Wait, is Pepecoin actually an ERC-20 token or its own chain? Confused about fees.

I keep seeing people talk about Pepecoin, but every time I try to look into it, I get mixed up. Is it just another token running on Ethereum with those crazy gas fees, or does it actually have its own blockchain like Doge or Litecoin? Trying to figure out if there is an actual Layer 1 for Pepe or if it is all just smart contracts. How does this even work?

CryptoAlerta — análise de criptomoedas e mercado em tempo real