Meme coins without underlying utility or development, such as Pepe, are pure sentiment plays that move solely on attention and recognition rather than fundamental value.

"Supply is inflationary, with fresh coins minted continuously, and a market this large needs enormous buying pressure to move. The circulating count runs into the hundreds of trillions, so burns remove a rounding error, and the price trades far below its 2021 peak."

"Pepe is the purest sentiment play here, a frog-themed token that broke into the top tier in 2023 without shipping products. Recognition and liquidity are its whole case... The honest limit is that nothing sits under the price, so it moves on attention alone."