We have been spotting the POP coin with different Token Explorer strategies (like the one in the above image) for a while now. With some cooldown periods, Proof of Pepe has now started to gain some on-chain momentum, which we can see being reflected in the POP token’s price. And since the POP crypto coin is in its early stage, now’s a good time to explore it!
So, moving forward, we’ll first explain what the Proof of Pepe crypto project is. We’ll do this by exploring the project’s official website, its X (former Twitter) account, and whitepaper.
Next, we’ll focus on the POP coin. Again, we’ll first explain what $POP is. Then, we’ll look at the token’s tokenomics and analyze its price action. This is where we’ll also speculate on some price predictions for this crypto.
Lastly, we’ll explain how Moralis Money helps you determine if POP deserves your further attention and when to buy/sell it.
Exploring Proof of Pepe – What is the Proof of Pepe Crypto Project?
The Proof of Pepe crypto project is all about meme coins. It aims to become a designated decentralized network for meme coins, particularly catering to the PEPE community.
It’s important to point out that this project started by launching the POP coin on July 8, 2020. Judging by the way things are headed, this was mainly to gain some recognition. We’ll discuss the POP token further later on.
After all, the project’s plans, as stated on its official website and in the Proof of Pepe whitepaper, were always bigger. The project intended to create a new layer-1 (L1) blockchain network all along. And according to the current pinned tweet on the project’s X account, they’ve already reached the first phase of that milestone:
And, using the above-outlined details, anyone can add the POP network to MetaMask:
The POP Crypto Network
According to the above-outlined tweet and the project’s chain explorer – “pepescan.app” – the mainnet went live on July 27, 2023.
So, what is the POP mainnet?
According to the project’s whitepaper, the POP mainnet is a new Ethereum-like L1 blockchain. Plus, users can use the PEPE token to cover the gas fees.
Unfortunately, the whitepaper doesn’t provide any technical details. However, it does point out that this new network uses a unique consensus mechanism called “Proof of Pepe” (PoP). The latter is allegedly the key that makes the POP L1 fast, secure, and cost-efficient.
If all this is actually true, then according to the well-known blockchain trilemma, the network must not be properly decentralized. Unless the devs of this memetic project have cracked the code (which is highly unlikely). With that in mind, make sure to be extra cautious interacting with this network. You should also take the project’s claims with a grain of salt.
Note: If you are new to blockchain technology, we recommend checking out the project’s whitepaper. The latter actually rather neatly explains what L1 networks are. It also covers the two most commonly used consensus mechanisms – PoS and PoW.
According to the project’s mission, the POP crypto network aims to become the go-to hub for memes. The team’s goal is to provide a dedicated platform and blockchain where anyone can create, share, and engage with memes and do so in a seamless and decentralized manner.
At the forefront of this hub is supposed to be a user-friendly meme-creation platform. Note that this platform doesn’t exist yet.
In addition, as per the announcement of the project’s dev (@QuadaBullHours), the network will launch the PEPErium DEX.
Can POP Succeed?
If you’ve been around the crypto block for a while, you know that often seemingly impossible things end up happening. You must have also noticed that there have been tens of thousands of projects making wild claims and not delivering on them as well. Thus, only time will tell if the PoP consensus is really as good as the project’s whitepaper claims.
However, we probably agree that the performance of the PEPE token and the adoption it received in a relatively short time surprised most of us. So, by targeting Pepe’s strong and large community, the project has an increased potential for success. Of course, presuming that the team behind it can deliver.
Speaking of the POP team, aside from the aforementioned dev’s Twitter handle, there are no details about the creators behind the project. Like most meme coins, the project claims to be in the hands of the community.
If you like exploring new blockchains, feel free to use the above-outlined details to add the network to your MetaMask. Then, you can use the POP mainnet bridge to transfer over some $PEPE from Ethereum:
On the other hand, you might just be interested in making a profitable trade on the POP coin. In that case, the following sections will be your cup of tea.
What is the POP Coin?
POP stands for “Proof of Pepe,” which is both the name of the above-presented crypto project and the project’s cryptocurrency. Aside from being the abbreviation of the token’s name, “POP” ($POP) is also its ticker or symbol.
Until POP gets a clear use case, it falls under the category of meme coins. So, it is a meme coin that lives on the Ethereum chain, where it follows the ERC-20 token standard.
Here are the details that will help you further grasp the gist of the POP coin:
- Type: ERC-20 token
- Chain: Ethereum
- Contract address: 0x265F542C1E78068F13d87C6fE0df54f3e9562a48
- Total supply: 1,000,000,000 $POP
- Buy tax: 1%
- Sell tax: 1%
Use Cases for the POP Meme Coin
Typically, L1 blockchains (e.g., Ethereum) use native coins (e.g., ETH) to power transactions. However, in the case of the POP network, the creators decided to give that utility to the PEPE token. Plus, the POP coin was created on the Ethereum chain before the network went live.
By using Etherscan, we can see that the on-chain transaction that was responsible for minting the POP token took place on July 8, 2023:
Still, the project’s whitepaper presents the POP coin as the PoP network’s native cryptocurrency. As such, it is not clear whether $POP will also be able to be used to cover gas fees on that chain. Perhaps, we can expect $POP to serve governance purposes, allowing the POP crypto community to propose and vote on the direction the ecosystem ought to take.
