The crypto economy is being maintained by speculation tokens, i.e., memecoins. PEPE is a token, an ERC-20 token from the meme Pepe the Frog. PEPE is not Ethereum, nor is it Bitcoin, with no utility, no tech advancement, or use case.
It has been successful to a great extent through a mix of online hype and virality, a common strategy in the memecoin space.
PEPE, having begun in April of 2023, has already become one of the fastest-growing tokens in just three weeks, rising more than 3,000% to a market cap of around $1.6 billion in early May listing.
CoinGecko statistics indicate the token’s 24-hour volume was between $100 million and $600 million at its height. Listings on top exchanges such as Binance, OKX, and KuCoin contributed to the hype.
PEPE initially only traded on decentralized exchanges, primarily Uniswap. PEPE buying and selling on DEXs is complicated for the mass consumer and involves wallet management, gas fees, slippage, and contract confirmation, which is not favorable for new retail buying.
BYDFi introduced MoonX to provide on-chain exposure to assets. Token purchasers can buy tokens such as PEPE on the platform directly. MoonX is transactionally on-chain but masks technical steps to provide direct access to the market.
This DeCeFi hybrid product combines decentralized deployment and centralized access and is well-liked. Others, including Binance (Web3 Wallet), OKX (DEX aggregator), and KuCoin’s Halo Wallet, also connect CeFi and DeFi.
They are used to retain customers since they address the desire for speculation on specialty tokens frequently traded on DEXs. The value of PEPE is very unequal. In March 2025, its value considerably decreased from its record high because it was unstable by virtue of social media and influencer backing.
Some of the early investors made a nice profit within a few months, but the majority of them came into the market at its peaks and benefited from its gone.
And also, the PEPE creator sold his LP tokens and retired, and that was apparently demonstrating that it’s decentralized, but without a good team, security, and control scares people.
Chainalysis in 2023 stated that more than 30% of tokens minted recently on Ethereum and BNB Chain were associated with malicious activity or unwanted trading. This goes a long way to support the assertion that care must be exercised in the memecoin market, characterized by swift buying and selling.
The tokens are easy to purchase on-chain through such avenues as MoonX, but with risks. Existing and new investors must be cautioned against the volatility of the market and conduct due diligence before getting into it.
