互联网模因偶像佩佩（Pepe the Frog）现在已成为加密货币世界中最热门的话题之一。

除了在Twitter，Reddit和Discord的模因，表情符号和GIF中经常出现外，Pepe还是转变为零售和模因投资者都一样，最有前途且有前途的加密项目之一。

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年代后期的互联网模因偶像，他的标语“感觉好人”现在已成为加密货币世界中最热门的话题之一。

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，表情符号和GIF中经常出现外，Pepe还是转变为零售和模因投资者都一样，最有前途且有前途的加密项目之一。

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）的兴起无疑是爆炸性的。该代币于2023年4月15日推出，仅花了三个星期才达到了惊人的10亿美元市值。从那以后，它被超过100,000个钱包持有，并进入了Binance之类的顶级交流。

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.

尽管没有固有的效用，但这种快速的成功将Pepe定位为模因硬币巨头（例如Dogecoin（Doge）和Shiba Inu（Shib））的认真竞争者。它的纯粹病毒和社区驱动的势头已经使早期投资者甚至是亿万富翁。

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.

尽管Pepe在加密空间中是新的，但其角色基于漫长而有争议的历史。

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）于2005年首次出现，是艺术家马特·弗里（Matt Furie）的在线漫画“男孩俱乐部”的一部分。佩佩被描绘成悠闲的，愚蠢的青蛙，很快就在Myspace和4chan等网站上引起了互联网轰动，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.

他的口号“感觉好人”成为了病毒的主食，到2015年，佩佩（Pepe）已成为互联网上最知名的模因之一。但是这个故事变暗了。

A Meme Hijacked: From Viral Hit to Hate Symbol

一个被劫持的模因：从病毒在仇恨符号中

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，后来被边缘团体采用，尤其是唐纳德·特朗普（Donald Trump）2016年总统大选期间的美国右翼和白人至上主义圈子。纳粹徽章和种族主义底色的Pepe的修改图像开始广泛循环，导致了巨大的反弹。

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，反诽谤联盟（ADL）正式将佩佩列为其“仇恨”数据库中的仇恨符号，这一举动标志着角色声誉的关键转折点。

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）试图通过一项名为#Savepepe的运动来恢复Pepe的身份，从而发布了新的漫画和积极的图像，以将青蛙与仇恨团体解离。

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，他甚至起诉包括新纳粹网站每日Stormer在内的某些团体和网站，以删除未经授权的PEPE使用。

The Global Comeback: From Hate Symbol to Protest Icon

全球复出：从仇恨符号到抗议偶像

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）在戏剧性的转折中卷土重来，这是自由和民主的象征。在香港抗议活动中，示威者采用佩佩（Pepe）作为抵抗的象征，使用涂鸦和模因代表他们的事业。

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）欢迎这种转变，在与仇恨言论或政治极端主义相去甚远的情况下拥抱了佩佩的使用。它标志着模因收回其原始的积极身份的一种罕见情况，尽管争议仍然存在。

Can PEPE Dethrone DOGE and SHIB?

Pepe Dethrone可以狗和湿骨吗？

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.

尽管是新来者，但Pepe还是成为加密部门中建立的模因硬币的强大竞争者。截至2025年5月10日，Pepe的市值约为30.3亿美元，约占Doge 255亿美元的12％，约占Shib 79亿美元的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.

这个相对较低的市值表明，佩佩有足够的增长空间，有可能吸引在模因硬币行业寻求巨大上升潜力的投资者。

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.

在看涨期间，Pepe的上限较小，具有更大的上空潜力。相比之下，Doge和Shib需要更多的资本来移动针的巨额估值。

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.

从价格的角度来看，佩佩的收益令人jaw目结舌。 Pepe最初以$ 0.000000001的价格交易，已飙升300,000％，高至0.000003107美元。 1美元用于购买数百万个Pepe代币的$ 1，现在只能让您几千。

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.

越来越多的证据表明，有些人和什布持有者正在重新分配给Pepe，这可能厌倦了等待其遗产持有的重大举动。

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.

这种情绪上的转变使Pepe超过了其他模因硬币，例如Floki，Bonk，Baby Doge，Elon和Musk，这在前三大模因硬币中占据了稳固的位置。

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

风险：炒作，获利和缺乏公用事业

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

尽管众所周知，佩佩并非没有风险。抛物线价格飙升可能会导致急剧的校正