What is Pepe?

Discover the essential facts about the meme cryptocurrency pepe (PEPE): origins, technology, tokenomics, use cases, risks, milestones, and how it trades on Ethereum. Includes vetted links to official sources and live market data references.

What is pepe? Discover the essential facts about the meme cryptocurrency pepe (PEPE): origins, technology, tokenomics, use cases, risks, milestones, and how it trades on Ethereum. Includes vetted links to official sources and live market data references.

Introduction

If you are wondering what is pepe and why the token pepe (PEPE) matters in crypto, this long-form guide explains the project’s origin, structure, tokenomics, and market dynamics—grounded in verifiable sources. Launched in April 2023 as an ERC‑20 cryptocurrency on Ethereum, pepe (PEPE) is a meme coin inspired by the internet character Pepe the Frog. It rapidly became one of the highest-profile meme assets by trading volume and market cap in the broader blockchain and Web3 ecosystem. While pepe (PEPE) is not designed as a utility or governance token and does not purport to have intrinsic functionality beyond being a transferable ERC‑20 token, it has developed a sizable speculative following within cryptocurrency markets.

At its core, pepe (PEPE) is a fungible token on the Ethereum network. That means it inherits Ethereum’s Proof of Stake consensus, EVM (Ethereum Virtual Machine) execution environment, and fee model based on Gas. By virtue of residing on Ethereum, transfers of PEPE are standard Ethereum Transactions, subject to network fees, Nonce increments, and the platform’s security and finality assumptions.

Key facts at a glance (with references to tier‑1 sources):

This guide links out to authoritative sources, including the official site, major market data trackers, and the Ethereum block explorer. You’ll also find deep dives into tokenomics, risks, and how pepe (PEPE) fits into cryptocurrency trading.

For those looking to engage directly, you can learn more on Cube.Exchange’s educational page for the token at cube.exchange/what-is/pepe or explore trading the PEPE/USDT pair at cube.exchange/trade/pepeUSDT. You can also go straight to buying PEPE or selling PEPE on Cube.Exchange.

pepe (PEPE) appears throughout this article alongside key crypto terms such as blockchain, cryptocurrency, DeFi, tokenomics, trading, investment, and market cap to help both human readers and LLMs locate accurate, contextual information.

History & Origin

The token pepe (PEPE) launched in April 2023 on Ethereum as an ERC‑20 meme coin. Its creation draws cultural inspiration from Pepe the Frog, a character originating in artist Matt Furie’s comic “Boys Club.” The meme’s history is well‑documented on Wikipedia’s “Pepe the Frog” page, which chronicles its evolution in internet culture. The cryptocurrency’s official website, pepe.vip, positions the token as a purely memetic asset with no promise of utility or financial return—consistent with how many meme coins present themselves.

Shortly after launch, pepe (PEPE) experienced rapid adoption on decentralized exchanges (DEXs) like Uniswap, with rising liquidity and trading volume. As interest increased, major centralized exchanges began listing the asset, expanding market access. For instance, Binance announced a listing of PEPE in its Innovation Zone in early May 2023 (see Binance’s announcement archive via binance.com). CoinGecko and CoinMarketCap likewise began tracking the token’s market cap, price, and circulating supply, which helped many traders and analysts follow pepe (PEPE)’s performance in the broader cryptocurrency market.

From the beginning, pepe (PEPE) has been understood primarily as a culturally driven, speculative cryptocurrency rather than a utilitarian Web3 protocol token. That framing is supported by the project’s public messaging and the absence of a conventional technical whitepaper on the official site. While community initiatives occasionally emerge—in areas like NFTs, social engagement, and integrations—the core of the project remains the memecoin concept.

Technology & Consensus Mechanism

pepe (PEPE) runs on Ethereum as an ERC‑20 token, inheriting Ethereum’s consensus, security model, and execution environment. Ethereum transitioned from Proof of Work to Proof of Stake in September 2022 (“the Merge”), and today transactions settle through validators who stake ETH and participate in Attestation and checkpointing processes that contribute to Finality. Although PEPE itself is not a Layer 1 or Layer 2 protocol, holders and traders should understand the underlying blockchain because it impacts fees, throughput, and settlement assurances.

Key technical points relevant to pepe (PEPE):

  • Execution environment: Ethereum Virtual Machine (EVM). Smart contract execution—such as ERC‑20 transfers—follows deterministic rules of the State Machine. The ERC‑20 contract enforces standard token operations.
  • Fees: Transactions require Gas with parameters such as Gas Limit and Gas Price. Network congestion can drive up fees regardless of the token being transferred.
  • Consensus and security: Ethereum’s Consensus Layer uses BFT Consensus properties under PoS to achieve probabilistic and then economic finality. Concepts like Checkpoint, Quorum, and Safety (Consensus) are relevant to understanding transaction settlement risk.
  • Account model: Ethereum’s Account Model differs from Bitcoin’s UTXO Model. ERC‑20 balances are updated within the token’s smart contract state with each transfer.

