Pepe coin price prediction: to the moon in 2024 and beyond?
What the heck is Pepe Coin?
$PEPE coin, the hippest cryptocurrency in town, is a tribute to the iconic Pepe the Frog. This digital gem operates on the Ethereum blockchain and is powered by an internet community giving the direct users the chance to be a part of its development. The founder of PEPE was an anonymous user who made the coin popular on Twitter with the ETH community.
Since its birth in April 2023, $PEPE has become a superstar. Within days, its market cap blasted through the roof, hitting $1.4 billion and causing a global investor frenzy in the month of May 2023. People just couldn’t get enough and more of such meme coins were inspired and launched on alternative blockchains. Cardano saw its very own launch of a meme coin $SNEK that became a hit with its passionate community on X (formerly Twitter) whereas Solana saw $BONK.
$PEPE has a mind-boggling supply of 420,690,000,000,000 tokens aka 420 trillion tokens. Yep, you read that right - it's a whole lot of tokens. Those who got in early saw over a grand time returns in just a few days.
$PEPE is available on decentralized exchanges like MetaMask, and Uniswap but also on centralized ones like Binance, OKX, Bybit and Kucoin. Get a compatible wallet of your choice, and swap your Ethereum for $PEPE. In this article we will take a look at the current state of this new market entrant and see what possible turn the coin could take.
As per coinmarketcap dated December 25, 2023, PEPE coin is one of the top ranking meme coins in the market.
The price prediction for mid 2024
Now, the following calculation is going to be highly speculative and it should not be taken at face value. Given the volatile nature of crypto it’s nealy impossible to know the future. However, we can draw some numbers based on historical performance and data.
At the time of this writing December 25, 2023, as per the Coinmarketcap Pepe historical data, the closed price as of December 24, 2023 is $0.000001375 and on July 24, 2023 it was $0.000001346. With that, we can calculate the growth rate.
Growth Rate = ((Present Value - Past Value) / Past Value) * 100
Here, the Present Value is $0.000001375 and the Past Value is $0.000001346.
Growth Rate = (($0.000001375 - $0.000001346) / $0.000001346) * 100
-> Growth Rate = ($0.000000029 / $0.000001346) * 100
-> Growth Rate = 0.0215 * 100
= Therefore, the growth rate is 2.15%.
Based on the given growth rate of 2.15% every six months, we can calculate the price increase for the period between December 24, 2023, and July 24, 2024.
First, let's find the price increase for each six-month period:
Price increase in the first six months (December 24, 2023 to July 24, 2024):2.15% of $0.000001375 = $0.0000000295625
Now let's calculate the price on July 24, 2024:
Original price (on July 24, 2023) + Price increase in the first six months:
$0.000001346 + $0.0000000295625 = $0.0000013755625
Therefore, based on the given growth rate, the possible price of $PEPE on July 24, 2024, could be approximately $0.0000013755625.
There are many ways we can go on about predicting the future numbers of PEPE. Several factors make it unpredictable such as market sentiment on socials, supply demand, partnerships, development, integrations, listings and scarcity among so many make it all extremely challenging.
Competition: Is Pepe coin the best bet of all meme coins?
Pepecoin brings no value or utility to its holders. The coin lacks substance and vision in its roadmap for what value it can contribute. It was made for entertainment purposes or even with the intention to make money. The meme coin is no different than say BONK, Hosky, Shiba Inu or Dogecoin, the only distinction there being that these are doggo memes and PEPE is inspired by a cartoon frog. On Web2 platforms like Discord and Twitter, anyone following crypto has most likely come across pictures of green frogs in several memes.
Analysis: What has the market performance been so far?
The currency reached its all time high market cap of $1.6 billion and shot up at 7000% in just a couple of weeks making those who got in early come out as millionaires on the other side. One attribution to its success has been the efforts of the coin in getting itself listed on numerous decentralized and centralized exchanges early on. As a result the liquidity went up high and so did the trades and swaps.
What is unique about the Pepe coin?
While it's just a meme coin offering no intrinsic value, there are however features that make it stand out among other dog meme coins. Mechanics such as redistribution, deflationary growth of supply, and no tax are what make it special and key in driving its long term price and sustenance. The meaning of the features is best described as below:
In a deflationary mechanism, a small percentage of tokens are burned every time holders transact with PEPE and this makes the supply recede as time goes by.
The redistribution policy in its natural sense redistributes a portion of tokens to every PEPE holder every time a transaction takes place. It’s a reward based system that allocates one percent of every successful transaction to a pool that is distributed amongst holders. This incentive based mechanism encourages people to hold and support the development of PEPE long term. When you look at the reward, yes that’s alright but the transaction gas fees on Ethereum are higher than the dollar worth of fees compared to it’s competing chains like Solana or Cardano where the transaction fee is almost less than a quarter of a dollar cent.
