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Welcome back to Distributed Ledger. This is Frances Yue, crypto reporter at MarketWatch.

Crypto investors have recently witnessed the meteoric rise of another meme coin.

Three weeks after it was launched, Pepe coin, a token in reference to the internet meme Pepe the Frog, saw its market capitalization rise to as high as $1.6 billion on May 5, though it has since fallen over 60% to around $600 million. The token has lost more than 70% of its value from its all-time high on May 5.

Also read: Why meme coins are trending again

Pepes rally reminded investors of the meme coin craze they witnessed in 2021, especially evidenced by the rise of dogecoin and Shiba Inu then. Pepes surge also inspired a buying frenzy of several other meme coins, which together contributed to the congestion of the Ethereum and Bitcoin network.

Most recently, crypto enthusiasts are eyeing the tension between the Pepe coin community and digital asset exchange Coinbase COIN , which, in a newsletter Wednesday said the Pepe the Frog character has been co-opted as a hate symbol by alt-right groups, citing Anti-Defamation League.

It has since sparked outrage from the meme tokens supporters on Twitter. Pepe The Frog is a lot of things, but it is definitely not an alt-right hate symbol, Twitter user @farokh, a supporter of Pepe coin wrote. Was the narrative taken away from Matt Furie [creator of the character] for a moment? Yes, it was. Does that mean the entire character is racist and condones hateful speech and behaviour? No, it doesnt.

On Thursday, Paul Grewal, chief legal officer at Coinbase, tweeted an apology to the Pepe coin community, saying that the exchanges newsletter didnt provide the whole picture of the history of the meme.

Find me on Twitter at @FrancesYue_ to share any thoughts on crypto, this newsletter, or your personal stories with digital assets.

Chase Devens, senior research analyst at Messari, attributed Pepes rise to a perfect storm of conditions.

I would say that in the past month or so, there hasnt really been anything too noteworthy happening in crypto, Devens said in a phone interview. So when Pepe coin popped up, it was relatively easy for people to be like, this is something interesting, and to start directing their attention towards it.

It also contributed to the cryptos rally that the meme of Pepe the Frog was already popular on the Internet, noted Devens.

Jeff Mei, chief operating officer at BTSE, said the rise of PepeCoin was largely driven by investors fear of missing out, which is often referred to as a crypto slang called FOMO.

The support of so-called whales, or individuals or entities that hold large amounts of Pepe coin, also helped with the rally, Mei said.

While the crypto market overall might be stuck in an elongated winter, viral dynamics follow their own logic, Mei said.

Bitcoin has gained over 60% so far this year, but is still down over its all-time high in 2021, according to CoinDesk data.

Pepe coins price peaked on May 5 at around $0.000004, after Binance said it would list the token, but has since fallen more than 70% to about $0.000001 on Thursday.

Its relatively common for meme coin prices to spike as they are listed on major exchanges, and fall afterwards, noted Devens. For example, Shiba Inus price peaked in October 2021 at around $0.000018, after Coinbase listed the coin in September 2021, but has then lost half of its value to about $0.0000086 on Thursday.

Its hard to say whats next for Pepe coin, noted Devens. Compared with Dogecoin and Shiba Inu, whose market capitalization stands at $9.8 billion and $5.1 billion, Pepe coin is still relatively small.

To be sure, cryptocurrencies, especially meme coins, are highly volatile, and remain largely unregulated.

The rise of Pepe coin, which is based on Ethereum, has also pushed up the gas fees, or the fees paid to validators on the blockchain, as more transactions are happening on the network.

The meme coin resurgence inspired by Pepe has also led to more tokens created on the Bitcoin network using BRC-20 token standard, which allows users to create and send fungible tokens through the Ordinals protocol.

Since the launch of PEPE, BRC-20 meme coins have exploded in popularity and caused heavy congestion on the network, Devens wrote in a recent note.

Read: Binance twice pauses bitcoin withdrawals due to large volume

Bitcoin lost 6.3% in the past week and was trading below $27,000 on Thursday, according to CoinDesk data. Ether declined 4.5% in the same period to below $1,800.

Read more from the original source:
Meme crypto Pepe coin had a meteoric rise, but has lost 70% of its value in a week. - MarketWatch

Pepe is the latest memecoina category of altcoins, or smaller cryptos after heavyweights Bitcoin and Ether to capture the attention of the crypto crowd. Dogecoin, referencing the doge meme, is the eighth-largest digital asset by market capitalization, with similarly dog-themed crypto Shiba Inu close behind.

For its part, Pepe references the Pepe the Frog memewhich has a checkered cultural reputation. The Anti-Defamation League (ADL) has named the Pepe the Frog meme a hate symbol, while noting that the character did not initially have racist connotations and that many uses of the meme continue to be non-bigoted.

Pepe has taken off since its launch in April, with its listing on OKX last Monday and addition to Binancethe worlds largest crypto exchangelast Friday acting as accelerants, funneling new liquidity to trading in the token.

