The unprecedented rise of $PEPE, a memecoin inspired by the Pepe the Frog meme, has taken the cryptocurrency world by storm. Reaching an astonishing $1 billion USD market cap, $PEPE has paved the way for "memecoin season," where meme-based cryptocurrencies are experiencing explosive growth and popularity.
What is $PEPE?
$PEPE is a memecoin based on the famous Pepe the Frog meme, which originated from Matt Furie's comic series "Boy's Club" in 2005. Despite the character's controversial history, the $PEPE memecoin has managed to generate significant interest and investment, leading to a massive market cap and further fueling the memecoin phenomenon.
Memecoin Season: How to Start Trading Memecoins Using MetaMask
If you're itching to get your hands, and wallet, dirty this meme season you can follow these steps:
Install MetaMask: Download the MetaMask browser extension from metamask.io and set up a new Ethereum wallet or import an existing one.
Fund your wallet: Transfer Ethereum (ETH) to your MetaMask wallet address to cover gas fees for transactions. Be mindful of high Ethereum gas fees when trading memecoins and ensure you have enough ETH in your wallet to cover these costs.
Add memecoins: Click "Add Token" in MetaMask, input the contract address for $PEPE or other memecoins, and add them to your wallet. You can usually find them on their Coingecko listing for more established memecoins on Etherscan or from creators for newer coins.
Choose a decentralized exchange (DEX): Select a DEX, like Uniswap or SushiSwap, that supports the memecoin you want to trade.
Connect MetaMask: Visit the DEX website, click "Connect Wallet," choose MetaMask, and follow the prompts to connect your wallet to the DEX.
Use Flashbots Protect: To protect your transactions from frontrunning and save on gas fees, consider using Flashbots Protect to send transactions directly to miners.
Trading Memecoins
Once your wallet is set up and connected, you can trade memecoins on the chosen DEX. Select the memecoins you want to swap, enter the desired amount, and review the transaction details, including the estimated gas fees. Make sure to maintain a sufficient Ethereum balance in your wallet to trade out of your memecoins later. Confirm the swap and monitor the transaction's progress on an Ethereum block explorer like Etherscan.
A Warning
All investments, including those in cryptocurrencies, involve risk, and the past performance of any investment does not guarantee future results. Any reliance on the information provided in this guide is solely at your own risk. The guide and its authors disclaim any responsibility for any loss or damage that may arise from your use of or reliance on the information provided herein.
Memecoins present an even bigger risk than traditional cryptocurrencies as they typically offer no utility. They are closer to gambling than investing and there is a high likelihood you could lose everything you put in.
Additionally, as the "hot new thing" there are MANY scams out there, be careful what you sign, do your own research and never put in more than you are happy to lose 100%. Really! And it's probably safest to use a seperate wallet as well in case of scams.
Good luck out there!
