Pepecoin: Weird New Meme Token That crashed 70% within days

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Pepecoin (known as PEPE for short) is a new cryptocurrency that has been grabbing headlines recently with its interesting rise and rapid fall in value. Pepecoin is interesting because it was created very newly - in fact, it first came out on April 19th, 2023. It was inspired by the well-known "Pepe the Frog" meme produced by cartoonist Matt Furie in 2005. The token's developers have remained anonymous so no one knows who exactly made this particular token. All we know is that it has been making waves as a digital asset and has quickly gained a decent amount of traction in the world of cryptocurrencies.

Pepecoin was able to amass over two hundred seventy thousand followers on a Twitter account where the creators promised that they were going to give their investors "the most memeable memecoin in existence." Because of the mass promotion of this coin on Twitter, Pepecoin reached a market capitalization of one billion six hundred million US Dollars on May 5th. The developers stated that this growth was essentially "fueled by pure memetic power" and it was a decent amount of growth, but this particular rise proved to be somewhat short-lived overall.

Since its launch, Pepecoin has traded for around just a fraction of a cent. In fact, at the time of this story, a single coin is worth $0.000001595 - much less than a single cent. Similar to fiat money and a lot of currencies/digital things in our modern world, Pepecoin is a meme coin that has no underlying value but the value comes from the memes & people promoting it.

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