Is PEPE Coin Legit?(4 Step Guide)

Since its launch back on April 2024, the $PEPE crypto token has taken the cryptocurrency world by storm. With its deflationary mechanism and redistribution system, PEPE Coin has quickly gained a large following despite its disclaimer that it’s intended for entertainment purposes only.

In this article, we delve into the legitimacy of Pepe coin, exploring its features, market data, and community-driven strategies.

What is PEPE Coin

Pepe Coin ($PEPE) is a meme coin built on the Ethereum blockchain. It has gained popularity and quickly become one of the top 50 traded cryptocurrencies since its launch in 2024. Pepe Coin reached a market capitalization of $1 billion within three weeks of its launch. This is contrary to the four-year timeframe it took for DOGE meme coin to achieve the same milestone. The price of $PEPE has been volatile, but the number of individual holders continues to increase.

PEPE is based on Pepe the Frog, which is a cartoon character created by artist Matt Furie in 2005. While originally a peaceful and good-natured character, Pepe became a popular internet meme shared across social media platforms. On the official website of Pepe coin, they state that it is intended for entertainment purposes only and carries no expectation of financial return. However, it has garnered significant investor interest, with over a hundred thousand investors purchasing $PEPE.

Particularly, Pepe Coin has a maximum supply of 420,690,000,000 tokens. The majority (93.1%) are in the liquidity pool, while 6.9% are allocated to a multi-signature wallet for future use. The coin utilizes a deflationary mechanism and a redistribution system to potentially increase the value of the tokens over time and incentivize user engagement.

Overall: Is Pepe Coin Legit?

If you are interested in this new crypto token, it is also very important to do your own research(DYOR) before investing in it.

The total crypto market covers thousands of coins and every day a new crypto token seems to show up. Also, many of these new projects are scams where founders introduce new tokens and run with investors’ money afterward (rug pull).

To help you out in finding legit crypto tokens, I developed a 4-step guide that can help you by examining starting crypto coins. In short, it will perform the following steps:

• Coinmarketcap – Check market listings, community posts, and social media channels
• Telegram / Twitter – The number of followers and user engagement
• DexTools – Check ETH contract address and DEXTscore
• Etherscan – Check ETH contract address, holders, and transactions

All data will be collected, calculated, and analyzed including screenshots. Finally, I’ll try to give this a score at a rating between 1 and 5. You can use this score as a foundation for making reliable investment decisions according to Monkeys Token.

Remember, that this check was performed at the time of writing and things may have changed in the future when you are reading this. Therefore, I recommend you perform the steps explained in this guide as well. Let’s go 👍.

Is Pepe Coin a Scam?

As explained earlier, I’m going to perform some steps to find the answer if this brand new crypto token is legit. The simple steps to follow are:

Step 1: CoinmarketCap

The very first thing to check if a new project is legit is to go to the famous website Coinmarketcap.com.

In short, CoinMarketCap.com is a renowned cryptocurrency website that provides real-time data and information on thousands of digital assets. In addition, it includes their market capitalization, prices, trading volumes, and rankings.

With millions of monthly visitors, CoinMarketCap tracks a vast number of crypto projects and is owned by Binance.com, one of the largest cryptocurrency exchanges in the world.

Below are the steps for Pepe Coin on Coinmarketcap:

1. Login or create a new account at Coinmarketcap.com
   
2. Confirm e-mail and make sure to login at Coinmarketcap
3. Go to the Pepe Coin page of Coinmarketcap
4. Check if the Community is very active by choosing Latest Posts
   
5. Check current rank, website(url), watchlists, and Ethereum contract
   
6. Finally, check the listed exchanges under Markets tab
   

After performing the steps mentioned above, I come to the following conclusion about Pepe coin:

✅ Recent posts in Community section

📣 Telegram account (124K subscribers)

📣 Twitter account (305K+ followers)

✔️ Working website url

📑 ETH contract address: 0x6982508145454ce325ddbe47a25d4ec3d2311933

✅ Listed on 10(+) market places

Overall score: 5

Step 2: Telegram and Twitter

The next step will be to check their most active social media channels like Telegram and Twitter. To do this just follow the links on their profile page on Coinmartketcap.

First below is a screenshot of their latest Tweet and the level of engagement from the following:

Consequently, I found a link to their Telegram channel. Just click the link to join and see what we will find here:

Also, I want to know what the community is doing or talking about. Therefore, I’ll join the channel by performing some verification steps to access it. After verification by the Telegram Safeguard bot, I can read and also participate in the main chat.

A good idea is to check in the search bar for the phrase scam. When I do this a short history of this chat shows up, containing a list of spam-bot accounts.

Below is the score for the findings on social media channels:

Twitter following	305K(+)
Telegram members	124K members
Recent messages containing scam	Yes

Overall score: 4

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Step 3: DexTools

To find out if PEPE coin is legit you can also visit and use some DeFi tools like DexTools.io.

In short, DexTools.io is a popular DeFi website that offers a range of tools and analytics for decentralized exchanges (DEXs). It provides users with valuable insights, such as real-time trading data, charts, and liquidity analysis, to assist in making informed trading decisions within the decentralized finance ecosystem.

Below are the steps for Pepe Coin on DexTools:

1. Visit the URL DexTools.io
2. Above in the search bar paste the following contract address: 0x6982508145454ce325ddbe47a25d4ec3d2311933
   
3. Click on the first search result
4. The PEPE/WETH trading pair shows up
5. Check liquidity, volumes, and pools on the left
   
6. Also, below check the DEXTscore of this project
   
7. Finally, check if there are recent orders in the trade history
   

Below is the score for the findings on DexTools:

DEXT Score	99/99
Liquidity	$7,8 million
24 Volume	$2,84 million
Pooled WETH	2,24K
Pooled PEPE	4287.72 Billion
Total marketcap	$382 million
Recent trades	Yes

Overall score: 5

Step 4: Etherscan

The final step to examine if Pepe coin is legit can be done by using Etherscan or ETH Explorer. Etherscan is an online tool primarily used for exploring and analyzing the Ethereum blockchain. It allows users to view transaction histories, check wallet balances, and explore smart contracts.

To verify ETH contract addresses on Etherscan, users can search for the specific contract address and review the contract details, including its source code, compiler version, and verified contract status, providing transparency and assurance of the contract’s authenticity and functionality.

Below are the steps to explore the Pepe Coin smart contract:

1. Visit the URL Etherscan.io
2. Above in the search bar paste the following contract address: 0x6982508145454ce325ddbe47a25d4ec3d2311933
   
3. The Pepe coin symbol contract appears here
4. Here you find all details for this contract
5. Next, click above on the link that goes to the Token Tracker Page
   
6. The token contract(for Uniswap) loads and shows all details according to holders, transfers, DEX trades
7. Click on the several buttons to measure activity.

Below is the score for the findings on Etherscan:

Number of holders	117753
Total transfers	1170967
Percentage largest holder	22,6% (Binance)
Latest transaction	1 minute ago

Overall score: 5

Conclusion: Is Pepe Coin Legit?

To measure if the Pepe coin crypto project is trustworthy you can use this 4-step guide to give you some clarity. According to the steps performed above we can conclude that it is very unlikely that PEPE Coin is a scam.

In short, the following steps and checks were taken into consideration:

• Coinmarketcap page of Pepe Coin
• Social media channels(Twitter & Telegram)
• DexTools(DeFi-scan)
• Etherscan(Blockchain and smart contract check)

All in all, the total trustworthy score for Pepe Coin is: 4.75

Recommended: How to buy Pepe Coin with Trust Wallet

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