Pepe prices ripped higher in turn, with its market cap surging from $280 million before the OKX listing to a peak of $1.8 billion after it was listed on Binance, with trading volume in Pepe at times dwarfing that of much larger memecoin peers such as Dogecoin, according to crypto data provider CoinGecko.

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The rally has since cooled, likely as a result of profit-taking, with Pepes market cap falling to near $430 million on Wednesday.

But dont expect such a frenzy to fall flat so soon, especially since it looks like whales (holders of significant amounts of crypto) are getting involveda sign that trading in Pepe is attracting more influential market participants.

Three whales have started to buy Pepe in force since prices dropped back from their peak, crypto analytics group Lookonchain detailed via Twitter on Tuesday, citing public blockchain network data. Two of those whales hold positions worth more than $1 million combined at current prices, while Lookonchain noted that the third began withdrawing Pepesome $2.76 millionfrom Binance.

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Another whale, Lookonchain detailed Wednesday, has steadily bought Pepe across the past three days, scooping up around $150,000 in this current spree.

These positions might seem small in size compared with the total market cap of Pepe, but they have the potential to be market-moving in the volatile memecoin space.

More broadly, the attention of whales may signal that this memecoin frenzy is more than a flash in the pan, potentially symptomatic of improving sentiment in one of the most risk-on corners of the marketor just more crypto hype.

Write to Jack Denton at jack.denton@barrons.com

Read the original post:
Dogecoin Rival Pepe Hooks Crypto Whales. Memecoin Frenzy May Just Be Starting. - Barron's

As the cryptocurrency market continues to grow, new projects are emerging and catching the attention of investors and traders alike. Two of the most talked-about projects in 2023 are RenQ Finance (RENQ) and Pepe (PEPE).

These projects are gaining significant attention and are creating a buzz in the crypto community. In this article, we will explore what sets these projects apart, their potential for growth, and what investors can expect in the coming months.

RenQ Finance is a community-driven decentralized exchange (DEX) platform that aims to provide a one-stop solution for all kinds of traders in the DeFi world. It aims to empower users with a comprehensive solution by providing a platform that has the benefits of a centralized exchange and beyond. RenQ Finance aims to connect all isolated blockchains and establish a cross-chain asset exchange network, providing all necessary underlying support for the DeFi ecosystem.

RenQ Finance stands out from the competition due to its commitment to security and transparency. The platform has implemented various security measures to protect users funds and regularly conducts security audits to identify and address any vulnerabilities. The focus on transparency has helped to build trust with investors and users alike, making it a promising investment option.

RenQ Finances native token, RENQ, has already seen impressive gains and has the potential for explosive growth. The platform has an active and engaged community that is passionate about the project and its potential for disrupting the DeFi space. The community is committed to promoting the platform and spreading the word about its benefits, which has helped to attract new users and investors.

Click Here to Join RenQ Finance (RENQ) Presale.

Pepe is a cryptocurrency that aims to capitalize on the widespread interest in meme culture by fusing the decentralized structure of the blockchain with the widespread appeal of the Pepe the Frog meme. The Pepe coin is a symbol of the cultural significance of memes in modern society since it personifies a popular meme. It perfectly encapsulates the spirit of the internet while demonstrating the wide-ranging applicability of digital expressions, from the field of entertainment to that of commerce.

Pepes growth and investment prospects are inspired by Dogecoins meteoric rise in 2020. As a meme-based cryptocurrency, it might ride the wave of popularity that propelled Dogecoin to new heights. Investors and crypto fans alike should keep a watch on Pepe as it finds its footing in the rapidly evolving cryptocurrency market.

Both RenQ Finance and Pepe have unique features that set them apart from the competition. RenQ Finance is a DEX platform that focuses on security, transparency, and community engagement, while Pepe capitalizes on the popularity of meme culture and the power of digital expressions. Despite their differences, both projects have the potential for explosive growth and are gaining significant attention in the crypto community.

Investors and traders looking for high returns should consider these two projects for their portfolios. However, it is essential to do thorough research and understand the risks associated with investing in cryptocurrencies before making any investment decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly, making it important to be vigilant and cautious when investing.

RenQ Finance and Pepe are two of the most hyped projects in the crypto market in 2023. Both projects have unique features that set them apart from the competition and have the potential for explosive growth.

RenQ Finances commitment to security, transparency, and community engagement make it a promising investment option, while Pepes capitalization on the popularity of meme culture and digital expressions makes it an intriguing project to watch. Investors and traders should do thorough research and understand the risks associated with investing in cryptocurrencies before making any investment decisions.

Click Here to Buy RenQ Finance (RENQ) Tokens.

