• Pepe Coin (PEPE) is a digital asset that has caused a stir in the crypto market, following the example set by meme coins like Shiba Inu (SHIB) and DogeCoin (DOGE).
• Early investors have profited millions due to its success, resulting in thousands of similar meme coins being launched on the Ethereum (ETH) blockchain.
• However, many projects were scams or rugpulls designed to extract funds from unsuspecting traders, so it’s important to know how to stay safe when investing in meme coins.
What Is PEPE Coin?
Pepe Coin (PEPE) is an ERC-20 token on the Ethereum blockchain. It was launched without any presales or taxes and with a unique twist – zero taxes, a burnt liquidity pool, and a renounced contract. This approach was designed to make PEPE a coin “for the people, forever” according to its official website.
Why Did PEPE Price Explode?
No one knows why PEPE price exploded as there was no long-term vision or roadmap set out for it. It simply aimed to establish Pepe’s place as the King of Memes over incumbent dog-themed coins.
What Does Pepe Coin Mean for the Crypto Market?
The success of Pepe Coin has put meme coins firmly into the limelight in terms of cryptocurrency investment opportunities but also brought with it some risks as well. There are now more than 20 different meme coins available on Ethereum alone and although some are legitimate projects many are scams or rugpulls designed to extract funds from unsuspecting traders.
How To Stay Safe In DeFi Locked Liquidity Renounced Contract Top Holders
In order to stay safe when investing in meme coin projects you should first do your own research into whether the project is legitimate or not before committing any money. Additionally useful tools such as Etherscan can be used to check if any tokens have been renounced or locked by their creators which could indicate that they may be running away with investor funds. You should also always check who the top holders of any new token are before investing as this can give you an indication of who is really behind it and whether they have good intentions for their project or not.
What Basic Tools Help Me Check If New Tokens Are Safe?
Tools such as Etherscan can help investors check whether tokens have been renounced/locked by their creators before investing their money and block explorers such as Whalecalls can be used to identify who owns large portions of tokens within any given project before investing your funds into them too. Additionally websites such as Coingecko provide data about circulating supply/market cap which can help identify potential pump & dump schemes which should be avoided at all costs if you want your investments to remain secure!