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The Future. Amid growing turmoil in the cryptocurrency world, a new coin emerged last April based on the controversial meme Pepe the Frog. Speculative hype led Pepe coin to skyrocket in value last week– and plummet right back down this week. Whatever they’re worth, volatile memecoins like this one might doom an industry that badly needs an image rehabilitation.
“Pump the frog”
Fortune covered the rapid rise and fall of the frog-based cryptocurrency.
- On April 19th, Pepe coin ($PEPE) launched with a supply of 420.69 trillion coins– a quantity based purely on the number’s comic value.
- Pepe coin’s value rose steadily until May 5th, when it skyrocketed to a $1.6 billion market cap.
- The reign was short-lived. In the days since, Pepe coin has lost half that value.
Look before you leap
Pepe coin’s hype was clearly ironic, based on a bet that the coin’s ridiculousness would attract attention and subsequent investment. That’s exactly what happened– for a short time, at least– but roller coasters like these may damage crypto’s already-dodgy reputation. The tech has applications, but people may not believe that if they associate crypto with a cartoon frog.
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