Memecoin Pepe (PEPE) was launched just a month ago and has gained incredible impact.
Initially, the major crypto exchanges listed the anonymous coin in its third week of existence. Then another crypto giant humbly fell to his knees, apologizing for stating the publicly available facts, which upset the PEPE community.
Is it possible that PEPE is not just another innocent memecoin that has broken into the crypto space?
Memecoin with MAGA Vibes
Based on the hugely popular character Pepe the Frog, PEPE memecoin has surpassed $1.6 billion Market value It has hacked the 60 largest cryptocurrencies in less than a month since it was launched in mid-April.
Issued with more than 420 trillion tokens, PEPE has openly declared it to be a coin with no intrinsic value and “completely useless.” He also made no secret of his purpose, stating that he has come to “take his reign as the king of memes” and is here to “make memes cool again.”
The official website depicted Pepe wearing a red hat, similar to Donald Trump’s MAGA hat – a universally recognized symbol of his presidential campaign.
It was launched on April 14, 2023, one day later Donald Trump has been questioned In a civil fraud lawsuit, PEPE hit an all-time high $0.00000431 on May 5th.
This represented an exponential growth for the brand new memecoin, which has been declining exponentially since then.
At the same time, PEPE has grown a solid base of supporters. She has 269.4k followers on Twitter, nearly 95k subscribers on Telegram, and over 112k chain owners at the time of publication.
PEPE has also found a supporter in post-Elon owner Twitter musk Heavily armed Pepe tweeted his support for the Second Amendment.
Notorious for influencing memecoin prices through his social media posts, Elon Musk has chosen political vocabulary to fuel the PEPE craze. His tweet, “Explaining the Constitutional Amendments,” immediately sent PEPE’s price up 32%.
Exchanges appear quickly
The coin is listed on several major crypto exchanges; Although her team is anonymous, she doesn’t have one White papersno interest, width 420.690 trillion.
Two of the largest exchanges in the world, Binance and KuCoin, listed PEPE on May 5, 2023. This was the 21st day of memecoin’s existence.
This was almost the speed of light compared to two years waiting for Dogecoin (DOGE) and almost nine months waiting for Shiba Inu (sheep).
source: Queen Gekko
Why were cryptocurrency exchanges, notorious for their strict listing policies, so quick to give the green light to PEPE? Binance and KuCoin both identified a high user interest when DailyCoin asked about their listing criteria.
“The main driver behind the PEPE listing was its community and the number of users requesting it,” a Binance DailyCoin spokesperson confirmed.
The exchange says it runs a “rigorous due diligence and review process” on new applicants, evaluating multiple factors before approving a list of new tokens.
A Binance spokesperson highlighted the commitment of the project team, the quality of development and activity, trading volume, network stability, and the level of public connectivity as some of the critical factors they are paying attention to.
Earlier this year, the founder of Binance CZ Certain This community is the “number one” that Binance is looking for in candidates.
“If the number of users for a project or coin is high, there is utility value and it is usually very good Liquidity. If they don’t have a large number of users, we’ll need to look at other things very carefully, like the product or the team.”
KuCoin noticed a lot of interest
The fourth largest crypto exchange, KuCoin, decided to list PEPE in response to the perceived surge in community interest.
“In the case of PEPE coin, we noticed significant interest from the community and conducted in-depth due diligence on its decentralized nature, which prompted us to list the token,” Medha B Dey Roy, global communications advisor at KuCoin, told DailyCoin.
According to them, KuCoin due diligence experts generally check candidate team background, protocol technology, security, market potential, community participation, legal compliance, and risk control levels. The exchange does not have “fixed criteria” to prioritize one criteria over others.
Listings bring benefits to exchanges, too
Being listed on cryptocurrency exchanges creates new opportunities for cryptocurrency projects. However, these projects aren’t the only ones profiting from the list, says Marcus Thelin, author of “Crypto Titans.”
“Your listing on major exchanges often comes with more marketing and visual exposure. There is an assumption that this will also increase volume as more people can buy it.
In extreme cases, such as PEPE, when the volume and/or market capitalization is large, it can be an important source of income for the exchange to list the meme coin,” Thielen stated in his post to DailyCoin.
Coinbase: “We screwed up, sorry”
But while two of the world’s largest cryptocurrency exchanges were surprisingly quick to approve PEPE, Coinbase She behaved even more strangely.
At first, the US cryptocurrency exchange ignored pressure from the PEPE community to list memecoin. the company publicly mentioned The alt-right associations with which the Pepe character has been publicly linked. This immediately caused outrage and threats of boycott from PEPE supporters.
The hashtag #deletecoinbase went wild on Twitter, prompting a blasphemous apology from Coinbase Chief Legal Officer Paul Grewal two days later:
This marks an unprecedented move by the largest centralized crypto exchange in the United States, which is usually stampede its location. He. She lawsuit The US Securities and Exchange Commission (SEC) a few weeks ago because of a lack of regulatory direction in its ongoing battle to list unregistered securities.
However, the apology did not calm the PEPE community. Instead, its most active members began to claim Coinbase CEO Brian Armstrong’s personal apology and listing of PEPE on Coinbase.
The broader context of Pepe the Frog: The Alt-Right and Donald Trump
The harsh reaction to the Coinbase newsletter raises suspicions that PEPE supporters are trying to eliminate the cartoon frog’s association with far-right movements. However, this does not change the past.
Pepe the Frog, created by artist Matt Furie in 2005, has become one of the most diverse internet memes of 2015. Internet communities have used the green frog character to express a range of emotions, as have extremist movements and former US President Donald Trump.
Alt-right groups have exploited Pepe to flag their anti-Semitic, racist, or homophobic messages on 4chan, 8chan, and redditand Tumblr and other social media forums. However, extremist and politically charged memes quickly spread across mainstream social media channels such as Facebook and Twitter after Donal Trump joined the party by tweeting a picture of himself as Pepe the Frog and tagging some far-right accounts during the 2016 presidential campaign.
source: New York Books
Many later interpreted his actions as such Silent support The position of the radicals that encourages enthusiasm among like-minded Trump supporters. This led to more Pepe memes and discussions about her becoming a symbol of Trump politics.
The general public, who learned about Pepe the Frog from Donald Trump, have mostly associated the meme with far-right movements and extreme political messages. The Anti-Defamation League, an international non-governmental organization specializing in civil rights law, added Pepe the Frog to its hate symbol database in 2016.
Memecoins: a new field for political battles?
One doesn’t have to be American to know the former president’s knack for trolls and memes. Many media have it Analyze it His role in turning memes into a political tool to gain power and mobilize supporters when needed.
With the 2024 US Presidential Election looming, Nazir Pep for publicly referring to Donald Trump’s MAGA symbols rings a bell and raises a few questions.
Covered in catchphrases about being for love (#PepeIsLove), the PEPE community has shown that it can pursue its goals with ferocity, and perhaps in a coordinated fashion.
The cryptocurrency space has not yet been openly exploited for political purposes, but what would happen if it became a new platform for political battles?
Read about Elon Musk’s endorsement of memecoins:
Musk Spikes Milady Meme Coin Price 11.632% with NFT Meme
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