jakiro
Source: MIIX Capital
1. Project situation
1.1 Business summary
PEPE is Memecoin, which was released on Ethereum on April 17, 2023. It relies on pure model -driven to locate the “people’s tokens”.PEPE’s creation aims to use the popularity of Memecoin such as Shiba Inu and Dogecoin to pay tribute to the Pepe the Frog network emoji created by Matt Furie, and build itself as the top Memecoin in the industry.
In market operations, PEPE has attracted the attention of a large number of cryptocurrency communities by formulating a duty -free policy, rewarding the re -distribution system of long -term interest -related stakeholders, and the destruction and contraction mechanism that maintains the scarcity of PEPE token.
1.2 Team background
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Zachary Testa, founder of PEPE, was born in 1997 in Phoenix, Arizona, USA. He graduated from Arizona University in 2018 and obtained a marketing degree. He is also an American landscape photographer.Other regions that prohibit drones have been illegal.
Matt Furie is the original author of Pepe the Frog.As an American comic artist and illustrator, he is famous for creating a frog Pepe. This is a role in the “Boys Club” series that he launched in 2005.It was originally designed as a green humanoid frog, and later evolved into various emoticons, and spread widely on the Internet in the late 2000s and early 2010.
It is worth noting that in August 2023, the price of PEPE plummeted by 20%, and the founder Testa was reviewed. It is reported that he and the team members stole more than $ 15 million of PEPE from multiple signature wallets in the project.Other PEPE team members Telegraph Handl is@billyoptions,@zerozevia and@ekim222 (now all deleted).
1.3 Product/Technology
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The birth of PEPE is to position themselves “MEMECOIN mostly remembered in existing existing existing existing”, but according to the official website, PEPE has no inherent value and product technical connotation -“PEPE is a Memecoin without inherent value or financial return expectations.There is no formal team or roadmap, it can be said to be completely useless, only for entertainment. “
But in the field of encryption, this is not a rare thing. After all, many Memecoins that have appeared in the past did not propose any statements, and they also directly warned users that they had no value.
1.4 Development Roadmap
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In the first stage, on the coinmarketcap and Coingecko, PEPE was launched to promote community growth, carried out marketing activities, and increased popularity and influence;
In the second stage, put PEPE on the major centralized exchanges, expand transaction volume and liquidity, increase market value and ranking, and attract more investors and partners;
At present, in stage three, on the PEPE of all kinds of first -class exchanges, starting the so -called “era of the era of the” age “plan to create a coin ecosystem, including NFT, games, charity, etc.
2. Market data
2.1 official website data
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From the official website data from February 2024 to April 2024, the total number of visits is 990.13k, 330.04K, and the monthly access rate is 72.42%(medium, the official website structure is simple).Direct visits and sharing access accounts for more than 75%, which may indicate that the proportion of dirty data in access users’ data is not high, and most of them are the results of community interactive communication.
2.2 Social media data
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3. Competitive analysis
3.1 Circuit scale
Memecoin usually has no actual use, mainly by emotional and cultivating community stickiness.From 2020 to 2021, the factors such as $ Doge and $ Shib established their own status and showed the unique charm of the aluminar market.At present, the total market value of all coins is about $ 60 billion, of which Dogecoin, Shiba Inu, Dogwifhat, and PEPE, etc. are in the top 50 cryptocurrencies in the market value, but this number is still lower than that of Dogecoin in early 2021The peak of nearly $ 100 billion.
At first, Memecoin was mainly gathered in ETH ecology. With the rise of high -performance networks, Solana Network became an important network of Memecoin transactions. The enthusiastic participation of its community made it the center of the vibrant coin market.After the upgrade of Denchun, thanks to the significant decrease in trading costs on DEX, Base Chain has also become the main platform for trading Memecoin.
3.2 Competition status quo
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According to Coingecko data, in the first quarter of 2024, Memecoin became the most profitable crypto track, with an average return of 1312.6%, of which TOP5 was Doge, Shib, PEPE, WIF and Floki.
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In ETH ecosystem, PEPE, as the MEMECOIN TOP1 project, is far ahead. Other popular Memecoin, such as TOP 2 – 4 Trump, Pork, and FLOKI, have a great gap with PEPE.However, compared to Shib, although the PEPE of TOP3 still has about three times the space, its development speed is much faster, and it is worth looking forward to growing and market value performance.For example: SHIB used the address of 100,000 holders in 90 days in 2021, and PEPE exceeded 100,000+holders in less than 30 days.
Observe the development law of the head of the head, when the consensus needs of the MEME narrative reach saturated, it will turn to the pursuit of substantial functions to expand users and support the market value, such as Doge announced the launch of ecology such as Shibaswap and NFT.In other words, the first stage is the financial flywheel that runs first, and then the second stage is the narrative landing.PEPE coins will also continue to explore new application scenarios in the process of route map stage three later to support the growth of its market value.
