🐻 Is Pepe here to stay?
Plus, which other meme coins are pumping?
GM friends 👋. Meme coins are pumping, but BTC is dumping. What’s going on? With the fall of the regional banks and 25 bps interest rate hike this past week, we’re staying more bullish than ever on crypto being the only “sound and resilient” system there is.
POWELL: U.S. BANKING SYSTEM IS SOUND AND RESILIENT
Narrator: we just had over half a trillion $ in bank failures in the past month
— zerohedge (@zerohedge)
May 3, 2023
In this issue:
📣The big story of the week. Pepe keeps pumping, what’s the deal?
🗞️ In other news. Coinbase stock price pumps after a bullish Q1 earnings report and Bitcoin network gets conjested.
📣The big story of the week
Pepe keeps pumping, what’s the deal?
Pepe this, Pepe that 🐸. Crypto Twitter can’t get enough of this iconic green frog, but does it have what it takes to replace the shiba inu as crypto’s pet mascot? To our surprise, Pepe may actually be a worthy opponent. So place your votes, who are you rooting for to be the #1 meme coin 👑?
Americans are worried about their life savings in regional banks
Meanwhile the "Pepe" shitcoin is up 1,100% in a few days and has a market cap of $1.3 billion
The market is perfectly healthy
— Genevieve Roch-Decter, CFA (@GRDecter)
May 5, 2023
Pepe beats the FUD 🥊
Let’s first take a quick step back and look at how it started and where we’re at now.
Last month, a new coin emerged on crypto Twitter. $PEPE, fashioned after the popular frog meme pumped up 250% and reached a market cap of $150 million within the first 24 hours.
A coin created four days ago called $PEPE has reached $150 million marketcap and is up 250% in 24 hrs.
Someone tell Jerome Powell.
— unusual_whales (@unusual_whales)
Apr 19, 2023
A handful of degens won big and were able to flip a few dollars into a million, but it’s assumed that most who got lucky are actually just insiders. A classic pump-and-dump scheme. After a meme coin catches its first wave, the chances of it happening again are slim.
But against all odds and all the warnings to NOT buy into the Pepe hype, the green frog was somehow able to leap even higher than before and reach a market cap of $1 billion 📈.
There has been a lot of fear, uncertainty, and doubt (FUD) on the timeline regarding 🐸 lately. While other blue chip coins took months to reach a billion-dollar market cap, $PEPE achieved it in just three weeks.
Let that sink in,
— Adidust.eth (@dustdust213)
May 7, 2023
In fact, Binance decided to list $PEPE on the exchange. As a reminder, Pepe is a zero-utility token.
#Binance Convert adds $FLOKI and $PEPE.
— Binance (@binance)
May 8, 2023
Why the love for Pepe? 😍
So, while the banking system is falling apart, interest rates are increasing, housing marketing is collapsing and more jobs are getting cut…Pepe is somehow up.
USD losing its world reserve status.
AI starting to eat up all jobs.
— erking (@erking_eth)
May 5, 2023
Here are a few reasons that we think might be contributing to the Pepe craze.
1. People are bullish on crypto more than ever 🚀.
As trust in the traditional banking system falls, more and more people are beginning to turn to Bitcoin, an alternative financial system that can’t collapse from centralized control or manipulation. Not only that but with the continued weakening of the US dollar, cryptocurrencies are finally being viewed as valuable assets to protect and diversify wealth.
This could explain, in part, the reason behind the Pepe craze. Crypto has attracted the attention of more newcomers than ever who may just be FOMO-ing into the first thing they see, much like the early days of the Dogecoin phenomenon.
The #BankingCrisis is severe and it’s all caused by the #FederalReserve and the worlds central banks.
The central banks printed about $10-$12 trillion since the pandemic hit to cover for the lost productivity as economies were shutdown. FED did not fix all the problems since… twitter.com/i/web/status/1…
— 🌋🌋 Deep₿lueCrypto 🌋🌋 (@DeepBlueCrypto)
May 5, 2023
2. It’s a revolution ✊.
Much like the Wall Street Bets movement back in 2021, some people see Pepe as also being part of a revolution to rise against the broken traditional banking system. Pepe so happens to be the perfect representative of today’s movement as well, given its rich meme history in controversial, but important societal events.
1/ 🌐 The power of memes is undeniable, as they have become an integral part of internet culture, influencing society, politics, and various aspects of our lives. In this thread, we will explore the history of memes, the creation and evolution of Pepe the Frog 🐸, and its creator… twitter.com/i/web/status/1…
— Polaris Pepe (@a7izaidi)
May 8, 2023
3. It’s a pump and dump for whales and influencers 🤦.
The most simple explanation is that Pepe is just a pump-and-dump coin for insiders and big influencers who are jacking up the price to take their profits.
Whales have been increasingly taking profit on $PEPE following the @binance listing.
In 24h, the total realized PnL reached $4.5M, which accelerates with the $BTC downtrend in recent days.
Can it make a comeback?
— The Data Nerd (@OnchainDataNerd)
May 8, 2023
So, is Pepe here to stay? 🤔
It’s too soon to tell, but it has certainly made its mark already as the third-largest meme coin on the market. Who knows, maybe Elon will tweet something about Pepe and break the internet again 🤷.
Since the rise of Pepe, several other meme coins have emerged and it has even helped boost its main competitors, Doge and Shiba. Some people think it’s good for bringing awareness and adoption of crypto 👍️. Others see meme coins as giving the crypto industry a bad rep 👎️.
We have entered the stage of crypto adoption where we not only accept that crypto’s primary use case is shitcoin gambling, but celebrate it
Only took 15 years to acceptance
— ChainLinkGod.eth (@ChainLinkGod)
May 7, 2023
We all dream of finding the next 10,000x gem. Pumping $WSB $WOJACK $PEPEAI $FCKPEPE, $GENSLR sounds euphoric, but don’t let greed and short-term gains blind you from winning the long-term game 🙌.
Memecoins are an online casino.
The timeline is absolutely euphoric as millionaires were made through $PEPE
But here’s a reminder that your magic internet money could come crashing down at a moment's notice!
A TLDR on the rise and fall of $WSB👇🧵
— Elena🌸 (@ElenaaETH)
May 5, 2023
🗞️ In other news
🚀 Coinbase stock price pumps after a bullish Q1 earnings report. In the first quarter of 2023, the crypto exchange brought in $736 million in revenue, up 22% from last quarter, giving the share price a nice boost. It looks like the crypto industry might be recovering, but “real banks” are failing.
⏸️ Bitcoin network congestion forces Binance to pause withdrawals. Over the weekend, the Bitcoin network saw a spike in transactions, forcing Binance to halt withdrawals of Bitcoin twice within 24 hours due to the high fees. The rise in traffic has likely to do with the hype around Bitcoin NFTs and inscriptions.