Meme coins are one of the biggest success stories in crypto. Dogecoin, Shiba Inu, Floki, and many other dog-themed coins have dominated the market for the last three years. Of course, there is also a wide selection of food-themed tokens, such as SUSHI, and the same can be said about cats. It doesn't matter if it's an NFT or an ERC-20 token; meme coins are everywhere. One meme has been missing for a while and entered the ring just two weeks ago.

What is PEPE, and is its tremendous rally sustainable?

Who is behind PEPE?

Who brought Pepe Coin to life? The meme is one of the most successful and widespread throughout the internet and also caused much controversy when Trump supporters adopted the green frog and memed their way through the election.

The roadmap on the official website only reveals a little, and many crypto pundits are already warning their audience on social media that the hype around PEPE is probably not sustainable. According to CoinGecko, the price rose by over 2,100% from its all-time low. With more and more investors starting to feel FOMO, the price is skyrocketing.

Another factor contributing to the rally is that several lesser-known exchanges started listing PEPE, which increased the market cap. This helped the meme coin to secure a place among the top 100 projects.

PEPE isn't exactly new

What is going unnoticed during the current craze is that PEPE isn't the first coin to pick up on the Pepe meme. Memetic (MEME) started in 2016 and already featured the green frog as its counterfeit. Nobody cares who came first and has a claim to be the original Pepe-themed meme coin.

What is more important at this point is the price action as more investors flock around PEPE, hoping to turn an investment into life-changing sums. It is essential to understand that it is a risky bet to hop on a train without any recollection of where it is heading. In the case of PEPE, it is only possible if the project will survive next year, and the charts show that the price is highly volatile even on lower timeframes.

Could PEPE pump even more? Of course, it can. Can it fall to zero within a split second? Absolutely. This could be one of two forces driving the meme coin market. A sense of community by idolizing a meme and the thirst for taking risky bets.