The great leap of the "Frog Pepe" family — Why the memecoin market is booming

After the adjustment phase of BTC, the Memecoin market, which had been dormant for a long time, finally regained momentum. The first to attract attention within this wave were the tokens belonging to the “Frog Pepe” category. As of January 2026, the circulating market cap of Pepe (PEPE) reached $2.04B, maintaining a stable 24-hour fluctuation rate of -2.23%. However, the market’s demand for exaggerated advertising could no longer be satisfied by a single project, and many Memecoins derived from the large “Frog Pepe” category are being individually selected from the market, transforming into new speculative targets.

BTC rebound awakens the Memecoin whirlwind

It is well known that in the cyclical nature of the cryptocurrency market, the Memecoin market tends to flourish each time BTC emerges from a decline. This year, the same pattern has repeated, reigniting speculative psychology among market participants.

The rapid expansion of the “Frog Pepe” genre is driven not only by technical factors but also by the broader trend of internet culture permeation and its integration with the cryptocurrency market. Originally, various frog meme images, which were fragmented, have become recognized and evaluated individually in the market through the catalyst of Memecoinization.

Pepe──The undisputed king of the “Frog Pepe” category

Current Price: $0.00 (24-hour change: -2.23%, Market Cap: $2.04B)

With the emergence of Pepe ($PEPE), the world of “Frog Pepe” has changed dramatically.

Created in 2005 by American cartoonist Matt Furie, Pepe exploded in popularity on 4chan and became one of the most iconic frog symbols in internet culture. As the first Pepe-related Memecoin in the cryptocurrency market, $PEPE has risen to become the absolute star within the Memecoin category in less than a year since its debut in 2023. Its success far exceeded expectations and generated many followers.

Pepecoin──Revival and competition of the same-named token

Current Price: $0.10 (24-hour change: -11.33%, Market Cap: $10.30M)

Interestingly, even before the Pepe ($PEPE) craze, a project called “Pepecoin” with the same name existed. Released for the first time in 2016, this token initially lacked market traction for various reasons. However, witnessing the success of $PEPE in 2023, the team revived and issued a new token.

During the rapid rise of $PEPE, Pepecoin maintained relatively stable liquidity pools, which is noteworthy. This suggests a certain support base as an established project. However, discussions regarding IP rights are still not fully consensus within the market.

MonkaS, Apustaja, Ashbie──Diversity within the “Frog Pepe” family

The reason the market could no longer be satisfied with a single frog meme is the reality that within the large “Frog Pepe” category, multiple characters with different cultural backgrounds exist.

MonkaS is a meme born from Twitch TV, with a unique concept of “Pepe filled with shock and tension.” This meme image, often used during tense moments in game streaming, has been recognized early on as an independent IP, making Memecoinization a natural progression.

Apustaja has been a significant frog meme image in internet culture since its debut in 2016. Its simple and friendly expression has inspired various derivative works, and many crypto projects now utilize this image. Currently, $Apu is listed on Bybit.

Ashbie is a pairing meme culture created by netizens as a partner character to Apustaja. Initially distributed via airdrops, at its peak, it was valued at nearly $2,500 per account. Such stories of wealth have amplified market expectations for the “Frog Pepe” lineage.

Peepo is an expression of the Pepe genus’s juvenile form, popular even in WeChat emojis, and the $Peepo token has gained high popularity within the community. It has been listed on Bitget exchange, and the project team actively engages in community activities.

Groyper meme images first appeared on 4chan, but the background of their origin remains a subject of debate. Caution is advised regarding the use of this frog image, which features a hand on its chin, as some voices point to potential associations with certain political stances.

Opportunities for speculation and the importance of liquidity and risk assessment

The clear differentiation of each member of the “Frog Pepe” family has led to recognition not just as “some frog,” but as individual projects backed by distinct meme cultures.

However, in reality, most Pepe family projects are still in the early stages of speculation, with market consensus not fully established and liquidity remaining shallow. Particularly for projects like Smug Pepe, where no unified market consensus exists, thorough due diligence is required before entry.

The rapid expansion of the “Frog Pepe” market indeed offers attractive speculative opportunities, but preservation of principal and long-term risk management should be at the core of true investment judgment.