Pepecoin, a cryptocurrency that describes itself as "the most memeable meme coin in existence" on its Twitter feed, is embracing its meme status by creating Pepe-themed memes and taking playful jabs at other meme coins like Dogecoin. The cryptocurrency, which is based on the Pepe the Frog meme but has no official affiliation with Matt Furie, the creator of the original cartoon, launched on April 17 with minimal publicity. The coin's humorous nature is further emphasized by its maximum circulating supply of 420,690,000,000,000 coins.

Despite its lighthearted approach, Pepecoin has quickly become one of the top 50 traded cryptocurrencies. On Friday, the coin's trading volume surged by 425%, and its price more than doubled. Since its launch, Pepecoin has seen a 580% increase in value. This rapid growth may be partly attributed to Binance, the largest cryptocurrency exchange, listing the token in its "innovation zone" on Friday afternoon.

In terms of real-world currency, Pepecoin remains extremely inexpensive; nearly 3,000 Pepecoin would be needed to equal one penny. Binance itself has issued a warning to potential investors, noting that the token has no utility, was created by an anonymous team, and that certain insiders may have purchased 7% of the total token supply shortly after its public release.

Pepecoin's market capitalization has already surpassed $1 billion, reaching $1.34 billion as of Friday afternoon and continuing to rise.

Investors should exercise caution with rapidly growing coins like Pepecoin, especially when the coin is based on an internet meme associated with controversial groups. Critics have noted the presence of "whales," or individuals holding large quantities of the token, who could potentially crash the coin's value by selling their holdings. Some investors have attempted to short sell Pepecoin, but so far, those betting against the token have lost money.

Historically, meme coins have struggled to maintain their value, even with celebrity endorsements. For example, Dogecoin never achieved its $1 target and currently trades around 8 cents, similar to its value before its major surge. Shiba Inu, another well-known meme coin, trades for less than a penny, roughly the same as its value before its spike in October 2021. As always, potential buyers should approach with caution.