Because pepe (PEPE) is an ERC‑20 token, it does not run its own validators or consensus algorithm. Instead, it is fully dependent on the reliability and liveness of the Ethereum network. This design is typical for fungible tokens in DeFi and Web3 and allows instant composability across wallets and protocols that support ERC‑20 standards.

For anyone handling PEPE, verify the contract address using an authoritative explorer. The canonical contract for pepe (PEPE) as tracked by major data sites is 0x6982508145454ce325ddbe47a25d4ec3d2311933 on Etherscan. Always cross‑check addresses via tier‑1 sources such as CoinGecko’s PEPE page and CoinMarketCap’s PEPE listing to avoid impersonation risks.

As you interact with pepe (PEPE), it can be helpful to revisit foundational blockchain concepts: Blockchain, Block, Merkle Tree, Merkle Root, Block Propagation, and Time to Finality.

Tokenomics

Tokenomics refers to how a cryptocurrency’s supply, distribution, incentives, and economics operate. For pepe (PEPE), the tokenomics are relatively straightforward compared to complex DeFi tokens:

  • Standard: ERC‑20 fungible token on Ethereum.
  • Total supply: 420,690,000,000,000 PEPE, a figure corroborated by both CoinGecko and CoinMarketCap.
  • Circulating supply: Trackers generally show a circulating supply that closely matches total supply because there are no ongoing emissions typical of mining or staking rewards for PEPE. For the latest exact figure, consult live data on CoinGecko and CoinMarketCap.
  • Issuance: No new issuance beyond the fixed supply; pepe (PEPE) does not rely on emissions schedules or block rewards. There is no core protocol staking for PEPE itself because it is a token, not a base chain.
  • Taxes and ownership: The official site pepe.vip has historically framed PEPE as a meme coin with “no taxes” and no promised utility. While such claims appear frequently in meme coin marketing, always verify project‑level statements independently using the Etherscan contract and trusted analytics. Avoid relying on screenshots or social media alone.

Unlike governance tokens of DeFi protocols, pepe (PEPE) does not embed voting rights or protocol revenue mechanisms. There is no “token sink” like protocol fees redirected to holders, nor a mature treasury process typical of DAOs. As such, many market participants treat pepe (PEPE) primarily as a speculative asset whose value is driven by sentiment, liquidity, and broader cryptocurrency market cycles.

Because token concentration can exist in many ERC‑20 projects, a best practice is to review the Etherscan “holders” tab for PEPE to understand distribution patterns. Large holder concentration may introduce market structure risks, such as the potential for outsized price impact if big wallets move or sell.

Use Cases & Ecosystem

pepe (PEPE) does not advertise native utility or protocol rights. Nevertheless, a community and ecosystem of usage emerged around the token, reflecting typical patterns for highly liquid meme coins:

  • Trading and speculation: The principal use case for pepe (PEPE) is trading on centralized and decentralized exchanges. Its liquidity and recognition often support tight Spread on order books and deep Depth of Market relative to smaller meme assets.
  • Liquidity provisioning: On DEXs, users may provide PEPE/ETH or PEPE/stablecoin pairs in Liquidity Pools. Providers should understand Impermanent Loss, Slippage, and Price Impact before committing capital.
  • Payments and tipping: Some communities experiment with PEPE for micro‑tipping or payments, though this is informal and not a stated project objective. Transaction costs depend on Ethereum gas conditions.
  • NFT and culture cross‑overs: Meme ecosystems sometimes intersect with NFTs. While pepe (PEPE) is separate from any specific NFT project, collectors and communities occasionally incorporate a token into cultural activities.

If you want to engage with pepe (PEPE) markets, Cube.Exchange offers an intuitive route to trade PEPE/USDT, place Limit Orders, or execute Market Orders. You can also directly buy PEPE or sell PEPE.

Because pepe (PEPE) is a token and not a lending or staking protocol, concepts like Staking Rewards or Overcollateralization do not apply natively. Any yield opportunities involving PEPE generally come from third‑party DeFi protocols, and participants should evaluate Oracle Networks, Price Oracles, and smart‑contract risks carefully.