So, at this point, we can only say that users will be able to explore the POP ecosystem using $PEPE and $POP:
It is also not clear yet how the existing POP token that lives on the Ethereum chain will be transitioned to the POP chain. After all, the aforementioned bridge only focuses on the PEPE token.
POP Coin Price Analysis
Whether you wish to get a bag of $POP because you really believe in the project or because you feel it can be a good short-term trade, you need to consider the token’s price.
As such, let us look at the price trail of the POP coin on a four-hour chart:
The top line of the above image indicates the token’s lowest and highest price points so far. The asset’s all-time low (ATL), which was also the POP token’s listing price, sits at $0.000004688. And the current all-time high (ATH) price equals $0.006349.
Even just a quick glance at the above chart clearly tells you that the token’s value has been on the rise since the listing. And, by comparing the ATL and ATH values, you can see that the POP crypto increased in value by more than 1354x.
However, if you take a closer look at the above four-hour chart, you can see a significant pullback on the POP coin’s path. The major retracement (more than 90%) took place after the initial pump, where the token found support in the $0.00016-$0.00017 region.
It took a lot of courage to buy the POP coin after such a pullback; however, many Moralis Money users were brave enough. After all, the on-chain momentum that was behind the initial price spike made them believe that the project had solid potential. Those who entered the aforementioned region are now sitting on impressive profits, more than 3600%, to be more specific.
Of course, the journey to the current levels ($0.006-ish) had two additional corrections. On the one hand, those pullbacks tested the conviction of buyers. But on the other hand, they offered additional opportunities to get a bag of the POP coin at a discount.
Price Prediction for the POP Token
Let’s start by pointing out that any meme coin price predictions are pure speculation, especially with new coins like the POP token.
That said, we have some tools we can use to mark certain prices as “more likely.” For instance, charting important levels (as in the above image) is one of the valid TA methods. However, all the current “significant” levels are below the current price. As such, they can come to play if the token loses momentum. In that case, any of those price levels are potential price predictions.
In case of another pullback, the most likely level is the one at $0.0035-ish, as it marks the previous local top.
How about price targets to the upside?
For that purpose, we can use the Fibonacci retracement tool. According to the last local top and the following local low, the most optimistic level (the “4.236” extension) points to $0.012-ish. We’d say that this price target is definitely within POP’s reach.
As far as the more “exotic” predictions go, we can compare POP to some of the leading meme coin or even DeFi projects. Since the POP crypto is shaping to be a sort of mixture between a meme coin and a DeFi token, it also makes sense to compare it with, for example, Volt Inu.
So, let us take these project’s ATH market caps and divide them by the POP coin’s total supply:
- $0.1 – in regards to Volt Inu
- $1.65 – in regards to PEPE
- $43.51 – in regards to SHIB
- $75.26 – in regards to DOGE
Should You Buy $POP or Move On?
Since we are not financial advisors, we cannot answer the above question. However, using the details obtained throughout the above section, you should already be able to determine whether or not POP deserves your attention. If yes, you should still DYOR (do your own research).
Plus, if you conclude that you want to get a bag of $POP, you should make sure to get your timing right!
Fortunately, you can cover both of these steps (researching and timing) in one place. Namely, on the Moralis Money’s Proof of Pepe ($POP) token page.
This page provides all the tools and links you need to properly research the token and the project behind it. Thanks to the real-time, on-chain metrics for the POP coin, you’ll be able to determine whether or not now’s the right time to buy. After all, on-chain activity always precedes price action! So, by using insights into the on-chain momentum, you can time your entries and exits a lot more effectively.
That said, make sure to use the link above or the interactive widget below and do your thing.
If you determine that now’s the right time to buy $POP, use the swap feature that you can find on the same page. The latter prioritizes safety, price efficiency, and user-friendliness, which makes Moralis Money token pages one of the best Ethereum swap sites out there.
Note: If you are new to swapping alts, use our step-by-step guide that will show you how to swap ERC-20 tokens.
Going Beyond the POP Coin – Find the Best Altcoin Opportunities Today!
Last but not least, we ought to mention the core Moralis Money feature: Token Explorer. The latter enables you to spot the best altcoin opportunities at any given moment. All it takes is for you to apply various combinations of simple filters.
This is how Moralis Money users, especially the ones on the Starter and Pro plan, have been making life-changing gains. With the Token Explorer feature, they get to find up-and-coming crypto as well as spot increasing momentum in existing projects!
So, whether you decide to buy POP or not, you need to keep in mind that there are many other altcoins that you should consider. Especially now that the next bull market is getting ready to take off. After all, the average altcoin tends to increase by 50-70x during the bull run!
What is Proof of Pepe? Full POP Coin Price Analysis – Summary
The key takeaways of today’s article include the following:
- The POP crypto project is about more than just another meme coin.
- On July 27, 2023, the PoP mainnet – the PEPE-powered L1 network – went live.
- POP aims to become the go-to ecosystem for meme creations in Web3.
- This is a new project that should be approached with caution.
- The price of the POP coin has already increased by more than 1000x but the asset market cap still sits very low.
- Before buying $POP, make sure to research it further using the Moralis Money token page dedicated to that crypto.
- Whether you buy POP or not, make sure to go on a search for other altcoin opportunities using Moralis Money’s core feature: Token Explorer.