coin, as well as other meme coins, hinges on the level of buzz generated through social media platforms like Reddit and Twitter. If the Pepe coin developers effectively leverage this hype to create tangible applications and use cases, PEPE could secure a prominent position among the leading meme coins in the long term and keep the price rising. 

Can PEPE Sustain its Value?

The value of PEPE is considered to be driven by its popularity as a meme coin rather than intrinsic worth or financial expectations. The official website openly acknowledges that the coin is entirely devoid of utility and intended solely for entertainment purposes.

In light of this candid disclosure, it can be inferred that PEPE primarily serves as a vehicle for investors in meme coins to potentially profit from its surges in popularity on social media platforms. That purpose was exemplified in April 2023 when the price of Pepe coin experienced a remarkable surge of over 1,170% within a span of two weeks.

Who Should Invest in PEPE crypto?

PEPE investors can be divided into two categories: early believers in the project and latecomers looking to capitalize on its momentum. Despite their differing entry points, both groups share a common curiosity about the future prospects of Pepe.

With the growing number of holders and daily trading volume, industry experts foresee the potential for further bullish momentum. However, it remains uncertain how long this upward pressure will persist before bearish sentiment emerges.

Where to Buy Pepe Crypto

When seeking valuable insights on PEPE and other cryptocurrencies, Benzinga is a trusted platform to turn to. Benzinga provides comprehensive coverage of the latest market trends, analysis and expert opinions. Whether you're an investor looking to evaluate the potential of PEPE or seeking a deeper understanding of the cryptocurrency landscape, Benzinga offers a reliable source of information to guide your decision-making process.

Frequently Asked Questions

Q

Is PEPE token a good investment?

A

Investors should approach investing in PEPE with caution, considering the risks involved. While it may be tempting to join the hype in an attempt to capture potential gains, the risks associated with these coins often outweigh the potential rewards as there is no practical utility. 

Q

What does PEPE do?

A

PEPE primarily serves as a digital asset and does not have inherent practical utility or specific use cases. It was created as a tribute to the Pepe the Frog internet meme and relies on the popularity and engagement of the community surrounding it.

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