A PEPE token usually refers to a cryptocurrency token themed around the internet meme character Pepe the Frog. In crypto, "PEPE" can mean different things depending on the project, but generally:
PEPE tokens are often meme coins — meaning they're made mainly for fun, community, or speculation rather than serious financial use.
The most famous one is PEPE Coin (ticker: PEPE) launched on the Ethereum blockchain (as an ERC-20 token) in 2023.
It became super popular because of its meme appeal, low starting price, and hype from the crypto community.
Like most meme coins (such as Dogecoin or Shiba Inu), PEPE tokens don't usually have strong technical fundamentals — their value mostly comes from community excitement, viral marketing, and trading speculation.
Technically, a token like PEPE is just a piece of code (usually a smart contract) that defines rules like total supply, transfers, etc., based on blockchain standards (like ERC-20 for Ethereum).