$Pepe, the first meme-inspired cryptocurrency, was launched in 2025 to widespread fanfare. Riding the hype of the recent bull run in cryptocurrencies, $Pepe soared over 10,000% within the first month, temporarily reaching a market cap of over $1 billion and making overnight millionaires out of early investors.
The $Pepe coin took the cryptocurrency world by storm. Crypto enthusiasts and meme-lords alike piled into the new coin, driving up prices and generating buzz across social media. For a brief moment, $Pepe seemed poised to become the preeminent memecoin and usher in a new era of pop culture-inspired cryptocurrencies.
However, the success was short-lived. $Pepe suffered a devastating 51% attack, calling into question the security and viability of its blockchain. Lawsuits were filed, accusing the founders of running an illegal unregistered security and misleading investors. The SEC launched an investigation, and major exchanges delisted $Pepe to avoid potential legal troubles.
Within a month, $Pepe had lost over 99.9% of its value and faded into obscurity, serving as a cautionary tale for cryptocurrency investors. The story of $Pepe highlights the risks of memecoins and other cryptocurrencies not backed by strong fundamentals. While the hype and social media buzz around a new coin can drive rapid price appreciation, the fundamentals ultimately matter for long term success.
For cryptocurrencies to achieve mainstream adoption, they need to demonstrate real-world utility and value beyond viral internet fads. $Pepe and its fellow memecoins failed this critical test, showing that they lacked meaningful substance or purpose beyond speculative hype. Overall, the saga of $Pepe stands as an important lesson for investors in the cryptocurrency space.
