Crypto’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’s YTD high of USD$31,000.
With a pause in majors following a strong rally often indicating an altcoin season, many cryptocurrencies outside the top 10 have given 50-100% returns over the last few weeks.
However, few expected memecoins to post 1000x’s so soon.
Also Read: Why Meme Token Success Could Be Bad For Crypto
A Dogecoin and Elon-led rally?
Two weeks ago, Tesla founder and CEO Elon Musk surprised crypto investors by changing Twitter’s renown bird logo to a Doge, possible in response to allegations of price manipulation.
This corresponded with an almost instantaneous spike in Dogecoins’s price, rising by 30% intra-day.
While other dog-themed cryptocurrencies such as $SHIB did not see similar interest, the Elon-spurred rally inspired speculation surrounding new memecoins.
What Are Wojacks and Pepes?
The two new memecoins taking crypto twitter by storm are named after their meme counterparts, Wojack and Pepe.
$Wojak
Not to be confused with Wojack Finance ($WOJ), $Wojak is an Ethereum-based memecoin launched today, named after a meme popular on crypto twitter.
The mean typically depicts a line-drawn character in distress or happiness, and is often used to display extreme emotions.
Similarly, it’s themed token, $Wojak, has behaved extremely. It’s Uniswap pair has seen more than $32 million in volume over the last 24 hours, with the token skyrocketing a mind-boggling 34000%.
$PEPE
Similarly, $PEPE was based on the popular pepe meme, which features a green frog-like character that is popular on crypto twitter.
Created by cartoonist and visual artists Matt Furie, Pepe the frog initially rose to popularity on social media sites like Tumblr and 4Chan, before making it’s way over to Twitter.
Much like $Wojak, the $PEPE token saw a tremendous rise over the last few days, growing by over 7777% since it’s launch.
Will Pepe, Wojak, be THE New Memecoins?
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.
In contrast, Dogecoin still ranks at #8 by market capitalization, at a whopping $12 billion.
Furthermore, many memecoins that were prophesized to take it’s place, including $SHIB and $FLOKI, eventually faded away during the bear market.
While it’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.
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.
Also Read: A Controversial Opinion: Why Meme Coins Should be Part of Your Crypto Portfolio
[Editor’s Note: This article does not represent financial advice. Please do your own due diligence before investing.]
Featured Image Credit: Chain Debrief
