互聯網模因偶像佩佩（Pepe the Frog）現在已成為加密貨幣世界中最熱門的話題之一。

除了在Twitter，Reddit和Discord的模因，表情符號和GIF中經常出現外，Pepe還是轉變為零售和模因投資者都一樣，最有前途且有前途的加密項目之一。

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.

佩佩（Pepe the Frog）是2000年代後期的互聯網模因偶像，他的標語“感覺好人”現在已成為加密貨幣世界中最熱門的話題之一。

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.

除了在Twitter，Reddit和Discord的模因，表情符號和GIF中經常出現外，Pepe還是轉變為零售和模因投資者都一樣，最有前途且有前途的加密項目之一。

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.

Pepe Coin（Pepe）的興起無疑是爆炸性的。該代幣於2023年4月15日推出，僅花了三個星期才達到了驚人的10億美元市值。從那以後，它被超過100,000個錢包持有，並進入了Binance之類的頂級交流。

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.

儘管沒有固有的效用，但這種快速的成功將Pepe定位為模因硬幣巨頭（例如Dogecoin（Doge）和Shiba Inu（Shib））的認真競爭者。它的純粹病毒和社區驅動的勢頭已經使早期投資者甚至是億萬富翁。

The Origins of Pepe the Frog

佩佩青蛙的起源

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

儘管Pepe在加密空間中是新的，但其角色基於漫長而有爭議的歷史。

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.

青蛙佩佩（Pepe the Frog）於2005年首次出現，是藝術家馬特·弗里（Matt Furie）的在線漫畫“男孩俱樂部”的一部分。佩佩被描繪成悠閒的，愚蠢的青蛙，很快就在Myspace和4chan等網站上引起了互聯網轟動，尤其是2008年左右。

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.

他的口號“感覺好人”成為了病毒的主食，到2015年，佩佩（Pepe）已成為互聯網上最知名的模因之一。但是這個故事變暗了。

A Meme Hijacked: From Viral Hit to Hate Symbol

一個被劫持的模因：從病毒在仇恨符號中

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.

佩佩最初是非政治性的，後來被邊緣團體採用，尤其是唐納德·特朗普（Donald Trump）2016年總統大選期間的美國右翼和白人至上主義圈子。納粹徽章和種族主義底色的Pepe的修改圖像開始廣泛循環，導致了巨大的反彈。

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.

在2016年，反誹謗聯盟（ADL）正式將佩佩列為其“仇恨”數據庫中的仇恨符號，這一舉動標誌著角色聲譽的關鍵轉折點。

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.

弗里（Furie）試圖通過一項名為#Savepepe的運動來恢復Pepe的身份，從而發布了新的漫畫和積極的圖像，以將青蛙與仇恨團體解離。

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

2017年，他甚至起訴包括新納粹網站每日Stormer在內的某些團體和網站，以刪除未經授權的PEPE使用。

The Global Comeback: From Hate Symbol to Protest Icon

全球復出：從仇恨符號到抗議偶像

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.

佩佩（Pepe）在戲劇性的轉折中捲土重來，這是自由和民主的象徵。在香港抗議活動中，示威者採用佩佩（Pepe）作為抵抗的象徵，使用塗鴉和模因代表他們的事業。

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.

弗里（Furie）歡迎這種轉變，在與仇恨言論或政治極端主義相去甚遠的情況下擁抱了佩佩的使用。它標誌著模因收回其原始的積極身份的一種罕見情況，儘管爭議仍然存在。

Can PEPE Dethrone DOGE and SHIB?

Pepe Dethrone可以狗和濕骨嗎？

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.

儘管是新來者，但Pepe還是成為加密部門中建立的模因硬幣的強大競爭者。截至2025年5月10日，Pepe的市值約為30.3億美元，約佔Doge 255億美元的12％，約佔Shib 79億美元的38％。

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.

這個相對較低的市值表明，佩佩有足夠的增長空間，有可能吸引在模因硬幣行業尋求巨大上升潛力的投資者。

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.

在看漲期間，Pepe的上限較小，具有更大的上空潛力。相比之下，Doge和Shib需要更多的資本來移動針的巨額估值。

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.

從價格的角度來看，佩佩的收益令人jaw目結舌。 Pepe最初以$ 0.000000001的價格交易，已飆升300,000％，高至0.000003107美元。 1美元用於購買數百萬個Pepe代幣的$ 1，現在只能讓您幾千。

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.

越來越多的證據表明，有些人和什布持有者正在重新分配給Pepe，這可能厭倦了等待其遺產持有的重大舉動。

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.

這種情緒上的轉變使Pepe超過了其他模因硬幣，例如Floki，Bonk，Baby Doge，Elon和Musk，這在前三大模因硬幣中佔據了穩固的位置。

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

風險：炒作，獲利和缺乏公用事業

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

儘管眾所周知，佩佩並非沒有風險。拋物線價格飆升可能會導致急劇的校正