Rally

Pepe

Uniswap

Bitcoin

Dogecoin

<p>Crypto&#8217;s majors, Bitcoin and Ethereum, saw a slight pullback following a week of bullish momentum, with the leading crypto by market capitalization currently sitting slightly below it&#8217;s YTD high of USD$31,000.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="939" height="503" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-38.png" alt="" class="wp-image-37374" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-38.png 939w, https://chaindebrief.com/wp-content/uploads/2023/04/image-38-300x161.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-38-768x411.png 768w" sizes="(max-width: 939px) 100vw, 939px" /><figcaption class="wp-element-caption">Image Courtesy: CoinMarketCap</figcaption></figure>



<p>With a pause in majors following a strong rally often indicating an <a href="https://chaindebrief.com/market-cycles-crypto-identify-tops-take-profits/">altcoin season, </a>many cryptocurrencies outside the top 10 have given 50-100% returns over the last few weeks.</p>



<p>However, few expected memecoins to post 1000x&#8217;s so soon.</p>



<p><strong>Also Read:</strong><a href="https://chaindebrief.com/meme-token-success-bad-for-crypto/"> Why Meme Token Success Could Be Bad For Crypto</a></p>



<h2 id="strong-a-dogecoin-and-elon-led-rally-strong"><strong>A Dogecoin and Elon-led rally?</strong></h2>



<p>Two weeks ago, Tesla founder and CEO Elon Musk surprised crypto investors by changing Twitter&#8217;s renown bird logo to a Doge, possible in response to <a href="https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/#:~:text=Musk%20is%20CEO%20of%20both%20Tesla%20and%20SpaceX.&amp;text=%22Defendants%20were%20aware%20since%202019,profit%2C%20exposure%20and%20amusement.%22">allegations of price manipulation.</a></p>



<p></p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="zxx" dir="ltr">? <a href="https://t.co/1grRZj9I5z">pic.twitter.com/1grRZj9I5z</a></p>&mdash; db (@tier10k) <a href="https://twitter.com/tier10k/status/1642944126340546588?ref_src=twsrc%5Etfw">April 3, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>This corresponded with an almost instantaneous spike in Dogecoins&#8217;s price, rising by 30% intra-day.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="948" height="493" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-39.png" alt="" class="wp-image-37375" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-39.png 948w, https://chaindebrief.com/wp-content/uploads/2023/04/image-39-300x156.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-39-768x399.png 768w" sizes="(max-width: 948px) 100vw, 948px" /><figcaption class="wp-element-caption">Image Courtesy: Coinmarketcap</figcaption></figure>



<p>While other dog-themed cryptocurrencies such as $SHIB did not see similar interest, the Elon-spurred rally inspired speculation surrounding new memecoins.</p>



<h2 id="strong-what-are-wojacks-and-pepes-strong"><strong>What Are Wojacks and Pepes?</strong></h2>



<p>The two new memecoins taking crypto twitter by storm are named after their meme counterparts, Wojack and Pepe.</p>



<h3 id="wojak">$Wojak</h3>



<p>Not to be confused with Wojack Finance ($WOJ), $Wojak is an Ethereum-based memecoin launched today, named after a meme popular on crypto twitter.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="640" height="360" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-41.png" alt="" class="wp-image-37377" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-41.png 640w, https://chaindebrief.com/wp-content/uploads/2023/04/image-41-300x169.png 300w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<p>The mean typically depicts a line-drawn character in  distress or happiness, and is often used to display extreme emotions.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="373" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-42-1024x373.png" alt="" class="wp-image-37378" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-42-1024x373.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-42-300x109.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-42-768x279.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-42.png 1363w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Courtesy: Dex Screener</figcaption></figure>



<p>Similarly, it&#8217;s themed token, $Wojak, has behaved extremely. It&#8217;s Uniswap pair has seen more than $32 million in volume over the last 24 hours, with the token skyrocketing a mind-boggling 34000%.</p>



