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Updated Apr 21, 2023 at 01:16PM EDT by Brandon.

Added Apr 21, 2023 at 01:10PM EDT by Brandon.

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$PEPE is a Cryptocurrency alt-coin that uses Pepe the Frog as a replacement for Doge as a competitor to the widely popular Dogecoin. The coin, which experienced meteoric rise after being introduced, is being declared a pump-and-dump scam.


The $Pepe crypto coin came into existence on April 16th, 2023, with a circulation supply of 420 trillion, 690 billion coins, making obvious plays off of 420 and 69, memes known in the community that also relate back to Elon Musk. The twitter account @pepecoineth[1] officially celebrated the launch by showing the chart, website, and telegram address for the coin, as well as encouraging others to get in on it (shown below).

Pepe @pepecoineth Follow $PEPE is Live. Join the revolution to Make Memecoins Great Again. #MMGA Re Telegram: Website: Pepe. VIP Chart: pepe MAKE MEMECOINS GREAT AGAIN #MMCA 4:46 PM Apr 14, 2023


Within the first few days, the coin exploded in both popularity and received a considerable 21,000% growth, causing it to trend on Twitter and in alt-coin centric circles. This caused people who bought in early to have tremendous payouts, as noted by Twitter user and crypto holder @_etheth[2], who spotted one person already making tens of thousands off of their initial investment in three days (shown below).

this wallet (OxB71BcE9eC5D0A66215A032D6DAa83E743eEef380) bought .017 $eth of $pepe less than 48 hours ago and sold it all for 14 $eth over the past hour. -69.eth @_etheth Transaction Hash: → Status: Block: Timestamp: Transaction Action: Sponsored: Oxe648726c8e7ee4b5d7f31fc435ce257a0761c54c8f3ee657db7c3d5821ec56d5 . Success 17047580 13751 Block Confirmations Ⓒ1 day 22 hrs ago (Apr-14-2023 07:53:59 PM +UTC) | O Confirmed within 2 secs Swap 0.017 Ether For 2,277,400,717,578.936953957438158678 PEPE On Uniswap 2:56 PM. Apr 16, 2023 414.4K Views

On TikTok, videos of TikTokers buying the coins have been posting, with TikToker dimascrypto[3] showing him buying 101 USD worth, posting that he hope it'll pay off as an investment (shown below).

@dimascrypto ♬ original sound – DimasCrypto

As expected when a new alt-coin starts to get big, people started to be skeptical and call it a rug. In crypto terms, this means that the project will suddenly decline and fail to recover. While talk about $PEPE being another rug pull started to happen, fierce defenders of the coin started to appear, with Twitter user @NFTSNWEB3[4] summing up the majority of the arguments used in defense of it (shown below).

Got rich off $pepe (EYE :) @NFTSNWEB3 Ok here it is. $pepe has anonymous Team took out 6.9% profit for themselves in the beginning Rite after they sent the $pepe address to the burn address Just let that sink in. devs II GIF No1 is gonna rug us mfers fading $pepe are mad they couldn't dump on you ⠀

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External References

[1] Twitter – pepecoineth

[2] Twitter – _etheth

[3] TikTok – dimascrypto

[4] Twitter – NFTSNWEB3

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