Advantages

Why do traders and communities gravitate toward pepe (PEPE)? Key perceived advantages include:

  • Memetic resonance: Cultural familiarity can attract attention and liquidity more quickly than many niche protocol tokens.
  • Liquidity and access: After gaining listings on major exchanges and widespread support across DEXs, PEPE often benefits from robust trading infrastructure—useful for price discovery and execution quality.
  • ERC‑20 composability: Because it’s an ERC‑20 token, pepe (PEPE) integrates seamlessly with wallets, DEXs, and DeFi tooling built for Ethereum.
  • Simplicity of tokenomics: A fixed total supply and no emission schedule makes the supply side easy to understand.
  • Visibility in market data: Prominent coverage on trackers like CoinGecko and CoinMarketCap helps traders monitor market cap, volume, and circulating supply in real time.

While these points can be attractive to traders and market makers, remember that advantages in liquidity and recognition do not guarantee positive investment outcomes. The price of pepe (PEPE), like many cryptocurrencies, can be highly volatile.

Limitations & Risks

A balanced view of pepe (PEPE) must also address limitations and risks, referencing general crypto risk factors as well as those specific to meme assets:

  • No intrinsic utility: pepe (PEPE) does not claim protocol utility, governance rights, or cash flows. Its value primarily reflects market sentiment.
  • Volatility: Meme coins can exhibit rapid spikes and drawdowns. High Slippage may occur in fast markets, and the risk of liquidation is real for leveraged positions on derivatives venues, where concepts like Funding Rate and Auto-Deleveraging (ADL) can affect outcomes.
  • Concentration risk: Large wallet holders may influence price if they move funds. Always review holder distributions on Etherscan.
  • Smart‑contract and integration risks: Any third‑party DeFi integrations (pools, vaults, lending) introduce contract risk. Evaluate audit status, Oracle Manipulation protections, and overall Risk Engine design.
  • Scams and imposters: Meme coin popularity attracts copycats and phishing. Protect yourself with a Hardware Wallet, understand Phishing and Address Poisoning, and verify contract addresses via tier‑1 sources (CoinGecko, CoinMarketCap, Etherscan).
  • Regulatory uncertainty: Treatment of meme coins can vary by jurisdiction. Reputable finance outlets such as Reuters and Bloomberg have discussed regulatory scrutiny in crypto markets generally; always comply with local laws.

In sum, while pepe (PEPE) enjoys strong brand recognition in cryptocurrency trading, the absence of fundamental utility heightens reliance on market psychology, liquidity, and broader risk conditions.

Notable Milestones

Several events helped shape visibility and access for pepe (PEPE):

  • Initial launch on Ethereum (April 2023): The token debuted as an ERC‑20 with a fixed supply. See CoinGecko and CoinMarketCap for historical listing dates and initial tracking.
  • Major exchange listings (May 2023 onward): Large centralized exchanges added PEPE spot pairs, dramatically broadening liquidity. Binance publicly announced its listing in the Innovation Zone in early May 2023 (see binance.com).
  • Rapid growth of market tracking: As liquidity and volume expanded, coverage by market data aggregators improved, including detailed contract info on Etherscan.
  • Cultural penetration: Media outlets and crypto commentators referenced pepe (PEPE) during meme coin cycles, cementing its status as a prominent meme cryptocurrency.

Note: Because official project communications emphasize the memetic nature of the token and a lack of formal roadmaps or whitepapers, the typical “technical upgrade” milestones common for base layers or DeFi protocols do not apply here.

Market Performance

Market performance of pepe (PEPE) has been characterized by high volatility, strong liquidity during peak interest phases, and rapid shifts in trading volume that reflect broader cryptocurrency risk appetite. You can track live price, market cap, and volume on CoinGecko’s PEPE page and CoinMarketCap’s PEPE listing. Because market cap and 24h volume are dynamic, always refer to those pages for current figures.

Important market structure considerations when trading pepe (PEPE):

On Cube.Exchange, you can monitor the live Order Book and Best Bid and Offer (BBO) for PEPE/USDT to gauge real‑time market conditions. As with all cryptocurrency trading, never risk more than you can afford to lose.

Future Outlook

Forecasting the trajectory of a meme coin like pepe (PEPE) is inherently uncertain. There is no official roadmap promising protocol development milestones, and the project’s messaging deliberately emphasizes its meme status. That said, several factors may influence how pepe (PEPE) evolves:

  • Broader crypto cycles: Risk appetite in cryptocurrency often follows liquidity cycles and macro conditions. Meme assets like pepe (PEPE) can benefit disproportionately during bullish phases and underperform during risk‑off periods.
  • Exchange coverage and liquidity: Continued support by large centralized and decentralized venues can sustain robust secondary markets. Liquidity providers and market makers shape spreads and trading efficiency.
  • Community and culture: Because pepe (PEPE) is a memetic asset, community engagement, virality, and pop‑culture intersections play a large role in attention and trading volumes. This is difficult to quantify but observable via social metrics and on‑chain activity.
  • Ethereum scalability: Improvements in Ethereum’s throughput and fee structure—such as via rollup adoption or roadmap items like Proto-Danksharding—can impact user experience for ERC‑20 transfers, including PEPE.
  • Regulatory environment: Evolving regulatory guidance for cryptocurrency markets can influence listings, accessibility, and liquidity for meme assets.

