Matt Furie created the meme and cartoon character Pepe the Frog. It has become the latest addition to the meme coin economy with its very own crypto token called pepe (PEPE). PEPE’s market capitalization has skyrocketed, surpassing $130 million in just a few days. As a matter of fact, Both Gopluslabs and coinmarketcap.com spoke out a warning. The contract owner may have the ability to modify the transaction tax and blacklist function, causing some concern among investors.
Do investors need to worry about the project?
As of the time of writing, the PEPE token has recorded over 122,000 transfers and has 29,756 holders. The top ten wallets hold 17.25% of the entire supply. Not to mention, the top 100 PEPE holders own 44.51% of the entire token supply. PEPE is ranked #245 out of 10,755 crypto assets on coingecko.com. On coinmarketcap.com, it is ranked #2,605 out of 23,473 listed cryptocurrencies.
The PEPE tokenomics page details say “No Taxes, No Bullsh**. It’s that simple.” Again, why has CMC’s PEPE page a warning link? It states that the contract owner may contain the authority to modify the transaction tax and contain blacklist function. Moreover, the tokenomics page indicates that the project sent 93.1% of the tokens to the liquidity pool and burnt LP tokens. And then, the community holds the remaining 6.9% of the supply in a multisig wallet under their control.
Besides the warning, the PEPE token’s popularity continues to rise, with the term “$PEPE” trending in the United States with 1.44 million associated tweets in the last 24 hours. It is the sixth-largest meme coin asset in terms of market capitalization size.
Equally important we advise investors to exercise caution and conduct their own research before investing in PEPE or any other crypto asset. The warning on CMC’s PEPE page and the analysis by Gopluslabs provide useful information to help investors make informed decisions.
The owner of the above picture purchased $260 worth of PEPE after it launched. He/She hold the position up to a $150M Market Cap.
Pepe is in a lot of mouths now and another meme season is starting.