<h3 id="pepe">$PEPE</h3>



<p>Similarly, $PEPE was based on the popular pepe meme, which features a green frog-like character that is popular on crypto twitter.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="729" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-43-1024x729.png" alt="" class="wp-image-37379" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-43-1024x729.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-43-300x214.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-43-768x547.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-43.png 1027w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Created by cartoonist and visual artists <a href="https://mattfurie.com/">Matt Furie</a>, Pepe the frog initially rose to popularity on social media sites like Tumblr and 4Chan, before making it&#8217;s way over to Twitter.</p>



<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="376" src="https://chaindebrief.com/wp-content/uploads/2023/04/image-44-1024x376.png" alt="" class="wp-image-37380" srcset="https://chaindebrief.com/wp-content/uploads/2023/04/image-44-1024x376.png 1024w, https://chaindebrief.com/wp-content/uploads/2023/04/image-44-300x110.png 300w, https://chaindebrief.com/wp-content/uploads/2023/04/image-44-768x282.png 768w, https://chaindebrief.com/wp-content/uploads/2023/04/image-44.png 1358w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Courtesy: Dexscreener</figcaption></figure>



<p>Much like $Wojak, the $PEPE token saw a tremendous rise over the last few days, growing by over 7777% since it&#8217;s launch.</p>



<h2 id="strong-will-pepe-wojak-be-em-the-em-new-memecoins-strong"><strong>Will Pepe, Wojak, be <em>THE </em>New Memecoins?</strong></h2>



<p>Currently, $Pepe and $Wojak have market capitalizations of $30M and $10.5M respectively, which would rank them at #500 and #800 by market cap respecitvely.</p>



<p>In contrast, Dogecoin still ranks at #8 by market capitalization, at a whopping $12 billion.</p>



<p>Furthermore, many memecoins that were prophesized to take it&#8217;s place, including $SHIB and $FLOKI, eventually faded away during the bear market.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Meme coins used to die at 400k caps during the last 6-9 months (outside a few outliers ofc)<br><br>Not sure what changed</p>&mdash; icebergy <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2744.png" alt="❄" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@icebergy_) <a href="https://twitter.com/icebergy_/status/1648193811766542337?ref_src=twsrc%5Etfw">April 18, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>While it&#8217;s unlikely that either $WOJAK nor $PEPE will ever crack the top 100, the sudden rise of meme coins could indicated a shift in behaviour amongst market participants.</p>



<p>More risk-on activity could be the sentiment for the next few weeks, as speculators reel from a 2-week long euphoria-riddled Bitcoin and Ethereum pump.</p>



<p><strong>Also Read: </strong><a href="https://chaindebrief.com/controversial-meme-coins-should-be-part-of-crypto-portfolio/">A Controversial Opinion: Why Meme Coins Should be Part of Your Crypto Portfolio</a></p>



<p><em>[Editor’s Note: This article does</em>&nbsp;no<em>t represent financial advice. Please do your own due diligence before investing.]</em></p>



<p><em>Featured Image Credit: Chain Debrief</em></p>

Pepes, Memecoins, Take Crypto By Storm as Bitcoin Rally Pauses

Table of Contents

Chain Debrief

Other articles published on Apr 18, 2023

Core DAO, Bitget, and MEXC join forces to launch $200m ecosystem fund to advance decentralized te...

Shiba Inu (SHIB) and RenQ Finance (RENQ) see huge whale accumulation, prices about to skyrocket?

ArbDoge (AIDOGE), Newborn Token Gains Popularity

Baby Doge Coin Surges by 20% in a Single Day: Is it Worth Investing in?

TMS Network (TMSN) Outshines Litecoin (LTC) and Ethereum Classic (ETC) with 900% Gains: Metalpha’...

SwissBorg Raises over €20M with Revolutionary Community-Centric Fundraising

Join our free newsletter for daily crypto updates!