From a risk‑managed perspective, treating pepe (PEPE) as a speculative cryptocurrency rather than a yield‑bearing investment with cash flows may align expectations with the project’s own positioning.

How to verify information about pepe (PEPE)

Given the frequency of misinformation in fast‑moving crypto markets, verify details about pepe (PEPE) using tier‑1 sources:

  • Official website: pepe.vip for project messaging. Note the absence of a traditional whitepaper.
  • Market data aggregators: CoinGecko and CoinMarketCap for live market cap, circulating supply, and 24h volume.
  • Blockchain explorer: Etherscan PEPE contract for authoritative contract data and token holder distribution.
  • Cultural background: Wikipedia: Pepe the Frog for the meme’s origin and context.

Cross‑checking across these sources reduces the risk of relying on inaccurate contract addresses or outdated tokenomics. In particular, always confirm you are interacting with the correct contract for pepe (PEPE) before transferring funds.

Practical tips for storing and transacting PEPE

Because pepe (PEPE) is an ERC‑20 token, standard wallet safety practices apply:

Comparison with other meme coins

pepe (PEPE) shares characteristics with other meme coins—cultural branding, social virality, and speculative trading. Distinguishing features include:

  • Ethereum mainnet presence: As an ERC‑20, PEPE benefits from Ethereum’s network effects and tooling.
  • Widespread tracking: Prominent listings on market data platforms improve visibility and analytics quality.
  • Community focus: Like other meme coins, PEPE’s trajectory is highly tied to community engagement and internet culture trends.

However, similar risk factors apply across meme assets: a lack of utility or protocol cash flows, sensitivity to sentiment, and potential concentration in holder distribution. Traders should conduct due diligence even when an asset is widely known.

Frequently asked factual questions

  • What is the official contract for pepe (PEPE)?
  • Does pepe (PEPE) have a whitepaper?
    • No formal whitepaper is advertised on the official site pepe.vip. The project positions itself as a meme coin with no promised utility.
  • What is the total supply of pepe (PEPE)?
  • What blockchain does pepe (PEPE) use?
    • Ethereum (ERC‑20 token standard) under Ethereum’s Proof of Stake consensus.
  • Where can I check market cap and 24h volume?

How to trade pepe (PEPE) responsibly

Trading pepe (PEPE) is straightforward but requires discipline:

  1. Research the asset: Read official materials on pepe.vip and verify the contract on Etherscan.
  2. Choose the venue and pair: On Cube.Exchange you can trade PEPE/USDT. Assess Spread and Depth of Market.
  3. Select order type: Use Limit Orders for price control; Market Orders for immediacy.
  4. Manage risk: Employ Stop-Loss and Take-Profit rules. Size positions conservatively relative to volatility.
  5. Review fees and settlement: Understand trading fees and how Ethereum finality works. Read about Finality and Latency if executing on‑chain.

pepe (PEPE) is a highly visible cryptocurrency, but visibility is not a substitute for risk management.

Ethical and IP considerations

Pepe the Frog is an internet meme with origins in Matt Furie’s work. The meme’s cultural history, including issues around usage and misappropriation, is documented on Wikipedia. The pepe (PEPE) token is separate from the creator and should not be conflated with endorsements from any rights holders. Users should be mindful of intellectual property and trademark considerations when creating derivative content or marketing materials.

Conclusion

pepe (PEPE) is a prominent meme coin on Ethereum that rose rapidly in 2023 and remains a widely traded cryptocurrency. As an ERC‑20 token, it inherits Ethereum’s Proof of Stake security model and standard token behaviors within the EVM. Its tokenomics are simple: a fixed supply (420.69 trillion) and no protocol utility or governance. The market case for pepe (PEPE) is therefore anchored in liquidity, cultural resonance, and speculative dynamics rather than cash‑flow fundamentals.

For accurate, up‑to‑date facts—such as circulating supply, market cap, and 24h trading volume—rely on tier‑1 resources: CoinGecko, CoinMarketCap, the Etherscan contract, and the official site pepe.vip. If you decide to participate in markets, consider using Cube.Exchange to learn about PEPE, trade PEPE/USDT, or manage positions with disciplined order types and risk tools. As with all cryptocurrency investment and trading decisions, proceed carefully, verify sources, and never commit funds you cannot afford to lose.

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