# Pepe

By [kotleta](https://paragraph.com/@kotleta) · 2023-06-08

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PEPE is a [deflationary](https://coinmarketcap.com/alexandria/glossary/deflation) [memecoin](https://coinmarketcap.com/alexandria/glossary/memecoin) launched on [Ethereum](https://coinmarketcap.com/currencies/ethereum/). The cryptocurrency was created as a tribute to the Pepe the Frog internet meme, created by Matt Furie, which gained popularity in the early 2000s.

The project aims to capitalize on the popularity of meme coins, like [Shiba Inu](https://coinmarketcap.com/currencies/shiba-inu/) and [Dogecoin](https://coinmarketcap.com/currencies/dogecoin/), and strives to establish itself as one of the top meme-based cryptocurrencies. PEPE appeals to the cryptocurrency community by instituting a no-tax policy, a redistributive system rewarding long-term stakers, and a burning mechanism to maintain scarcity of the PEPE coin.

In late April to May 2023, the explosive surge of PEPE caused its market cap to reach a high of $1.6 billion at one point, minting millionaires out of early holders and attracting a strong community of like-minded followers. It has induced what some may dub a "memecoin season," causing other memecoins — some launched within hours — to go on spectacular pumps and just as astounding dumps. It remains to be seen if PEPE and other memecoins will go on to new highs, although that is certainly the hope of many [bagholders](https://coinmarketcap.com/alexandria/glossary/bagholder).

[https://opensea.io/assets/0xFF289fB792c49648CB6179667d8321474a4d2F87/1](https://opensea.io/assets/0xFF289fB792c49648CB6179667d8321474a4d2F87/1)

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*Originally published on [kotleta](https://paragraph.com/@kotleta/pepe)*