PEPE by the Numbers

Key Insights

• PEPE has become the fastest growing ERC-20 token in crypto’s existence gaining a $1 billion market cap and 107,000 holders in only 23 days.
• PEPE has sparked a renaissance in meme coins. As a result, both the Ethereum and Bitcoin networks are experiencing congestion and elevated transaction fees.
• While PEPE has grown at record pace, it still remains a fraction of DOGE and SHIB’s valuations.

A common complaint about the current state of crypto is that it lacks applications for the average Joe. This is a fair criticism, but there is one product that has continually proven capable of bringing new users on-chain: meme coins. Recently, there’s been a resurgence of speculative interest in meme coins thanks to the parabolic growth of PEPE, an Ethereum ERC-20 token that has amassed 107,000 holders and a $1+ billion market cap in only 23 days. To better understand the role of meme coins in crypto, let's take a look at their history and progression, leading up to the recent PEPE craze that has captivated the market.

Origins

Meme coins originated with the advent of Dogecoin (DOGE) in late 2013 and reached peak interest during the 2021 bull market. During 2021, DOGE gained mainstream popularity and grew from a $700 million market cap on January 1 to a $88 billion market cap in early May. Following Dogecoin’s run, Shiba Inu (SHIB) achieved a $42 billion market cap in late October after beginning the year under $1 million market cap. These dog-themed assets offer no intrinsic value, but their linkage to viral internet memes has driven their popularity amongst both crypto-native users and retail audiences.