If you’re considering buying Pepe coin, you might have come across information indicating it doesn’t have any practical use and is mainly known as a frog meme.
As a result, many people are asking: does Pepe coin actually have utility?
Pepe coin’s community is its greatest utility, driving mass crypto adoption, securing top exchange listings, and achieving a $1 billion market cap within 19 days of launching. And that’s just the tip of the iceberg.
To provide further clarity, I’ve gathered data from other highly regarded cryptocurrencies and conducted a thorough comparison with Pepe. Let’s dive in.
Here is what we’ll cover.
Does Pepe Coin Have Utility?
Pepe Coin ($PEPE) is a memecoin primarily created for entertainment purposes.
It has no intrinsic value or expected financial returns and was created solely for amusement and not intended for any practical use, according to Pepe Coin’s official website.
Nevertheless, here are PEPE’s utilities compared to other prominent cryptocurrencies.
|Utility||Pepe (PEPE)||Bitcoin (BTC)||Ethereum (ETH)|
|Store of Value||TBD||TBD||TBD|
As you can see, PEPE has just as much utility as other favored cryptocurrencies. So why do people say it has no utility?
From what I can tell, it’s simply a lack of understanding of Pepe coin and cryptocurrency in general. Pepe has already proven itself as a force to be reckoned with.
It is the fastest-growing crypto in terms of market cap and community. And Bitcoin maxis already see it as a threat.
How do I know? Because they are already comparing PEPE to Bitcoin. Can you think of any other meme coin that is discussed in the same context as BTC?
Maybe DOGE or SHIB, but these coins are years ahead of PEPE.
In less than a month, the number one Twitter Spaces host, Mario Nawfal, led a conversation titled: “BITCOIN vs MEMECOINS: Millions Made, People Scammed”.
The primary focus of the discussion was the comparison between BTC and PEPE, emphasizing how BTC surpasses PEPE in terms of superiority.
The ultimate conclusion drawn from the conversation was that both Bitcoin and PEPE are essentially “memecoins” at their core.
The main thing BTC has over PEPE, is age.
What Gives Pepe Coin Its Value?
One of the most common statements I see from those who lack knowledge regarding Pepe coin is that “it has no value”.
A majority of these comments come from people who were introduced to Web3 via NFTs — which are digital assets frequently linked to the buzzword “utility.”
To be fair, I’m actually one of those people myself. However, what sets me apart is that I’ve wholeheartedly embraced my curiosity and have been actively immersing myself in nonstop learning about PEPE.
At this point, I have immersed myself in over 80 hours of Twitter Spaces discussing the topic.
Similarly, Bitcoin maximalists employ the term “utility” in an effort to appear intelligent and undermine the achievements of PEPE, despite the remarkable progress it has made within a relatively brief period.
Nonetheless, it’s important to consider what gives cryptocurrency its value. From there we can determine what gives PEPE its value.
Scarcity: If a cryptocurrency has an unlimited supply and only serves as a store of value, it’s likely considered worthless.
On the other hand, a cryptocurrency with a fixed supply fluctuates in value based on demand, which makes it more valuable.
PEPE has a capped supply of 420 trillion tokens. Its supply does not increase or decrease over time unless a holder were to voluntarily send their coins to a burn address.
Even then, the coins still technically live on the blockchain.
While PEPE’s supply is considerably more than Bitcoin’s max supply of 21 million tokens, $PEPE is still considered scarce to some degree.
Network and adoption: The size and strength of a cryptocurrency community combined with its widespread adoption also contribute to its overall value.
A large and active community along with a robust ecosystem of applications, and services built around the cryptocurrency, as well as support from reputable organizations and people, can enhance its value proposition.
Pepe the Frog is a meme that has been circulating on the internet since 2008, and it is widely regarded as one of the most significant and influential memes ever created.
Moreover, many individuals associate the meme with Donald Trump’s victory in the 2016 election, as Pepe memes were used on several occasions throughout his campaign.
Therefore, even before the creation of Pepe coin, the Pepe community had already gained massive popularity on a global scale.
This widespread recognition has played a significant role in the coin’s success, as it managed to attract over 100,000 unique holders within a month of its launch.
Pepe can even be purchased using a credit card on centralized exchanges like Gemini.
Market demand and liquidity: The level of demand and liquidity in the market greatly influences the value of a cryptocurrency like PEPE.
