Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

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Original author: Day

In recent years, the Meme track in the crypto industry has emerged as a new force. Driven intentionally or unintentionally by more and more celebrities such as Musk, Meme has become one of the mainstream tracks and popular narratives in the crypto industry . Many crypto KOLs represented by Vitalik Buterin have gone from initially not supporting it to now moderating their attitude and not denying the value of its existence.

Recently, the market value of the popular meme Pepe has reached more than 4 billion US dollars, and the highest has exceeded 7 billion US dollars. It has performed well in this round of meme market. To this day, many people are still confused about Pepe. Today, lets discuss how Pepe has come to where he is today step by step…

Pepes Meme Culture

Throughout the development of Memecoin, most of them are based on materials with certain historical origins or popularity in the network, and Pepe is no exception. Its name comes from the character Pepe the Frog created by American cartoonist Matt Furie , who first appeared in his work Boys Club.

This comic started serializing on MySpace in 2005 and ended in 2010, gaining some attention on the Internet. There are four characters in it, and the frog Pepe is one of them. He has won the love with his cute image and funny expression. If you play more on the chain, you will also see three other names (Brett, Andy, Wolf) related Memecoins on various chains, most of which have been hyped for a period of time.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

Pepes path to fame is similar to that of many Internet hits: it initially became popular on the subculture forum 4chan and other niche groups, then attracted the attention of social network opinion leaders (KOLs) and exploded, becoming popular on cultural forums such as Myspace, Gaia Online and 4chan in 2008, and becoming one of the most popular Internet hit images on the social platform Tumblr in 2015.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

On social networks, the cost of re-creation and dissemination is relatively low. Pepe emoticons and Internet memes that can cover all emotions can spread quickly and resonate among a large number of netizens. It was originally a character that expressed happiness, but with the secondary creation and reinterpretation of Internet users, it gradually evolved into a symbol of sadness and frustration. This transformation is related to the popularity of self-deprecation and self-mockery in Internet culture.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

People have found resonance in Pepes sad image and use it as a way to express their inner feelings, especially for self-deprecation and expressing difficulties and frustrations in life. This emoticon package is widely used and has become one of the important symbols in Internet culture. The sad frog is also very popular in Chinese Internet culture and has been selected as one of the Four Great Sad Frogs, becoming an important symbol for expressing negative emotions and bitterness.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

The evolution of Pepe鈥檚 image on the Internet is a rather complex and multifaceted phenomenon.

The sad frog was associated with racial rhetoric and the US presidential election in 2015 and was used to spread extreme information. Some Trump supporters used Pepe as their symbol and associated it with anti-political correctness and anti-establishment sentiments. This led to Pepe being misunderstood as a symbol representing the Alt-right and racial hatred.

This misunderstanding further exacerbated the negative impression of Pepes image. In order to prevent the Sad Frog from being further slandered, his biological father Matt Furie chose to end it all and kill Pepe.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

In fact, even though the Sad Frog is dead, it still remains popular among netizens. As a widely used emoticon, everyone can use it freely to express their inner emotions, including sadness or frustration.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

Pepe Token

Thanks to the rapid rise in Pepe Frogs popularity and extensive media exposure, Pepe Token (PEPE) was born in April 2023 , and it quickly became one of the investment targets for many virtual currency enthusiasts. In just one month, PEPEs market value exceeded US$400 million, entering the top 100 cryptocurrency market capitalizations.

PEPE was created to rebel against the complex Token economic model of the Puppy Series Memecoin. It hopes to return to the entertainment spirit of Memecoin, so it avoids complex operations such as pre-sale, destruction and taxation in its Token economics. PEPEs goal is to surpass other Memecoins and become a leader in the Memecoin field.

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

In addition, PEPE also borrowed the campaign slogan of former US President Trump, Make America Great Again, and adapted it into Make Memecoins Great Again.

PEPEs market operations have adopted some strategies to attract the attention of the cryptocurrency community, including the formulation of tax exemption policies, a redistribution system that rewards long-term holders, and a deflationary destruction mechanism to maintain the scarcity of tokens. PEPE is closely associated with MAGA (Make America Great Again) culture and attempts to transform this development into a narrative driving force for token growth.

At present, the development of PEPE has exceeded the teams expectations. After the adjustment of BN, it began to rise again. The recent market value exceeded 7 billion US dollars in the short term, and has recently fallen back. The recent rise should also be related to Trump鈥檚 cryptocurrency remarks. Through the above understanding, we can see that the development of Pepe is also related to Trump.

Why can Pepe get up?

There were many local dogs before PEPE, but only the current Pepe has reached the current height. Lets briefly sort out how PEPE got to where it is today:

PEPE attracted the attention of some big players and teams in the early stage of its launch. These big players discovered the incubation period of PEPE by analyzing the flow of funds on DEX and began to build positions. In addition, some early buyers also hold NFTs related to PEPE, which may be related to the initial team. In addition, the PEPE team blacklisted the addresses that purchased PEPE at extremely low prices and made huge profits in the early stage before giving up the contract rights.

On Twitter, the discussion of PEPE suddenly increased on April 17, and some small and medium-sized key opinion leaders (KOLs) began to discuss and promote PEPE, which caused heated discussions on social media. At the same time, Google searches also began to rise from the end of April, indicating that PEPE began to attract wider attention.

Soon after the launch of PEPE Token, it was listed on several CEX/DEX, including Gate, OKEx, Matcha and BN. These listing processes were accompanied by the rise of Token prices. After the listing of BN, some users took profits, and the team cashed out and left the market, as well as the uneven distribution of the team, caused PEPE to fall sharply. After a six-month correction, with the intensification of anti-VC rhetoric, the popularity of the Meme track soared again, and PEPE also broke through new highs again and had a tendency to become the new leader of Meme.

Let me briefly summarize the reasons:

Team: The team is extremely capable and has a top marketing team . In the early days, it collaborated with some influential KOLs for publicity and obtained resources from listed companies.

Spread of stories of getting rich quickly: Stories of early PEPE holders getting rich quickly spread across social media and the cryptocurrency community. These stories involve PEPE coin holders making huge gains in a short period of time, which arouses the interest and curiosity of others.

FOMO: After experiencing the crazy rise of Memecoins such as Dogecoin and SHIB coin, people have been looking for the next potential skyrocketing token. The emergence and rapid growth of PEPE triggered peoples fear of missing out, fearing that they would miss out on similar opportunities like Memecoins that increased by 100x and 1,000x again. This fear of missing out led to more and more people buying PEPE, forming a self-reinforcing cycle. PEPE attracted more than 100,000 coin holding addresses in less than a month after its release.

CEX/DEX promotion: Trading platforms played an important role in the development of PEPE. PEPE was quickly launched on some well-known platforms, such as MEXC, BN, OKX and HTX, in a short period of time. It was probably because PEPE reached 100,000 currency holding addresses in a short period of time. This popularity attracted the attention of trading platforms, causing more users and funds to flow into PEPE.

The above is what I understand about why PEPE can rise. From this, we can see that the gameplay of some current Memecoins is similar to it. If you have different opinions, please leave a message to supplement it.

summary

Twitter KOL neso summarized the decisive factors in the growth of Meme at various stages of market value as shown in the following figure:

Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

This article is sourced from the internet: Pepes growth history: From emoticons to a market value of 7 billion US dollars, what is the charm of Pepe?

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