Why are people buying PEPE?

I'm curious, why are people buying PEPE? It seems to have garnered quite a lot of attention in the recent cryptocurrency frenzy. Is it just a passing fad or does it actually have some fundamental value? I've heard people talk about its potential as a digital collectible, but I'm not entirely sure what that means. Could you elaborate on its uniqueness and what makes it appealing to investors? Also, what are the risks involved in investing in PEPE? I'm trying to wrap my head around this whole phenomenon and your insights would be greatly appreciated.