Pepe The Frog (PEPE), a meme token launched on Sunday, has skyrocketed more than 21,000% in just three days. The token’s impressive performance resulted in trading volumes of $30 million on Uniswap and a peak market cap of $33 million, as of Tuesday morning.
As the official Twitter page of PEPE states, the Pepe coin is here to make memecoins great again:
Crypto Twitter seems to have adopted its motto, as data from Etherscan shows that Pepe has 10,000 individual holders, suggesting that numerous investors have joined the current hype expecting to make a profit.
The token overall supply is capped at 420 trillion, another cultural allusion to 4/20. PEPE’s trading activity rather shows it’s not just a hoax: providers of a trading pool on Uniswap have locked up more than $1.3 million in PEPE liquidity.
The PEPE tokens, however, have nothing to do with the original Pepe The Frog meme from 2005, which was created by Matt Furie and has since gone viral and taken a firm place in Internet meme culture.
Yes, it’s true that anyone can create and deploy a smart contract on the Ethereum blockchain (or other blockchains) and issue tokens for a relatively low cost. This process is commonly known as an Initial Coin Offering (ICO) or a Token Generation Event (TGE). Once the tokens are issued, they can be supplied with liquidity and traded on decentralized exchanges.
And Crypto Twitter seems to have a penchant for pouncing on meme coins like Shiba Inu and Doge, with tens of billions of dollars in the previous bull run. But not all meme coins last beyond several weeks.
Related: Dogecoin sharply drops after the Blue Bird logo returns
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