The success of meme tokens in the modern cryptocurrency market is the most vivid example of the fact that not everything in this world can be explained using our usual logic. Cryptocurrency tied to funny pictures is becoming popular without any technological basis for the product itself. Meme tokens are gaining popularity simply due to positive emotions, which has a huge impact on their distribution. In this article we will talk about two young meme-tokens that have gained a lot of recognition – PePe and Wall Street Memes.
How did the meme coin PePe explode the crypto market?
The green frog PePe, which became one of the most popular internet memes on 4chan and Tumblr in 2015, has started gaining popularity again. However, now his “occupation” has changed – it is no longer just a funny picture, but a real cryptocurrency, which is based on the Ethereum blockchain.
The first information about the new coin appeared on Twitter, in April 2023, and a couple of weeks later the token itself was released, named PEPE in honor of the meme frog. The creators of the project remain anonymous, but over 420 trillion coins have been issued. Trading was organized on the DEX exchange Uniswap.
The wave of PEPE’s popularity was raised by Twitter Influencers, as well as thematic channels in Telegram and Discord. This bore impressive fruit – who would have thought that just one day after its release, the coin’s value would jump 9 times! Not even three weeks later, the market capitalization of this token passed the $1.6 billion mark.
The result of such an explosion of popularity was expectedly the emergence of several dozens of new meme coins, and those tokens that were on the rumor, just as quickly rose in value. However, it is worth considering that most young cryptocurrencies often lack liquidity. Not all young coins manage to maintain public acceptance and stay at the level of popularity after the main excitement subsides.
RERE listing on exchanges
The PEPE meme coin has been traded on decentralized (DEX) cryptocurrency exchanges from the very beginning. The increase in trading volume led to an increase in the number of transactions on the Etherium blockchain. The wave of popularity of PEPE and similar meme tokens caused activity on DEX exchanges to return to 2021 levels.
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At that time, most of the cryptocurrency market was able to reach an all-time price high. This is what caused a serious increase in the load on the Ethereum network.
As a consequence, commission accruals increased greatly. Thus, any interaction with the network could cost the user fees of up to $50 in ETH equivalent. The increase in commissions, as well as some technical peculiarities of DEX exchanges are the factors that partially managed to restrain the main inflow of retail traders.
However, soon information about PEPE listing started to be published by centralized cryptocurrency exchanges, including Bybit, OKX, Poloniex and others. Only from the largest modern cryptocurrency exchange Binance for a long time nothing was heard until in early May, the head of the exchange C. Zhao during an interview with subscribers did not make a special statement.
According to him, although Zhao does not understand the meaning of creating meme tokens and has never traded them himself, he is ready to meet with customers if there is demand for the coin and the listing is justified.
It was then clear that adding the PEPE token to the number of Binance currency pairs was a matter of time. Just a few days later, this cryptocurrency actually began trading on the exchange.
At the time of writing, the value of PEPE is $0.00000109, and the market capitalization of the coin exceeds $426.2 million. Also, the cryptocurrency is known for the fact that in the ranking of memcoins it closes the top three leaders, behind the “silver” and “gold” Dogecoin and Shiba Inu.
Wall Street Memes: will the new project be a revolution in meme cryptocurrencies?
Wall Street Memes is a young meme cryptocurrency. The coin was released on May 26, so it is still in the first stages of its development. The project plans to create a community for fans of exclusive memes.
In support of WSM is I. Musk, but the developers are not going to stop there, wanting to attract more famous people to cooperate.
So, for example, a program for ambassadors has already been organized. The first of them was Crypto Jamie – the creator of educational content about cryptocurrency on Twitter and YouTube, as well as the owner of the ChainKing profile on Binance Feed. In total, he has more than 16 thousand subscribers.
The developers of the Wall Street Memes project became famous in 2021 thanks to the fact that they were able to earn more than $2 million on the release of a very successful collection of NFT Wall Street Bulls. 10,000 copies were sold in just half an hour. The development team promises that they can repeat this success with WSM, but on an even larger scale.
The essence of the Wall Street Memes plan can be divided into 3 stages:
- Contract development, marketing and merch.
- Coin release, cooperation with celebrities, media promotion, listing on top centralized and decentralized exchanges.
- Launching a closed community, raising the market capitalization to $1 billion.
At the moment WSM is in the presale stage. The coin is worth $0.0277 and over $5.2 million has already been invested in the project. The Wall Street Memes coin is expected to be launched on the Ethereum blockchain, just like PePe.
No specific plans for the organization of the meta-universe or at least the ecosystem are announced. From the confirmed plans of the developers we only know about the creation of a closed community with unique content only for the participants. In addition, they are developing branded merch – sweatshirts and T-shirts.
The main task of the project, according to the developers, to make Wall Street Memes “the king of memes”. It is worth noting that with an army of millions of fans already now WSM has every chance to fulfill this task.
The era of meme-coins: why are investors investing in these cryptocurrencies?
According to analysts, the popularity of any meme currency is due to two factors: firstly, the successful development of the cryptocurrency market, and secondly, the popularity of the meme images themselves.
Funny, attention-grabbing pictures spread quite quickly on the web, gaining public recognition. Meme-coins are gaining popularity every day, which makes investors invest in these assets in the hope of further growth of their value.
Positive assessment of experts, favorable forecasts and a strong community are the three qualities of a promising meme cryptocurrency that PePe and Wall Street Memes possess.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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