Is PepeDerp The Next Pepe Coin or a Scam? CoinMarketCap's Warning & 3 Better Alternatives
Due to the increasing frenzy surrounding the meme coin sector, several new meme tokens have emerged.
Following the remarkable Pepe coin’s price explosion, a similar meme coin called PepeDerp emerged in the crypto space.
Launched on May 21, 2023, PepeDerp’s design combines the Pepe the Frog character and Derp Face.
A few days after its launch, PepeDerp indicated an explosive price run recording more than 200% gains. But the porosity of the meme coin’s smart contract speaks otherwise.
Would PepeDerp be another Pepe coin or a scam? Keep reading to uncover more about PEPEDERP and other meme coins that could be the best alternative investment options.
What Is PepeDerp (PEPEDERP)?
PepeDerp is a new meme coin project relying on the popularity of meme coins to establish its existence.
It combines the characters of "Pepe the Frog" and "Derp Face." The project believes the dogs have had their reign, and it’s time for Pepe and Derp to take over.
Like most meme coins, PepeDerp has no utility but offers zero taxes for investors. Also, with no presale, the token has been trading on a decentralized platform, PancakeSwap.
With the growing attention on memes, PepeDerp witnessed massive price gains of more than 200% on May 24.
According to the update on PepeDerp’s official Twitter page, CoinMarketCap posted a price surge of 232.90% for PEPEDERP on May 24.
Despite its explosive gains, PEPEDERP has shaded off its accumulation. PEPEDERP is trading at $0.000001611 at the time of writing, with an almost 70% decline over the past 24 hours.
Is PepeDerp a Scam – CoinMarketCap’s Warning
Every investment comes with associated risks, and crypto assets are no exception. But with the focus on meme coins, several scams have emerged in the crypto industry.
As such, investors should be cautious of all assets, including PepeDerp, as the project could be a scam.
Notably, the leading crypto data provider website CoinMarketcap attached a warning regarding the porosity of PepeDerp’s smart contract on the meme coin’s data page.
CoinMarketCap’s warning reads, "Smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please exercise caution before taking any action and DYOR."
Based on CoinMarketCap’s warning about PepeDerp, investors could lose their funds on the meme token.
Besides CoinMarketCap’s warning, here are some red flags that PepeDerp could be a scam.
The information from PepeDerp’s official website refers to the native token as $DERPEPE instead of $PEPEDERP.
The PepeDerp Platform has not undergone any audit. There’s no KYC required in purchasing the token.
The project has no whitepaper, and the token dipped drastically the next day following its huge price run.
Additionally, the blockchain security company, PeckShield, reported the increasing rate of emerging meme coin scams.
The firm noted that up to 10 fraudulent meme coins emerge in the industry every three days.
PeckShield data revealed that some scam meme tokens suddenly removed their liquidity after defrauding investors.
3 Better Alternative Meme Coins For Investors
While PepeDerp is seemingly not reliable for now, investors could still delve into meme coin investment with the following better alternatives.
AiDoge is one of the trending meme coins aiming to revolutionalize the content-creation niche with its utility and unique features.
Artificial intelligence (AI) powered the platform, allowing users to create exciting and distinctive memes using text prompts.
AiDoge is a meme-to-earn platform that incentivizes users to create awesome memes on their content.
The project redefines the meme industry by offering a platform for people to engage, interact and receive passive income as rewards.
Its trending presale has generated over $13 million. The presale has 20 stages, and AiDoge has just sold out its stage 18.
At stage 19 of the presale, the price of $AI will be $0.00003320, while the token will be listed at $0.00003360 on exchanges.
$AI Token And Utility
$AI is the native token that power and supports the AiDoge ecosystem. While many meme coins lack utility, AiDoge stands out with its utility.
Users can generate memes through AiDoge’s innovative AI technology in seconds.
They have to send the text prompts, and the AI-powered system will automatically generate the right memes.
Staking – Staking of $AI is a great process for users to earn passive income on AiDoge. Also, staking serves as the means to boost the value of the meme coin in the crypto market as it removes the token temporarily from circulation.
Voting – AiDoge boasts a community of $AI holders that could influence the running of the project. The community votes on changes and decisions regarding AiDoge, and their voting power depends on the number of tokens they hold.
Buying of Credits – Users can purchase credits with $AI coins for generating memes.
Ecoterra is a great blockchain-based project focusing on creating a green environment through its specific functionalities.
It is a Recycle-to-Earn (R2E) project aiming to achieve a great feat with sustainable and friendly ecological and environmental processes.
Platform users will receive rewards for offsetting their carbon footprint and recycling materials. The platform tracts recycled materials such as plastics, glass, clothing, etc.
The native token, ECOTERRA, powers the operations of Ecoterra’s ecosystem. The project uses reverse vending machines to connect to the real world and to capture and track user recycling activities.
Ecoterra’s presale is ongoing, and investors could rush to purchase ECOTERRA at $0.0085 per token.
The presale has generated over 4.2 million so far. You can buy the coins directly from Ecoterra’s official website using ETH, USDT, or a bank debit/credit card.
Ecoterra will be listed on crypto exchanges at $0.01 per coin. Once the token is listed, early investors will get about 17.6% paper gains. Also, with ECOTERRA’s utility, the investment returns could be more impressive long term.
Ecoterra Token Utility
Ecoterra creates a difference with the following unique utilities:
It is a Recycle-2-Earn platform that rewards users with ECOTERRA for recycling materials tracked with the app.
There’s a carbon offset marketplace for users to ensure an eco-friendly environment. So, users can offset their carbon footprint using ECOTERRA or other tokens.
Ecoterra offers a recycled materials marketplace where users and companies can buy recycled plastics and other materials with ECOTERRA or other cryptocurrencies.
Ecoterra boasts a reliable impact tractable profile for users to track the sustainability of their brands and promote their images globally.
Unlike other trading and prediction platforms, yPredict stands out with its state-of-the-art features, which include AI prediction, chart trading, trading terminal, etc.
It provides an all-in-one toolkit for traders, developers, analysts, and quants, helping them to get an edge in various crypto-related industries.
Besides its AI-powered prediction models and features, yPredict unleashes a recurrent revenue stream for its users. As such, they can profit from huge discounts, staking rewards, and free predictions.
Also, yPredict provides a prediction model marketplace where developers can create precise predictions and showcase them for traders to access via a monthly subscription plan.
The yPredict platform will deliver the results of these models in real time, building a passive income source for developers.
Utility-Infused Token - $YPRED
In the heart of yPredict is the utility-infused ERC-20 token, $YPRED, the primary currency of the platform, which allows users to access several services and features on yPredict.
The token unlocks the platform's three main features: high APY% staking pools, trading terminals, and trading tools.
In the yPredict platform, the token holders will have free access to its analytics platform, enabling coins’ analysis with data-driven metrics and insights.
Also, users can pay for prediction model subscriptions and even receive the tokens as incentives for voting on the marketplace.
$YPRED presale has entered the 6th stage selling at $0.09 and will list at $0.12. The $1.7 million milestone achieved in the presale shows investors' interest in the project.
Considering yPredict’s plans in its roadmap and the integration with AI, the project could become a leading trading analytics platform in the crypto space.