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<ul class="summary-list"><li>Pepecoin surged to over $1 billion in market value this month, but its price has since crashed 70%.</li><li>Like Dogecoin and Shiba Inu, it's a meme token with no use case and trades at a fraction of a cent.</li></ul><a href="https://coinmarketcap.com/currencies/pepe/" target="_blank" rel="noopener">Pepecoin</a> grabbed headlines in the cryptocurrency world and beyond this month – with its staggering rise and rapid fall reigniting the discussion about what roles meme tokens should play in the digital asset space.Here's everything you need to know about the coin, including what its wild price fluctuations mean for the broader crypto market. <h3>What is Pepe?</h3>It's a new cryptocurrency that launched on April 19 and was inspired by the well-known "Pepe the Frog" meme, created by cartoonist Matt Furie in 2005.The amphibian-themed token's developers have so far remained anonymous but have amassed over 270,000 followers on a Twitter account where they've pledged to give investors "<a href="https://twitter.com/pepecoineth" target="_blank" rel="noopener">the most memeable memecoin in existence</a>."The Pepe symbol itself regularly appears on internet message boards including 4chan and Reddit and <a href="https://twitter.com/pepecoineth" target="_blank" rel="noopener">has ties to the far right</a>. It was classed as a hate symbol by the Anti-Defamation League in 2016, but it's also been used by pro-democracy protesters in Hong Kong.Coinbase <a href="https://www.coinbase.com/bytes/archive/behind-the-memecoin-frenzy" target="_blank" rel="noopener">described the meme's usage by racists in a newsletter</a> on meme coins published last Wednesday – but its chief legal officer apologized a day later after the exchange received widespread criticism from crypto traders.<h3>How is the token performing?</h3>Mass promotion of Pepe on Twitter fueled a trading frenzy shortly after it launched – and by May 5, its market capitalization hit $1.6 billion, according to data from <a href="https://coinmarketcap.com/currencies/pepe/" target="_blank" rel="noopener">CoinMarketCap</a>.But the token's rise – which its developers said was "<a href="https://finance.yahoo.com/news/pepe-coin-fueled-pure-memetic-124447681.html" target="_blank" rel="noopener">fueled by pure memetic power</a>" but was actually likely a result of speculators wildly pumping – proved short-lived.The meme coin's price has plunged by around 70% from its peak 10 days ago – coinciding with a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-rally-fizzling-out-crypto-investing-strategy-stock-market-news-2023-5?_gl=1*mq9uh7*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY4NDEzNTQ0Mi4zMTUuMS4xNjg0MTQ0NzE4LjUzLjAuMA..">broader crypto sell-off</a>.Since its launch, Pepecoin has traded at just a fraction of a cent – but a circulating supply of nearly 392 trillion tokens means it's still the 66th-largest cryptocurrency by total valuation even after its recent losing streak, per CoinMarketCap.<h3>What are meme coins?</h3>Meme coins – or "shitcoins", if you're a crypto sceptic – are tokens that have zero underlying value but are still popular with traders because of their links to well-known memes.The most famous example is <a href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a>, which counts Tesla and SpaceX CEO Elon Musk as a <a href="https://www.businessinsider.com/history-elon-musk-love-affair-dogecoin-2022-7">longtime fan</a>. Doge achieved widespread fame during the 2021 crypto boom, when it rallied from under a cent to an all-time high of $0.69.Another well-known meme coin is Shiba Inu, which like Pepecoin surged after its initial launch, only to crash a few weeks later.The token, branded by its developers as the "Dogecoin killer", surged 240% in a week in October 2021 – but has erased the bulk of its gains since then.<h3>What does all this mean for crypto?</h3>Pepecoin's massive popularity and subsequent slide could be a bad sign for larger cryptos, including <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>.Explosions in the trading of meme coins have typically been seen as a sign of a bubble – because they show that investors lured in by high valuations are buying and selling purely speculative tokens.Bitcoin started 2023 with four straight months of gains but has plunged 6% since Pepecoin's launch on April 19.Ether is down 8% over the same period, while fellow large-cap token solana has plummeted 14% since the frog-based crypto first listed.

