The frog-themed memecoin Pepe (PEPE) surged over 85% in the last 24 hours to surpass a $1 billion market cap three weeks after its launch on April 14, 2023, reports CoinTelegraph. 

Ironically, the core value proposition of PEPE is that there isn’t one. The official website for the cryptocurrency features a disclaimer that describes investment in the token in the following manner:

“$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. the coin is completely useless and for entertainment purposes only."

It’s worth noting that some of the top PEPE holders are centralized exchanges. However, according to data tracked by analyst “008.eth,”non-exchange PEPE whales have reduced positions recently, hinting at profit-taking that coincided with a price correction on May 3.