What Is Pepe? The Ethereum Meme Coin Inspired by the Iconic Cartoon Frog

Launched in mid-April 2023, PEPE is an example of a meme coin, though one of a different variety than the oft-popular Dogecoin (DOGE) or Shiba Inu (SHIB) tokens.

Meme coins—cryptocurrencies based on internet memes, celebrities, and world events, and usually popularized and promoted by influencers or major figures in the space like Elon Musk—have drawn both investor attention and eye rolls over a perceived lack of seriousness.

But the potential for investors to score big with meme coins is real, nonetheless, as seen by the soaring gains for such coins and a bustling industry of new tokens sprouting up constantly. Below, we look more closely at PEPE. Note that there are multiple meme coins with similar names; we are focused specifically on $PEPE here.

PEPE launch

PEPE’s official Twitter account describes the token as the “most memeable meme coin in existence,” adding that the “dogs have had their day”—a reference to an earlier generation of meme coins including Dogecoin.

PEPE launched on April 17, 2023 with little fanfare. It is based on the Pepe the Frog character, originally created by Matt Furie in 2005, which became a popular internet meme and has previously been associated with the alt-right political movement, among other trends. Like several other tokens based on Pepe the Frog, PEPE does not have an official connection with Furie or the original cartoon character.

Other aspects of PEPE point to its position as a meme coin, including the fact that the circulating supply of PEPE tokens minted on Ethereum is 420 million, a reference to cannabis culture’s “4/20.”

Surge in interest

The process of calling an Ethereum smart contract and launching a token is inexpensive and easy, though generating liquidity can be a more difficult challenge. In the first few days of its existence, PEPE quickly rose to prominence because of a high-profile purchase that captivated the cryptocurrency community on Twitter.

A meme coin investor swapped 0.125 ETH, worth about $250, for a whopping 5.9 trillion PEPE tokens. As interest in the meme coin grew, the value of those tokens surged to about $1.8 million by April 19, 2023, yielding a potential return of roughly 4,500 times the initial investment. Perhaps unsurprisingly, the prospect of a quick payday drew in tens of thousands of other investors hoping to stock up on PEPE tokens before the price reached an upper limit.

Future of PEPE

As the broader meme coin market took hold in 2024, thanks to the rise of coins on Solana and the popularity of launchpad Pump.fun, PEPE was flung into the spotlight as a longer-standing and in-demand token.

PEPE has charted surging gains over the course of the year, and saw its biggest breakout in November 2024, then the coin jumped to a new all-time high price. This happened as Robinhood listed the token, and Coinbase signaled plans to do the same later in the day.

The meme coin market remains wildly volatile, but PEPE has emerged as one of the most valuable meme coins in the world as of this writing, rivaled only by even older standouts like Dogecoin and Shiba Inu as of this writing.

Editor's note: This story was originally published on May 31, 2023 and last updated with new details on November 13, 2024.