We all know the cryptocurrency world is attached to memes and entertainment. From the Dogecoin meme coin that got the interest of Elon Musk to the Shiba Inu cryptocurrency that tried overcoming it, memes are catchy and thriving in the crypto market. Most of them are built within the Ethereum ecosystem, as the community is one of the most united, so if you’re looking for the best way to buy Ethereum, you’ve got plenty of support.
The latest and funniest coin is Pepe, which reached the crypto sector after becoming a famous meme a few years ago. The cartoon-based drawing is used as a mood for almost any emotion, so Matt Furie used Ethereum to launch the Pepe coin. The creator aims to increase the popularity of meme coins.
However, what makes this cryptocurrency unique, and why does it influence Ethereum gas prices?
An image showing the Ethereum coin symbol. Source: Pixabay
What’s so special about Pepe?
The deflationary meme coin is unique as it enhances the meme culture spread among communities similar to cryptocurrency. However, the currency offers something only a few cryptocurrencies do: rewarding long-term stakers and incentivizing holders for longer periods to increase the chances of the coin’s success. At the same time, the no-tax policy encourages holders to boost Pepe since a wider audience can access and use it.
The burning method of Pepe is also unique because, despite the 420,690,000,000,000-maximum supply, a portion of the coins are frequently removed from circulation to maintain scarcity and help users commit to the project.
Pepe is secured through the Ethereum blockchain by the PoS consensus mechanism, where decentralized validators stake ETH to secure the network and process transactions.
What’s the deal with Pepe and Ethereum gas fees?
The pepecoin has surged in popularity since its launch in April. This caused the median gas price to increase to more than 50% in the last 12 months, reaching 150 gwei (one gwei is a billionth of an ether). The demand for pepecoin has changed the network drastically, affecting even liquidity pools. It has been disclosed that Pepecoin transactions have burned around $10 million of gas since the launch.
Although similar meme coins have seen this success in the past market capitalization, such as CHAD and DINO, this time, things are different. While Ethereum is fighting to…
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