Memecoin euphoria takes over crypto, even extending to — yes, that's right — Bitcoin. Check out our weekly CT roundup!
Gm,
What a week it’s been. memecoins are so back. They are back to the extent that they have broken Crypto Twitter, Ethereum and Bitcoin.
Let us explain…
Whose Threads Are a Must-Read?
So. You may or may not remember this round-up mentioning PEPE for the first time two weeks ago. It had already printed millionaires back then.
But now we’re in memecoin frenzy mode. All-out mania. People are even suggesting a memecoin supercycle:
You read that absolutely right. No more complicated ponzis. No more DeFi, L1, infrastructure vaporware VC shenanigans. Adjust investments to the IQ of Tiktokers.
Whether they like it or not, Bitcoiners are now part of the memecoin madness too. Ordinals were the test case. They are at an all-time high volume, as this thread about Bitcoin Ordinals analytics explains:
The market’s already in the next state of mania and moved on to BRC-20 shitcoins, ehhh altcoins, that is. Needless to say that explosive growth is a bit of an understatement for this situation.
So redphone is probably right when he suggests the next bull cycle being the most explosive one yet:
Imajin if people actually started caring about Dapps and all that other stuff on the blockchain no one uses. We could be in for the ponzi singularity.
Now if you missed PEPE or just don’t trade memecoins, you may be better off tailing the smart people who do. Someone checked the chain and there are wallets that bought both PEPE and SHIB early:
Might want to bookmark these three addresses.
Was there anything else worth talking about other than memecoins and their effects?
Not really. But Jason Lowery had a nice thread about why Bitcoin is a great tool for national cybersecurity:
Ok yea, Jason, nice. But hear us out: altcoins on the Bitcoin blockchain.
Wisdom of the Week
Lots of wisdom in the timeline last week. One nugget came from Hsaka:
You can (or don't want to) never leave indeed. This is most probably not the last memecoin mania either. If you missed this one, don’t beat yourself up. Because it’s not about the millions.
Who Is Arguing in Way Too Public a Place?
Another week, another memecoin rug. This time WSB Coin was on the end of some drama:
As it always goes, out came the pitchforks and doxxing threats:
How did this one end?
Apparently with funds recovered. Good for them:
Elon Building Twitter
Surely, with all this madness going on, Elon would put on his memecoin shitlord suit and jump right in?
Nope! A really quiet week for Chief Twit. No drama, no major Twitter updates, no crypto. Just Elon enjoying some family time at the F1 race:
Just kidding, how could Elon not cause a memecoin to pump? He replied to Beeple’s incomprehensible tweet, causing GPT-created memecoin TURBO to pump:
Talk of the Town
Ok. So. Uhm, where do we start here…
We covered this entire Pepe-to-the-moon story in an extra article: Is Memecoin Szn Back? But that was last Wednesday. So now it’s time for an update and, obviously, everyone wants to know: wen short?
Well, the top may or may not be already in. Jack Niewold thinks it’s not:
PEPE is a wonderful reminder about what crypto stands for:
Imagine this: PEPE even started onboarding those people to DeFi that refused to use its infrastructure for years. Like millionaire crypto influencers:
Crazy, isn’t it?
But still, there are some good people left in crypto- People with integrity that do not put money first. People like jaredfromsubway.eth:
This memecoin tsunami is so strong, it even washes over Bitcoin dinosaurs and laser eye maxis that want to keep the chain clean of nasty “transactions.” Yes, that really happened:
Bitcoiners are in shock and disbelief over this DDoS attack:
The horror! Someone is *gasp* using Bitcoin. Binance temporarily suspended withdrawals to cope with this onslaught of usage. That makes the proposed tax on Bitcoin miners even more lucrative:
Now that everyone has submitted to the Pepe standard and we agree money isn’t real, it doesn’t matter if we burn millions, right? Then we can consider Balaji a foreward-thinking pioneer:
Memes
The memes were pretty obvious last week. But everyone who was watching it from the sidelines did not have a lot of fun:
Business and finance classes on Twitter are far superior to boring university alternatives:
Leaving you with the overall sentiment of this market:
See you next week!
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