Pepe would be ashamed of PEPE investors

Death threats, viral rap videos, and a stream of frog-themed insults. This is the status of my social media profiles after hosting Twitter Space on May 8th about PEPE, the new token based on the “Pepe” meme.

Entertainingly hosted during a massive PEPE price crash, Cointelegraph took to Twitter space on May 8 to understand the coin. Why did it grow so fast? What separates PEPE from thousands of other memecoins and dozens of other PEPE tokens? And what is the duration of these indicative projects?

The backlash was “ribboning”.

Although we tried to talk about PEPE’s popularity, I ended up facing some harsh – if predictable – personal consequences.

I’ve been featured in countless images of amphibians, someone painted my Microsoft Paint Pepe portrait, I’m starring in a rap song, I’ve received over 100 written slurs in my Twitter DMs, and I’ve been photoshopped. Gone are the weird and wonderful frog poses.

In addition, one of the speakers on the Twitter space, Irina Heever – a lawyer based in Dubai – has received personal death threats. (She’s fine, by the way.)

What the hell is going on? How is it that a coin that is barely a month old generates such high levels of harassment, toxic behavior and bigotry?

every frog has its day

The PEPE token passed the $1 billion market cap this week. The milestone means that a meme token that is “completely worthless” – according to the PEPE website – is now worth more than the GDP of some countries.

Kudos to PEPE. It showed us that even humble memes (with a somewhat checkered past) can turn into multi-billion dollar success stories. It’s an amphibious feat that has reportedly made a handful of “traditional” cryptocurrencies green with envy.

Connected: Brian Armstrong Promised Me $100 In Bitcoin – So Where Is It?

As the latest ERC-20 token to gain a significant social media presence, PEPE supporters are protesting against crypto venture capitalists for a peaceful and “happy” community.

The project’s Telegram group includes more than 43,000 members, a fraction of the more than 100,000 PEPE holders. The idea behind the group is to be “positive” and “happy” and to “get new people involved”. [crypto] Industry.”

In addition to memes and fun internet culture, so does the PEPE community bullied To “End My Career”, Issue Death Threats & Turn It Into Viral EDM & Rap Videos My panelists and me.

Heaver, who joined the Twitter space halfway through, has received death threats from the community. During the spacewalk Hever blinked and said, “I legit predict it’s going to be zero.”

The PEPE community failed to see the irony in his prediction. they grew again docking Information concerning Heaver and his credentials, his profile was flooded with hate mail and images.

Asked to comment on this column in the wake of the incident, Heaver told Cointelegraph, “I decline to comment because members of my family have been threatened, and I refuse to participate in such antics.” Am.”

sad, but so what? This is cryptocurrency. Cointelegraph and Heaver were rigging PEPE. It’s good to reiterate that meme tokens serve no purpose other than entertainment.

Furthermore, PEPE is not the first challenging crypto community – nor will it be the last. I’ve had quite a bit of “fun” with the Cardano community, and I’ve had a few scraps with toxic bitcoin (BTC) extremists, a subset of the wider bitcoin community. They use abbreviations such as GFY (Go Fuck Yourself) and HFSP (Have Fun Staying Poor) in their spare time.

According to Reddit discussion, some members of the SafeMoon crypto community are still the most toxic. It is set “like a soap opera” or a “war zone”. The coin is down 99% from its all-time high.

Coincidentally, the PEPE token crypto community was kicked out of the original Pepe Reddit community after Reddit mods removed the question from the subreddit: “Do you know why they buy worthless tokens?” Subsequently, the PEPE token crypto community has now split off from the Reddit Pepe community.

Can Pepe the Dog croak? Can it beat Shib?

Meme tokens are tokens and sometimes also cryptocurrencies derived from Internet memes or culture created for the sole purpose of profit and entertainment. Dogecoin (DOGE) was first—and most recognizable—created in 2013 on a fad. Dogecoin was a fork of LuckyCoin (LKY), which in turn was a fork of Litecoin (LTC), itself forked from Bitcoin.

Since Dogecoin, there have been thousands of meme tokens. Shiba Inu (SHIB) overtook Dogecoin in market cap at one point, a huge win for Dog Token that missed out on Woofer gains earlier.

PEPE supporters think the day of the dog has arrived; PEPE now rules the swamp. If Pepe does 5 times it will beat Sheba; a 10x puts it ahead of Dogecoin. Can this happen?

Like other meme tokens that have performed well, PEPE benefits from:

  • Unit bias – ie, you can buy thousands of PEPE tokens for a few dollars, which makes the buyer feel “rich”.
  • A fun but frankly toxic community backed by a popular internet native meme.
  • Involvement and encouragement of influencers (although the PEPE community claims that influencers are not involved).
  • Willingness to fight back and keep the man! The prevailing sentiment throughout the Twitter space was that PEPE holders wanted to fight back against the VCs. It’s a shame GameStop couldn’t trademark that story!

On the other hand, I’m still trying to understand what sets PEPE above other mem tokens. I asked that question many times during the twitter space. The answers reverted back to the “community” and the “fight” against the patriarchs. Many speakers insisted that there was no VC involvement during the token launch, but we have seen this with every meme craze.

The Ethereum contract states: “Pepe is a community based memecoin with one mission: to make memecoins great again.”

However, on the PEPE Telegram group and website, the community regularly discusses the Dogecoin token. I think it’s a unique feature in a way.

Connected: Most blockchain proponents haven’t even used bitcoin

What I personally like about the token is that it doesn’t even pretend to be a cryptocurrency.

It has no blockchain, roadmap, utility or purpose other than entertainment. There’s also no plan to make it “useful”. Technically, it is not even a cryptocurrency, unlike DOGE, SHIB, or other wanna-be cryptodog tokens.

And it might not be so bad for the “crypto” industry. Moving away from decentralized financial yield projects, algorithmic stable coins or tokenization of real-world commodities and a ploy for good old fashioned gambling – but with a reason – seems oddly appropriate.

It’s just that instead of buying casino chips, investors are buying into a toad community determined to spam social media in a desperate bid to become king of the swamp.

Would Pepe be proud?

Joe Hall Joined Cointelegraph in 2021 as a reporter. He holds an MA in French and Spanish from the University of Edinburgh and a BA in Economics from Sciences Po Lyon.

This article is for general information purposes and is not intended and should not be construed as legal or investment advice. The views, opinions and opinions expressed here are solely those of the author and do not reflect or represent the views and opinions of Cointelegraph.

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