Frog

Pepe

Baby Doge Coin

Shiba Inu

FOMO

Ethereum-based Pepe posted 92% gains over the last 24 hours to become the third-largest meme coin by market cap.
<h2 id="pepe-has-a-meteoric-rise">Pepe has a meteoric rise</h2>
Pepe launched on <a href="https://uk.news.yahoo.com/pepe-coin-price-crypto-market-crashes-memecoin-050023523.html">April 17</a>, going from zero to a current market cap of $448.9 million — netting early investors huge profits and sparking calls for <a href="https://cryptoslate.com/meme-season-blamed-for-jump-in-ethereum-eth-gas-fees/">meme season</a>.
Over the past week, multiple tweets have posted stories of &#8216;degens&#8217; &#8216;yeeting&#8217; relatively small sums into Pepe to become overnight millionaires — generating a level of FOMO last seen during Dogecoin&#8217;s 2021 run to $0.74.
Amid general market weakness, Pepe&#8217;s strong run of form has leapfrogged FLOKI and Baby Doge Coin to become the third biggest meme coin by market cap.
However, overtaking second-placed Shiba Inu is a bigger ask, as it is currently more than ten times the value of Pepe.
<figure id="attachment_321623" aria-describedby="caption-attachment-321623" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-321623 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/05/Capture-1024x268.png" alt="Pepe ranks third biggest meme coin" width="1024" height="268" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/Capture-1024x268.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/Capture-300x79.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/Capture-768x201.png 768w, https://cryptoslate.com/wp-content/uploads/2023/05/Capture.png 1297w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-321623" class="wp-caption-text">Source: <a href="https://www.coingecko.com/en/categories/meme-token">CoinGecko.com</a></figcaption></figure>
The four-hour chart below shows an uptrend rising on April 29 around 13:00 GMT, taking Pepe from $0.0000003316 to a peak of $0.0000012 in the early hours of today — a 275% increase.
Gains from the local bottom of $<span class="no-wrap" data-price-json="{&quot;aed&quot;:2.0249938098521258e-07,&quot;ars&quot;:1.1931929868230871e-05,&quot;aud&quot;:8.213077785589033e-08,&quot;bch&quot;:4.183501743690372e-10,&quot;bdt&quot;:5.892331818380651e-06,&quot;bhd&quot;:2.0786638933183222e-08,&quot;bmd&quot;:5.514238514969171e-08,&quot;bnb&quot;:1.6246253254842376e-10,&quot;brl&quot;:2.7246955350165587e-07,&quot;btc&quot;:1.875341336393926e-12,&quot;cad&quot;:7.381486503623565e-08,&quot;chf&quot;:4.952227325523501e-08,&quot;clp&quot;:4.415416206091264e-05,&quot;cny&quot;:3.789384707486813e-07,&quot;czk&quot;:1.180886695302077e-06,&quot;dkk&quot;:3.758789506510359e-07,&quot;dot&quot;:8.24646499662836e-09,&quot;eos&quot;:4.59445474653712e-08,&quot;eth&quot;:2.6583897133647056e-11,&quot;eur&quot;:5.044243423622798e-08,&quot;gbp&quot;:4.454583842263086e-08,&quot;hkd&quot;:4.328539378287917e-07,&quot;huf&quot;:1.8780944958133535e-05,&quot;idr&quot;:0.0008177505432928983,&quot;ils&quot;:2.0128073427340366e-07,&quot;inr&quot;:4.52035216503113e-06,&quot;jpy&quot;:7.415972551296185e-06,&quot;krw&quot;:7.2688140680472e-05,&quot;kwd&quot;:1.6892097697215938e-08,&quot;lkr&quot;:1.8027857022501596e-05,&quot;ltc&quot;:5.520231468905636e-10,&quot;mmk&quot;:0.00011639388596819499,&quot;mxn&quot;:9.9370697175915e-07,&quot;myr&quot;:2.447219052943315e-07,&quot;ngn&quot;:2.5516854469024346e-05,&quot;nok&quot;:5.777184978555477e-07,&quot;nzd&quot;:8.914566124032336e-08,&quot;php&quot;:3.087918