PEPE is an Ethereum-based ERC-20 memecoin launched on April 14, 2023, featuring Pepe the Frog — the iconic green amphibian meme created by artist Matt Furie in 2005 and subsequently co-opted by countless Internet subcultures across the political spectrum. The PEPE token launched with zero official affiliation to Furie, no team allocation (0% team tokens), no taxes, and a deflationary burn mechanism. Within 19 days of launch, early buyers turned $250 into over $1 million as the token surged more than 7,000% — it became one of the fastest-growing crypto assets in history, reaching a market cap of $1.6 billion by May 2023. PEPE’s launch marked the beginning of what analysts called the “memecoin supercycle” in 2024, where memecoins as a sector became the highest-performing category of crypto assets. PEPE’s success was attributed to: (1) universal recognition of the Pepe the Frog meme across multiple Internet generations; (2) its clean tokenomics (no team allocation, no taxes) which built trust; (3) timing during a market recovery; and (4) listing on major exchanges within weeks of launch including Binance, OKX, and eventually Coinbase. PEPE represented the emergence of “third-generation memecoins” (beyond DOGE/SHIB) that compete on cultural recognition and pure virality rather than any technological or utility differentiation.
Key Facts
- Launched: April 14, 2023
- Blockchain: Ethereum (ERC-20)
- Supply: 420,690,000,000,000 (420.69 trillion tokens)
- Team allocation: 0% (fully distributed to liquidity)
- Tax: 0% (no buy/sell tax)
- All-time high: $0.000024 (May 29, 2024)
- Peak market cap: ~$7-8 billion (2024 bull run)
Tokenomics
“`
Total supply: 420,690,000,000,000 PEPE
Distribution:
- 93.1%: Uniswap liquidity pool (locked)
- 6.9%: Multi-sig wallet for CEX listings,
bridges, and future liquidity
Burn mechanism:
- Tokens sent to 0x000…dEaD address
- Community-driven burn events
No presale, no team tokens, no VC allocation
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The Pepe the Frog Context
Pepe the Frog: created by Matt Furie in 2005 comic “Boy’s Club.” The meme has been:
- Innocuously used as a reaction image (“feels good man”)
- Co-opted by 4chan culture
- Designated a “hate symbol” by the ADL (2016) after political appropriation
- Reclaimed by Furie through “Save Pepe” campaign
- Listed as a hate symbol AND benign meme simultaneously by ADL
PEPE token and Furie: The token had no official connection to Furie. He has made no public endorsement. The legal status of launching tokens based on third-party memes is unresolved.
Price Milestones
- April 14-May 4, 2023: +7,000% — initial launch surge
- May 2023: $1.6B market cap, Binance listing
- 2024 bull run: reached $7-8B market cap; top 25 crypto globally
- New ATH May 2024: surpassed initial 2023 peak by 3×+
Related Terms
Sources
- “PEPE Token Launch: Analyzing the Fastest Memecoin Surge in History” — Nansen / On-Chain Research (2023). On-chain analysis of PEPE’s first 30 days — examining early wallet behavior, exchange listing timeline, liquidity dynamics, and the demographic profile of early buyers who turned four-figure investments into seven-figure gains.
- “Third-Generation Memecoins: What PEPE Signals About Crypto Market Structure” — Bankless / Market Research (2023). Analysis of PEPE as the prototype third-generation memecoin — examining how it differs from DOGE (first-gen) and SHIB (second-gen) in design philosophy, launch mechanics, community structure, and what its success implies about the demand for pure cultural crypto assets without utility.
- “Memecoin Due Diligence: How to Evaluate PEPE-Style Launches” — degen.tips / Memecoin Research Framework (2023). Practical framework for evaluating new memecoin launches — examining the key signals that distinguished successful memecoins from rug pulls in the 2023-2024 cycle, including contract analysis, liquidity lock verification, team wallet analysis, and exchange listing probability assessment.
- “PEPE and Artist Rights: The Legal Gray Zone of Meme Tokens” — Coin Center / IP Research (2023). Legal analysis of the intellectual property questions raised by PEPE token — examining Matt Furie’s rights to Pepe the Frog, the trademark/copyright landscape, prior NFT disputes (Furie sued over unauthorized Pepe NFTs), and the broader question of whether meme-based crypto tokens infringe on original meme creators’ rights.
- “The Memecoin Cycle: PEPE’s Role in Reigniting 2024 Speculation” — Glassnode / Market Cycles (2023-2024). Analysis of how PEPE’s 2023 launch reignited memecoin speculation and set the stage for the 2024 “memecoin supercycle” — examining capital flows from Bitcoin/Ethereum into memecoins, the role of Solana in memecoin liquidity migration, and how PEPE’s performance influenced institutional interest in the memecoin asset class.