‘That Frog of SNS’ meme coin Pepe, market capitalization exceeds 13 trillion won

Economist Entered 2024-11-14 16:14

70 billion won traded in 3 hours after listing on Upbit, up 40% from previous day



Memcoin Pepe. [Photo captured from Pepecoin official website]

[Economist Reporter Park Ji-soo] Pepe, the 'meme coin', was listed on Upbit, a domestic virtual asset exchange, on the 14th. Due to the recent investment sentiment toward virtual assets, the transaction amount exceeded 70 billion won in just 3 hours. Pepe's market capitalization is 13.46 trillion won as of 4 p.m. on this day. Even on the virtual asset exchange Bithumb, Pepe is at the top in terms of transaction amount. It is third (about 860 billion won) after Dogecoin (about 1.45 trillion won) and Bitcoin (about 1.2 trillion won). Pepe Coin is one of the existing meme coins. It was created using the Pepe character, a famous internet meme. Pepe, which was created to keep in check the most famous meme coin, 'Doji Coin', lowers the entry barrier to purchasing tokens through its enormous issuance volume and low token price, and is forming a platform for a community that can form its own memes. When Pepe announced the Korean won listing on Upbit around 10:50 a.m. today, it soared 8.5% in just one minute. Recently, after Trump's election, virtual assets, including Bitcoin, received attention as investment sentiment exploded. An official of a virtual asset exchange said in an interview with The Economist, "As memecoins such as 'Dogecoin' received attention as the biggest beneficiary of the U.S. presidential election, Pepe is also surging. “As this is a phenomenon fueled by the Trump trade, we must be wary of excessive investment enthusiasm for meme coins,” he said. ⓒThe Economist (https://economist.co.kr) ‘The Economist, Economic News for Tomorrow’ Unauthorized reproduction and redistribution prohibited