Increased demand, along with higher trading volume and liquidity has a tendency to push the value of a coin higher, thereby making it more appealing to investors.
When there is substantial transaction volume and a large market capitalization, it translates into greater liquidity.
In essence, higher liquidity makes it easier to buy and sell a token. Pepe coin, much like other successful cryptocurrencies, follows this trend.
Remarkably, within a mere 19 days of its launch and amidst a bear market, $PEPE achieved a tremendous milestone of reaching a market cap of $1 billion.
This feat stands as the fastest achievement of such magnitude for any coin.
Comparatively, the closest cryptocurrency to Pepe in terms of market capitalization reaching $1 billion was $SHIB, which took 279 days during a bull market.
But wait, “numbers don’t matter”. This is FUD that I’ve heard all too often. Anyone who tells you that is a liar. Numbers don’t lie, but FUD’ers do.
Cultural relevance: This is something that a majority of people fail to recognize. Especially crypto “experts” who are stuck in their ways.
Cultural relevance refers to the significance and impact of a cryptocurrency within the broader cultural context.
It relates to how well-known and accepted a cryptocurrency is among the general public and within specific communities.
Cultural relevance is influenced by various factors including media coverage, social media presence, popular endorsements, and community engagement.
Since its launch, $PEPE has surpassed all expectations, achieving remarkable results in record-breaking time.
It has received considerable media attention, making noteworthy appearances across various outlets in the following ways:
- $PEPE has gained significant attention on Twitter, with millions of daily mentions since it launched.
- 4 of the 5 largest centralized crypto exchanges listed $PEPE on their platforms in the first 30 days, along with other international exchanges.
- Pepe received mention on CNBC, as the community’s #DeleteCoinbase movement was attributed to a more than 4% drop in Coinbase’s stocks.
- Influential figures like Elon Musk have utilized the frog in a positive manner, while some smaller influencers have even endorsed the coin.
- Pepe Twitter spaces have attracted large audiences, with an average of 800+ listeners, causing many Web3 influencers to lose their audiences.
- People who have never bought crypto before are buying it for the first time because they want to own $PEPE.
To me, this is a clear indicator that Pepe is more than just a cryptocurrency and is a force to be reckoned with.
There is something much greater to be discovered behind the cover of this lovable frog character. And the coin itself is already attracting millions of people worldwide.
Trust and confidence: The value of a cryptocurrency is influenced by the confidence of its users and investors.
Factors like project credibility, underlying technology, and development team expertise generally play a role in determining its value.
PEPE is an ERC-20 (fungible token) that was created on the Ethereum blockchain.
Although its developer(s) remain unknown, the contract was renounced after its creation — meaning the deployer relinquished ownership and control over the contract.
Thus, no changes can be made to the tokens such as modifying the contract, minting new tokens, or changing contract parameters.
This ensures the contract is truly immutable and decentralized. In fact, this is considered by many to be one of PEPE’s main strengths.
There is no official roadmap or promise of delivering anything. $PEPE is simply on a mission to be “the most memeable memecoin in existence.”
And that is the best part about the Pepe coin movement. The community has made it what it is today.
It is a truly decentralized coin, backed by people who desire a change in Web3 and beyond.
A change so massive, not everyone can see the vision quite yet. But, it’s unfolding right in front of us. You just have to open your mind.
So, does Pepe coin have utility? Yes. And if you don’t believe community is a utility that’s worth a ton of money — you are sadly mistaken.
According to Harvard Business Review, a typical community budget for brands range anywhere from $500,000 to $10 million+ annually.
Ah. So “community” is more than just a buzzword… Who would have thunk it?
Frequently Asked Questions
What is Pepe coin used for?
$PEPE is a meme coin that is meant for entertainment purposes only. However, some platforms including OpenSea, Manifold, and others are already accepting Pepe coin as a form of payment.
What is the best potential meme coin?
Based on statistics, $PEPE holds the highest potential in 2023. It stands out as the fastest-growing cryptocurrency, backed by a global community. Additionally, Pepe is widely regarded as the ultimate meme, making it incomparable to any other memecoin.
Can Pepe coin be stored on a hardware wallet?
$PEPE is compatible with various wallets, including software wallets like MetaMask and hardware wallets like Ledger. Any wallet that supports ERC-20 tokens can securely store Pepe coin.