646567126e-06,&quot;pkr&quot;:1.556087267788284e-05,&quot;pln&quot;:2.336284153923016e-07,&quot;rub&quot;:4.523575458012669e-06,&quot;sar&quot;:2.0682370197103682e-07,&quot;sek&quot;:5.707815858037165e-07,&quot;sgd&quot;:7.35502918722875e-08,&quot;thb&quot;:1.8993033599896188e-06,&quot;try&quot;:1.0694148748775755e-06,&quot;twd&quot;:1.6825320268799661e-06,&quot;uah&quot;:2.0369871683374196e-06,&quot;usd&quot;:5.514238514969171e-08,&quot;vef&quot;:5.521407025038628e-09,&quot;vnd&quot;:0.001295334465388975,&quot;xag&quot;:2.20380016221007e-09,&quot;xau&quot;:2.7609240820599098e-11,&quot;xdr&quot;:4.0917800334092054e-08,&quot;xlm&quot;:5.305901720004039e-07,&quot;xrp&quot;:1.0810696922230156e-07,&quot;yfi&quot;:6.1473669252489706e-12,&quot;zar&quot;:1.0098506218627301e-06,&quot;bits&quot;:1.8753413363939263e-06,&quot;link&quot;:6.79441867801623e-09,&quot;sats&quot;:0.00018753413363939263}" data-target="price.price" data-price-previous="5.514238514969171e-8">0.000000055142 on April 18 equate to a 1,887% increase — meaning $1,000 invested then would now be worth $21,400.
<figure id="attachment_321633" aria-describedby="caption-attachment-321633" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-321633 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/05/PEPEUSDT_2023-05-01_09-24-31-1024x465.png" alt="Pepe four hourly chart" width="1024" height="465" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/PEPEUSDT_2023-05-01_09-24-31-1024x465.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/PEPEUSDT_2023-05-01_09-24-31-300x136.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/PEPEUSDT_2023-05-01_09-24-31-768x349.png 768w, https://cryptoslate.com/wp-content/uploads/2023/05/PEPEUSDT_2023-05-01_09-24-31.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-321633" class="wp-caption-text">Source: PEPEUSDT on TradingView.com</figcaption></figure>
As is typical with meme coins, the Pepe token has no notable use case &#8211; other than being associated with <a href="https://www.complex.com/pop-culture/2016/06/pepe-the-frog-boys-club">Pepe the Frog</a> — originally a character in the Boy&#8217;s Club comic book created by Matt Furie in 2005.
Its <a href="https://coinmarketcap.com/currencies/pepe/">CoinMarketCap page</a> states Pepe is a deflationary meme coin created as a tribute to the cartoon character. The page also mentions a redistribution system to reward long-term stakers and a burning mechanism.
<h2 id="do-your-own-research">Do your own research</h2>
Contract analysis conducted by <a href="https://gopluslabs.io/token-security/1/0x6982508145454Ce325dDbE47a25d4ec3d2311933">Go Plus Labs</a> highlights three attention items for Pepe. They are:
<ul>
<li>The number of token transactions is limited.</li>
<li>Maximum token trading can be modified.</li>
<li>The contract owner can blacklist addresses.</li>
</ul>
<a href="https://twitter.com/Deeznutzwoody/status/1652898794969677824">David Wood</a> tweeted that Pepe devs can increase transaction tax. However, this contradicts Go Plus Labs&#8217; analysis, which stated the contract owner could not modify the transaction tax.
Per CMC, the creators of Pepe are anonymous, and there is no information on the team.
The post <a rel="nofollow" href="https://cryptoslate.com/pepe-pumps-80-now-third-largest-meme-coin-by-market-cap/">Pepe pumps 80%, now third largest meme coin by market cap</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Pepe pumps 80%, now third largest meme coin by market cap

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