Since its release in December 2013, Dogecoin has always been popular, as evidenced by its consistently high-ranking market cap valuation. Its creators are confident that “pure memetic power” can make Pepe the new “king of the memes.”īut taking Dogecoin’s spot will not be easy. The stated purpose of PEPE is “to make memecoins great again.” Its roadmap emphasizes non-technical milestones, including getting trending on Twitter. On April 17, Pepe rolled out, catching the attention of crypto investors as it surged from zero to an all-time high of $0.00000431 in two weeks.ĭuring this period, social media was flooded with posts about early Pepe investors becoming overnight millionaires – perpetuating a cycle of hype and FOMO, catalyzing further price tailwinds. But in fairness, crypto’s credibility problem runs much deeper than memecoins.
Memecoins, and their prevalence within the crypto industry, are often cited as significant factors in crypto’s poor standing among the general public. On the flip side, memecoins offer social value and have the uncanny ability to capture the spirit of the times, which, when coupled with hype and the Fear of Missing Out (FOMO), can undergo substantial price increases, leading to exponential gains for early investors. These criticisms seem all the more persuasive when applied to memecoins, which typically exist without an underlying purpose or specific practical use case. Crypto has always struggled with credibility among no-coiners – who point to the lack of intrinsic value, price volatility, and regulatory concerns, among other issues.
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