Pepe the Frog, the internet meme icon, has now become one of the hottest topics in the crypto world.

Pepe the Frog, the internet meme icon that rose to fame in the late 2000s with his catchphrase "feels good man," has now become one of the hottest topics in the crypto world.

Beyond being a frequent appearance in memes, emojis, and GIFs across Twitter, Reddit, and Discord, Pepe has transformed into one of the most talked-about and promising crypto projects for retail and meme investors alike.

The rise of Pepe Coin (PEPE) has been nothing short of explosive. Launched on April 15, 2023, it took just three weeks for the token to reach a staggering $1 billion market cap. It has since been held by over 100,000 wallets and made its way onto top-tier exchanges like Binance.

This rapid success has positioned PEPE as a serious contender to meme coin giants like Dogecoin (DOGE) and Shiba Inu (SHIB), despite having no inherent utility. Its sheer virality and community-driven momentum have already minted early investors into millionaires—and even billionaires.

The Origins of Pepe the Frog

Although PEPE is new in the crypto space, the character it’s based on has a long and controversial history.

Pepe the Frog first appeared in 2005 as part of an online comic strip titled "Boys Club" by artist Matt Furie. Depicted as a laid-back, goofy frog, Pepe quickly became an internet sensation on sites like MySpace and 4chan, especially around 2008.

His catchphrase, "feels good man," became a viral staple, and by 2015, Pepe had become one of the most recognized memes on the internet. But the story took a darker turn.

A Meme Hijacked: From Viral Hit to Hate Symbol

Originally apolitical, Pepe was later adopted by fringe groups, particularly the American alt-right and white supremacist circles during Donald Trump’s 2016 presidential campaign. Modified images of Pepe with Nazi insignias and racist undertones began circulating widely, leading to immense backlash.

In 2016, the Anti-Defamation League (ADL) officially listed Pepe as a hate symbol in its "Hate on Display" database—a move that marked a critical turning point for the character’s reputation.

Furie attempted to reclaim Pepe’s identity through a campaign called #SavePepe, releasing new comics and positive imagery in an effort to dissociate the frog from hate groups.

In 2017, he even sued certain groups and websites, including the neo-Nazi site Daily Stormer, to remove the unauthorized use of Pepe.

The Global Comeback: From Hate Symbol to Protest Icon

In a dramatic twist, Pepe made a comeback in 2019—this time as a symbol of freedom and democracy. During the Hong Kong protests, demonstrators adopted Pepe as an emblem of resistance, using graffiti and memes to represent their cause.

Furie welcomed this shift, embracing the usage of Pepe in a context far removed from hate speech or political extremism. It marked a rare case of a meme reclaiming its original, positive identity—though controversy still lingers.

Can PEPE Dethrone DOGE and SHIB?

Despite being a newcomer, PEPE is emerging as a formidable contender to established meme coins in the crypto sector. As of May 10, 2025, PEPE boasts a market capitalization of approximately $3.03 billion, which is about 12% of DOGE’s $25.5 billion and roughly 38% of SHIB’s $7.9 billion.

This relatively lower market cap suggests that PEPE has ample room for growth, potentially attracting investors seeking significant upside potential in the meme coin sector.

With a smaller cap, PEPE has greater upside potential during bullish inflows. In contrast, DOGE and SHIB require much more capital to move the needle due to their massive valuations.

From a price standpoint, PEPE’s gains are jaw-dropping. Initially traded at $0.000000001 on Uniswap, PEPE has surged over 300,000% to a high of $0.000003107. Where $1 used to buy millions of PEPE tokens, now it gets you only a few thousand.

There’s growing evidence that some DOGE and SHIB holders are reallocating into PEPE, possibly tired of waiting for significant moves in their legacy holdings.

This shift in sentiment has helped PEPE overtake other meme coins like FLOKI, BONK, Baby Doge, ELON, and MUSK—securing a solid position among the top three meme coins by market cap.

The Risks: Hype, Profit-Taking, and Lack of Utility

Despite its meteoric rise, PEPE is not without risks. The parabolic price surge could lead to sharp corrections as