- Pepe the Frog-themed crypto inks 399.9%, leading the memecoin rally.
- Shiba Inu and Dogecoin both slipped by 6% while Bonk gathered comeback efforts.
- David Gokhshtein argues that PEPE is following the pattern of another memecoin.
Pepe the Frog is no longer under the radar. The iconic meme has become a cryptocurrency soaring in triple digits. PEPE entered the TOP 300 by global market cap after a day of being tracked on CoinGecko.
On top of that, the independent crypto market price aggregator also shows Wojak (WOJAK), a token based on another famous internet meme, surging 158.7% in the last 24 hours.
Accompanied by Kermit the Frog (KERMIT), these three new coins based on popular memes overshadowed the recent dog-themed memecoin rally as neither DOGE, SHIB, nor FLOKI reached triple-digit gains during the run.
Gokhshtein: Some Coins Are Irreplaceable
Memecoin-focused emerging crypto entrepreneur David Gokhshtein took to Twitter to assure his audience that Pepe (PEPE) is not a suitable replacement for Dogecoin (DOGE). While doubling down with claims that Pepe is unlikely to grow into a popular project like Shiba Inu (SHIB), Mr. Gokhshtein sees much resemblance between PEPE and BONK.
Indeed, the Solana-based Bonk outpaced both Dogecoin and Shiba Inu during its first two weeks. During the wild bull run for BONK in early 2023, Bonk inked 4,424% in the green, while SHIB reached the same milestone in 141 days.
However, the supersonic first-week bull run doesn’t necessarily mean the crypto project is destined for long-term success. In many cases, it means quite the contrary; as investors lose interest, the price movement calms down.
Indeed, Bonk’s success quickly faded, almost falling out of the TOP 1000 by global market capitalization. It recently returned with 50% gains in a day, as the canine crypto is still constantly used as a tipping coin in the SOL community.
On the Flipside
- The recently emerged PEPE is in danger of a lawsuit for copyright infringement, as the creator of the original Pepe meme has a troubled relationship with crypto and hasn’t given his consent to use the intellectual property.
Why You Should Care
Memecoins often spark altcoin rallies and generate social mentions for crypto.
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