The no tax policy makes sure that the PEPE users can make transactions without any added costs. Therefore there are no additional costs to almost fixed transaction fees when users trade or swap PEPE. Other platforms can sometimes impose taxes on transactions to support their costs of running a business and this bears an additional burden on those looking to invest as well as their current holders. Taxes or fees imposed by other platforms often serve as revenue sources to cover operating expenses and contribute to the platform's growth and improvement.
While all of these features combined sound fancy to rake in more adopters in the short to mid term. On a skeptical note the no tax policy raises questions about how the platform will sustain itself and support its development in the long term. This is especially strange when you factor in the deflationary mechanism leading to the dwindling of tokens over time due to burns. Based on that point it’s questionable how the platform will support itself in the long game.
What are the risks associated with investing in a memecoin?
Like with all crypto investments, there are massive risks involved with investing in PEPE coins. Cryptocurrencies are a rollercoaster ride of volatility, with prices that can swing wildly and unpredictably. While this can spell big gains, it also opens the door for substantial losses. Added to this is the fact that the decentralized nature of cryptocurrencies often means they escape the watchful eye of regulators, leaving holders vulnerable to scams, fraud, and market manipulation. There have been several cases seen in the past where screen shotted jpegs of Bored Apes were seen minted on other blockchains robbing the original creator of gains and copyright. The same trap could be noticed with PEPE or any other token projects that are yet to come. So far preventing cross chain fraud and scams is not so easy and the technologies such as decentralized identity that could prevent such are still in the building.
The very concept of digital wallets, where users store their assets, brings another concern - security vulnerabilities. Without proper precautions, hackers can swoop in and make off with funds, leaving victims with no way of ever recovering their losses. Furthermore, the acceptance of cryptocurrencies as a form of payment is still limited, making it tricky to convert them into fiat money, particularly during bear market. Also macroeconomic factors such as the war in Ukraine leading up to inflation do impact the crypto or stock market.
Complicating matters further is the ever-changing landscape of regulations, as governments scramble to establish rules around cryptocurrencies. Abrupt alterations in regulations, tax laws, or government interference can have a profound impact on the value and usage of cryptocurrencies, potentially leading to significant losses for investors. Even in 2024 we think that the money pumping into the crypto market will not be driven by solid fundamentals but rather with speculation as it has been for the majority of its part in over several years.
This means that the prices can skyrocket or crash based on hype and fear, making it incredibly difficult to predict and manage investments effectively. Topping it off, investing in cryptocurrencies requires a deep understanding of the underlying blockchain technology. Without this comprehension, investors are left in the dark, making poor decisions and exposing themselves to higher risks. In conclusion, cryptocurrencies offer the potential for thrilling gains, but they come with equally thrilling risks that can leave investors financially devastated if they're not careful.
Courtesy: pepe .vip
What is the outlook? Community and roadmap of PEPE coin?
The plan for Pepecoin consists of three stages: Meme, Vibe and HODL, and Meme Takeover. Initially, the focus is on introducing the coin and ensuring its inclusion on well-known platforms such as CoinGecko and Coinmarketcap which they have already commenced. The intermediate stage emphasizes partnerships with the community, a Discord group accessible through token ownership, and getting listed on exchanges. In the final phase, the objectives include creating merchandise, establishing Pepe Academy and Pepe Tools, and securing listings on top-tier exchanges. The ultimate aim is to achieve a meme takeover by attracting over 100,000 holders of Pepecoin. As of late December 2023, Etherscan clearly displays the number of holders reaching 153K plus mark which surpasses it’s visionary target of 100k.
Courtesy: Etherscan
Given that we just await to see what merch the people behind PEPE coin will roll out. So far there are only unofficial merch such as t-shirts available on Amazon.
Will PEPE ever reach $1?
If you ask us, Coinfinz, our opinion is that it will never reach $1. This is because, if it does, the total market cap will be 420 trillion US dollars. Factors such as inflation and increased competition post imposition of upcoming regulations like MiCA in the European Union, as well as the aftermath of SEC drama in the US, suggest that many things could turn around. If PEPE has utility in gaming or wider entertainment, such as movies, it might be able to pay off, but that's also not known and there is no mention of it in its roadmap. However, a meme coin reaching a market cap of 420 trillion USD remains a far cry. Other blockchains with their native coins offering development of the underlying technology and leveraging that to make a real-world impact are more likely to succeed in that capacity. Please note this is no financial advice.
As seen on the CoinLedger calculator, if you had invested €1000 at the peak of PEPE’s hype during the ATH on May 5, 2023 at $0.000004354 (in US dollars) and sold them off year end on December 25, 2024, you would have lost ca. €696.
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