With memecoins' recent explosive surge, are we in the early innings of another memecoin season, or is the run over?
Ohh, it’s TIME.
No, not TIME the shitcoin that was printing millionaires from thin air last year (shitcoin veterans will remember). It’s time for a new round of memecoin pumps.
Source: Top Gainers (CoinMarketCap DexScan)
As an avid reader of our weekly Crypto Twitter round-up, you may remember when a few weeks ago someone printed a seven-figure profit from PEPE.
Turns out that was just the beginning of memecoin season. Yes, it’s raining money from the sky again:
Everything you need to know about the latest memecoin bonanza, explained below.
Which Coins Are Pumping?
In hindsight, it was inevitable.
How no one came up with a good Pepe coin until a good week ago or so is inexplicable. It’s the meme of the crypto space:
Either way, as CryptoKoryo educated us about two weeks ago (yea, a long time), a few clever clever guys came up with PEPE and got enough influencer traction to get it pumping:
Only over the last few days, PEPE is up over 700% from its local bottom to all-time high!
Source: TradingView
PEPE has reached a market cap of $500M in less than three weeks and already printed a few millionaires:
And since this is crypto, you know what comes next. It had to come next…
Here’s WOJAK, up 10X in only a few days:
Then there’s PPIZZA, another 10X shitcoin that printed over the last 72 hours:
AI and ChatGPT is also getting in on the action — AI-generated memecoins have generated much hype, such as TURBO, which went on an explosive run and reached a market cap of $100M at one point.
And lest we forget, WSB, named after the famous Wall Street Bet subreddit (although the token is actually called Wall Street Baby). This one isn’t new and pumped a few months ago already before it came back for round two now. WSB may be hinting at what comes next for these other memecoins…
Source: TradingView
Needless to say, the memecoin craze is out of control now. Just try typing in Pepe into the CMC search bar:
So, out with the old memes and in with the new?
How Do They Compare to the Memecoin OGs?
The older generation will remember the glorious “DOGE to a dollar” and “dogcoin flippening” days. In early 2021, Dogecoin ran up to almost $0.74. Later that year, Shiba Inu briefly flipped Dogecoin in an eye-watering pump.
Of course, we all know what came next…
Memecoins trade on attention. And attention is a fickle commodity.
But can this new generation of memecoins establish itself next to old-school dogcoins?
It may sound crazy but despite the elevator down from all-time highs, Dogecoin still has a market cap of over $10B. Shiba Inu is worth over $5B. Despite its impressive run, PEPE is still only 10% of the way there. On the other hand, it has been around for only a few weeks.
It may not catch the two veterans, but its run may not be over yet either:
With a 24h trading volume to market cap of 0.85, PEPE is soaking up all the liquidity in the market right now. To put this into perspective, DOGE has a ratio of 0.025 ($250M traded in the last 24 hours. Bitcoin trades at a similar ratio of 0.029.
In other words, PEPE and its memecoin buddies are drawing all the attention to themselves now. How long can it last?
Is It Too Late To Board the Memecoin Train?
If you think this is your chance to escape the 9-5, tread with caution. Where there’s a memecoin pump, a dump isn’t far off. Pentoshi thinks it’s around the corner:
If you’re not sure whether you are late to the memecoin party, well — you never know. Just like with the China narrative a few months ago, the early birds get paid. Then again, you never know how far these memecoins can run:
If you’re in profit, it’s probably a good time to take some off the table. But as it goes with shitcoins, you never know what could be next…
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