3.3 Different advantages
Compared with other Memecoin, PEPE has natural artistic and spread. PEPE comes from “PEPE The Frog”. This is the original work of artist Matt Furie. Its role has been popular on the Internet since 2005. It has a deep cultural foundation with a deep cultural foundationAnd recognition.
The cause of “Pepe the Frog”, which has accumulated many years, is the core factor developed by PEPE.PEPE uses the cultural attraction of the mold, and cleverly combines the advantages of blockchain technology with the spread of PEPE The Frog. Using the collective force of the Internet culture, through the unique attributes of the encrypted community, it creates PEPE this kind of PEPE.MEMECOIN with strong community consensus.
3.4 risk and problem
PEPE, as the top3 token of Memecoin, is the same as other Memecoin, facing the risk of volatility and poor market value stability. Once the emotion turns to the market value and currency price, it will decline sharply.Although PEPE may have brought a high -rate return on many investors, investing in Memecoin still needs to be cautious and patient.
In addition, before the PEPE team members, the incident of more than 15 million US dollars worth of PEPE was stolen from the project’s multiple signature wallets. Now that the market value of PEPE has soared, the incident seems to have become the past, but there are still risks whether there are still risksIt is left to cause the community turmoil and the volatility of the token market. It is still unknown. It is recommended to pay close attention.
4. To token valuation
4.1 token model
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The total supply of PEPE is nearly 420.7 billion (420,690,000,000,000,000,000). This number is tribute to the popular MEME number 4:20 and 69 (these numbers in specific culture have specific meanings).The official website claims that the PEPE tokens are not pre -sale, zero taxes, LP has been destroyed and the contract has been abandoned.
4.2 Valuation Analysis
The valuation model of Memecoin is very different from the valuation model of traditional financial assets. The main reason is that the value of Memecoin mainly depends on factors such as its narrative size, emotional awakening frequency, and celebrity effects. It is difficult to accurately quantify the mathematical model.Although some Memecoin has found innovative methods to integrate NFT, decentralized finance (DEFI) or community -driven plans, many projects mainly focus on the emotional value of humor and irony. The characteristics of this lack of fundamental technology value have also led to Memecoin.Limitation of valuation model.
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First of all, in the Memecoin track, TOP 1’s DOGE currently has a market value of US $ 20.8 billion (up to 100 billion), SHIB’s market value of US $ 14 billion (up to $ 50 billion), PEPE is currently US $ 3.9 billion, they are all in circulation, and PEPE is naturally natural, and PEPE is naturally natural.The own communication attributes make it have greater comparative advantages in competition, and the ability to rise and value shape has great potential.
Secondly, for MEME, narrative is product, culture is product, community is product. Although it is difficult to accurately quantify the value of Memecoin, it can be referred to some valuation formulas for vague judgments.The narrative in the formula is the MEME product itself, and the number is an ion deviation factor that is difficult to calculate accurately.If the extension is extended, the valuation = narrative size (the scope of the market)+ emotional awakening frequency+ celebrity effect (KOL recognition and capacity)+ SOV (Share of Voice: media proportion share) and other multipleCombination of factors.
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Based on market trends, historical performance, chain transactions, and token scores generated by AI generated by Twitter and news content analysis, the current PEPE score is second (63 points), which reflects investment in the next 24 hours.The potential opportunities of tokens are greater.
PEPE tokens have increased by 6.1%in the past 7 days, and have received some positive emotions of KOL on Twitter within 24 hours.PEPE was mentioned 8 times by 6 KOL, with a total number of viewing more than 208,947.The account of PEPE includes Coldbloodshill, Cryptogems555, AI_9684xtPa.
PEPE’s valuation = narrative size (in the field of Memecoin, 90 points/100) + emotional awakening frequency (80 points) + celebrity effect (70 points) + SOV (50 points) = 290 points (total score 400)
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Finally, as of May 15, 2024, the COINGLASS data showed that PEPE’s unstraached positions increased by 24.43% to US $ 139 million, while derivative transactions increased by 19.72% to 2.063 billion US dollars, which may further promote PEPE currencyThe short -term fluctuations, plus the frequent transactions of giant whales in the near future, and the continuation of the MEME market cycle, the market has remained optimistic about the long -term prospects of PEPE coins.
4. Summary
As the Memecoin project, PEPE lacks substantial product technical support. At the same time, the black history that the PEPE team had previously maliciously cashed out and the legal review that the founder may face has added more uncertainty to the development of PEPE. This is also investment PEPE PEPE PEPERisk factors that need to be considered from time to time.
However, PEPE’s natural communication attributes allow it to have a unique contrast advantage, and has successfully succeeded in community and cultural narrative, occupying a place in the Memecoin market.The continuous hype of PEPE for a large number of giant whales has also provided a certain basis for PEPE’s long -term development.
As far as the current market value is concerned, PEPE is relatively underestimated compared with Doge and Shib, and there is a chance to gain higher growth in the cycle market.However, because the overall market is weak, investors are advised to adopt a cautious investment strategy, pay close attention to the further developments of the project team, and monitor the community’s activity and changes in market emotions in order to adjust investment decisions in a timely manner.