What is Pepecoin? Everything you need to know about the meme token that notched a $1.6 billion market cap then crashed 70% within days

<ul class="summary-list"><li>Elon Musk said Tesla is weighing up other more eco-friendly alternatives to bitcoin.</li><li>Experts said there are thousands to choose from, with many using a different mining system.</li><li>Musk's options include <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>, which is overhauling its system, and meme token <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>.</li></ul>Elon Musk shocked the crypto world on Wednesday night when he announced that Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5">no longer be accepting bitcoin</a> as payment, because its "insane" energy use threatens the environment.Bitcoin mining uses more energy each year than Sweden, according to Cambridge University researchers. And more than 70% of mining takes place in China, according to Bank of America analysts, where coal power dominates.But Musk said in his <a href="https://twitter.com/elonmusk/status/1392602041025843203?s=20">tweet announcing the decision</a> that Tesla is weighing up other cryptocurrencies which use less energy."With over 9,500 other cryptocurrencies available, Elon Musk has a plethora of options from which to choose," Katharine Wooller, managing director at retail crypto exchange Dacxi, told Insider.Here are five he might consider.EtherEther is the second-biggest cryptocurrency after bitcoin, with a total market value of more than $400 billion.Currently, ether's blockchain network Ethereum uses the same "proof of work" mining and security system as bitcoin. It is incredibly energy intensive, involving huge numbers of computers solving puzzles to keep the network secure.But ether is set to <a href="https://markets.businessinsider.com/currencies/news/ethereum-upgrades-boost-ether-price-eip1559-prrof-of-stake-2021-5-1030404464">move over to a "proof of stake" system</a> that Ethereum developers say will be far less energy intensive."The back of the envelope calculation suggests that under proof of stake we will be using less than a thousandth of the energy," Ben Edgington, of Ethereum development company ConsenSys, told Insider.Yet the change in ether is not set to take place until the end of this year or early 2022, during which time it is set to keep eating up energy.<keyword id="5294933" type="PERSON" weightage="60" keywordseo="cardano">Cardano</keyword>Cardano is a blockchain network, running the cryptocurrency ada, that already uses a proof of stake system. This means users of the network validate transactions and get rewarded with cryptocurrency according to the number of coins they hold and are willing to offer as a sort of down payment.Cardano uses a tiny fraction of the energy of bitcoin, at 0.55 kilowatt hours per transaction, compared to bitcoin's 707 KWh, according to internet infrastructure firm <a href="https://www.trgdatacenters.com/most-environment-friendly-cryptocurrencies/">TRG Datacenters</a>.<keyword id="6221313" type="UNKNOWN" weightage="60" keywordseo="xrp">XRP</keyword>XRP is the least environmentally damaging cryptocurrency, according to TRG, using 0.0079 KWh of energy per transaction.The cryptocurrency, associated with the development firm Ripple, is the seventh-biggest. Ripple <a href="https://markets.businessinsider.com/currencies/news/ripple-xrp-sales-first-quarter-results-sec-lawsuit-ripplenet-2021-5-1030402431">said last week</a> that its sales of XRP has almost doubled in the first quarter of the year to $150 million.Ripple has had legal problems, however, with the company currently involved in a dispute with the Securities and Exchange Commission over whether XRP is a security or a currency.<keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword>Chia is a new "green" cryptocurrency which <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">started trading in early May</a>. It was created by Bram Cohen, the inventor of BitTorrent, and uses what's called a "proofs of space and time" system. Its creator says people farm, rather than mine, the cryptocurrency.It has attracted investors but it remains tiny, with a market cap of $550 million compared to bitcoin's value of close to $1 trillion.DogecoinElon Musk has often hyped the cryptocurrency, which was started as a joke and is based on an online dog meme.He <a href="https://twitter.com/CNBC/status/1392828606670426114?s=20">tweeted a poll</a> last week, asking: "Do you want Tesla to accept Doge?" His followers overwhelmingly said yes.Yet many crypto experts have criticized dogecoin's design, particularly the fact that it has unlimited supply.Wooller said: "The cynic in me prays he doesn't switch to dogecoin, which is at best a novelty, and at worst an embarrassment to the crypto industry."

Elon Musk's Tesla has stopped taking bitcoin, but is weighing greener options. Here are 5 tokens it might consider

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What is Pepecoin? Everything you need to know about the meme token that notched a $1.6 billion market cap then crashed 70% within days

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Elon Musk's Tesla has stopped taking bitcoin, but is weighing greener options. Here are 5 tokens it might consider

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