Visit the links below for more information about RenQ Finance (RENQ):

Website:https://renq.ioWhitepaper:https://renq.io/whitepaper.pdf

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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RenQ Finance (RENQ) and Pepe (PEPE) are two of the most hyped projects of 2023 | Bitcoinist.com - Bitcoinist

Ethereum validators are basking in the glow of significant returns, fueled by the fervor surrounding Pepe Coin. The frog-inspired meme coin has been making remarkable gains since its inception on April 15. Signuptoken.com has also been quick to capitalize on this wave of success. However, Signuptoken.com is not content to simply follow in the footsteps of trailblazers, as it has ambitious plans to carve out its own impressive path once it officially launches. Read on to know about these rockets!

Ethereum network validators have recently reaped impressive benefits, with revenue almost matching that of the collapse of the FTX exchange. Its MEV Boost dashboard reveals that on May 6, validators earned a total reward of 549.05 ETH and 2,457.73 ETH in gas fees, equating to 3,006.78 ETH, which is worth a staggering $5.6 million at current prices.

The astounding figures recorded on May 6, 2023, are nothing short of impressive, with Ethereum validators reportedly raking in substantial profits amidst the frenzy surrounding meme coins, particularly Pepe Coin. Remarkably, these earnings were comparable to the revenue generated during the collapse of the FTX exchange on Nov. 9, 2022, when the maximal extractable value (MEV) income and gas fees were 2,505.69 ETH and 1,423.99 ETH, respectively, resulting in a total revenue of 3,929.68 ETH ($6.1 million). Undoubtedly, these staggering profits exemplify the lucrative potential of the cryptocurrency sector and the significance of keeping up with emerging trends.

Pepe Coin (PEPE), an Ethereum-based meme coin inspired by the popular internet meme Pepe the Frog, has recently gained significant traction in the digital currency space. As per recent reports, the market mania may have played a significant bit in the Ethereum validators massive returns.

During the weekends, PEPE raked in an impressive 60% increase as Binance announced that it will be listing the token on its platform. This news could be a stark contrast to its initial assertion of never listing PEPE. Nevertheless, this market increase is an impressive addition to its 1 million percent gain since its release in April. Unsurprisingly a classic PEPE price action it faced a significant downturn on May 9, dropping 35% to trade at $0.067694, with a market cap of $2 million.

Signuptoken.com (SUT) is an ERC-20-based cryptocurrency that is set to drop on the Uniswap blockchain. It has emerged as a breath of fresh air in the crypto world as it deviates from the usual presale technique, which often relegates the pump-and-dump title. Instead, it only plans to launch once it rakes in one (1) million email subscribers.

In just a few short weeks, SUT has already gathered an impressive 6,000 email subscribers, thanks in part to its innovative referral program. This program rewards users for spreading the word about SUT, creating a sense of excitement and anticipation for its eventual launch.

And when that launch does happen, SUT is set to make a splash by dropping its entire token supply. This move will ensure maximum liquidity and a vibrant community for investors to thrive.

The world of cryptocurrencies continues to be a hotbed of excitement, and the recent developments of Ethereum validators profitable returns and the innovative features of Signuptoken.com are only adding to the fervor. With the growing popularity of meme coins like Pepe Coin and the promising future of projects like Signuptoken.com, its clear that the world of digital currencies is full of endless possibilities and potential gains. As the crypto market continues to evolve, one can only wonder what exciting developments lie ahead.

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken

Read more:
Ethereum Validators Yield Profits as Pepe Coin and Signuptoken ... - Analytics Insight

In recent weeks, the crypto market has been dominated by rising interest in meme coins. These digital currencies, often with no practical use cases, have gained significant popularity among investors seeking quick profits.

Tron (TRON) founder Justin Sun said in a tweet on May 11 he plans to start trading meme coins using his public crypto wallet address. Sun added he will bear all losses from his future meme coin trades, and give any potential profits to charity.

Ive decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

Sun also warned his followers that he will trade meme coins simply for fun, adding that there are no guarantees that any of these tokens would be listed on Huobi Global (HT) and Poloniex crypto exchanges he previously invested in.

Suns announcement comes amid the latest meme coin craze led by the recent meteoric rise of Pepecoin (PEPE).

PEPE, a meme coin inspired by the popular internet meme Pepe the Frog, was launched in April. Over the past few weeks, PEPE saw a meteoric rise of a whopping 5,000,000%, reaching an all-time high (ATH) of $0.00000431 on May 5. It is now the third-biggest meme coin by market cap, trailing DOGE and SHIB.

But the cryptocurrency saw its price plummet significantly since then, likely due to investors taking profits. At press time, PEPE was trading at $0.000001635, down 13.6% in the past 24 hours and more than 60% from its ATH.

It is safe to say that the meme coin craze was not welcomed in the Bitcoin (BTC) community. To be more specific, the unprecedented trading activity in PEPE and other meme-inspired coins was one of the factors driving Bitcoin transaction fees to a new record high.

On May 3, the total amount of fees paid on the Bitcoin network rose to $3.57 million, up around 400% from late April.

Another factor that fueled the surge in transaction fees was the recent interest in Bitcoin ordinals, also known as Bitcoin NFTs.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

See more here:
Tron founder Justin Sun to 'begin actively trading meme coins' - Finbold - Finance in Bold