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Anyone who has noticed Pepecash flirting with the top 100 on Coinmarketcap is probably intrigued about how exactly this meme coin rose to such a position. Pepecash, which is named after the popular meme, Pepe the Frog, is currently trading at around 700 satoshi. It currently boasts a marketcap of over $75 million.
Pepecash is a CounterParty (XCP) asset, similar to BitCrystals and Databits. Pepecash serves the function of registering Rare Pepes on the XCP asset layer on top of the Bitcoin blockchain. It is also used as the primary currency to buy and sell these pepe assets. There are currently 1,500 Rare Pepes registered on the blockchain through the Pepecash protocol. Registrations happen through regular submission periods. Each period is known as a “series”. So far, there have been thirty series since the asset launched just over a year ago.
While registering memes on the blockchain is a fun novelty, it doesn’t explain the close to nine figure market cap of Pepecash. One aspect of Pepecash that supports its rising valuation is the deflationary nature of the asset. Rare Pepes, before they can be published, require a Pepecash fee. The Pepecash accrued from these fees are burnt, and forever removed from circulation. As a result, over one third of the initial supply of Pepecash has already been burnt, and that number stands to continually increase.
Beyond this, the Japanese crypto market is a major factor in Pepecash’s strong valuation. Pepecash is one of just a handful of cryptocurrencies whitelisted for exchange in Japan. Much of Pepecash’s volume comes from popular Japanese exchange Zaif, where it is typically traded at higher values than on its Western counterpart, Tuxexchange. Coins whitelisted in Japan have typically experienced very strong price support, and Pepecash is no exception. The token has historically maintaining a steady BTC value, and has even seen appreciation in BTC value, amidst Bitcoin surges, when most altcoins tend to bleed.
Lastly, some of Pepecash’s value can be attributed to speculation regarding the upcoming release of Rarepepe.party. Rarepepe.party is a Hearthstone-like trading card game implementing all 1,500 of Pepecash’s Rare Pepes. Community members have been racing to expand their Rare Pepe collections as much as possible in recent weeks, causing a surge in usage of and demand for Pepecash.
Unlike many cryptocurrency projects, Pepecash doesn’t strive to change the world or revolutionize a major industry. However, Pepecash plays a significant role in the culture and social aspect of Bitcoin and the overarching cryptocurrency community. There is tight-knit group supporting this coin. This community has had a lot of fun with Pepecash up until this point, and continue to hodl in anticipation of much more fun ahead.
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