Author: Day, Blockchain in Plain Language
In recent years, the Meme track in the crypto industry has risen rapidly. Thanks to the intentional or unintentional endorsements from figures like Elon Musk, Meme has become one of the mainstream tracks and popular narratives in crypto. Many crypto KOLs, represented by Vitalik Buterin, initially did not support it, but now have softened their stance and acknowledge its value.
Recently, the popular Meme “Spicy Chicken” Pepe has reached a market capitalization of over $4 billion, peaking at over $7 billion, demonstrating outstanding performance in this round of the Meme market. Even today, many people still find Pepe somewhat elusive. Today, let’s explore how Pepe has come to its current state…
01
Pepe’s Meme Culture
Looking at the development of Memecoins, most are based on materials with certain historical roots or inherent popularity on the internet, and Pepe is no exception. Its name comes from the character Pepe the Frog created by American cartoonist Matt Furie, who first appeared in his work “Boy’s Club.”
This comic began serialization on MySpace in 2005 and ended in 2010, garnering attention on the internet. Among its four characters, the frog Pepe (pronounced “Pepe”) is one, beloved for its cute appearance and humorous expressions. If you are more involved in blockchain, you may have also seen Memecoins related to the other three names (Brett, Andy, Wolf) on various chains, most of which have been speculative at some point.
Pepe’s path to fame parallels many internet phenomena: it initially gained popularity on subculture forums like 4chan and other niche communities, later catching the eye of social media influencers (KOLs) and exploding in popularity. In 2008, it was popular on cultural forums such as Myspace, Gaia Online, and 4chan, becoming one of Tumblr’s most popular viral images in 2015.
On social networks, the cost of reproduction and dissemination is relatively low, allowing Pepe emoticons and internet memes covering all emotions to spread quickly and resonate among a wide audience. Initially a character of joy, through the internet users’ remixes and reinterpretations, it gradually evolved into a symbol of sadness and melancholy. This transformation correlates with the internet culture’s popularity of self-deprecation and self-irony.
People found resonance in Pepe’s sad image, using it as a way to express inner emotions, especially for self-deprecation and expressing life’s hardships and setbacks. This emoticon pack is widely used, becoming one of the important symbols in internet culture. In Chinese internet culture, the Sad Frog is also popular, voted as one of the “Four Great Kings of Sadness,” becoming an important symbol for expressing negative emotions and melancholy.
Pepe’s image evolution on the internet is a rather complex and multifaceted phenomenon.
In 2015, the Sad Frog became associated with racial speech and the US presidential election, used to spread extreme messages. Some supporters of Trump adopted Pepe as their emblem, associating it with anti-political correctness and anti-establishment sentiments. This led to Pepe being misunderstood as a symbol of “Alt-right” and racial hatred.
This misunderstanding further exacerbated Pepe’s negative image, prompting Pepe’s creator, Matt Furie, to end it all to prevent further tarnishing. Even though the Sad Frog “died,” it continues to be popular among netizens, serving as a widely used emoticon that everyone can freely use to express inner emotions, including sadness or discouragement.
02
Pepe Token
Benefiting from the rapid rise in Pepe Frog’s popularity and extensive media exposure, Pepe Token (PEPE) was born in April 2023, quickly becoming one of the objects of investment for many cryptocurrency enthusiasts. In just one month, PEPE’s market value exceeded $400 million, entering the top 100 cryptocurrencies by market capitalization.
The creation of PEPE was a rebellion against the complex token economic models of “dog series” Memecoins. It aimed to return to the entertainment spirit of Memecoins, thus avoiding complex operations such as pre-sale, burning, and taxes in its token economics. PEPE aims to surpass other Memecoins and become a leader in the Memecoin field.
In addition, PEPE also borrowed from former US President Trump’s campaign slogan “Make America Great Again” and adapted it to “Make Memecoins Great Again.”
PEPE’s market operations have employed strategies to attract attention from the cryptocurrency community, including tax-free policies, redistribution systems rewarding long-term holders, and deflationary mechanisms to maintain token scarcity. PEPE is closely linked to MAGA (Make America Great Again) culture and attempts to translate this development into narrative momentum for token growth.
Currently, PEPE’s development has exceeded the team’s expectations. After adjusting on Binance, it began to rise again, recently breaking through a market capitalization of $7 billion, although it has since fallen back. This recent surge is likely related to Trump’s cryptocurrency remarks, indicating a certain connection between Pepe’s development and Trump.