TL; DR
-
SHIB and WIF are up 60%, while PEPE has damn near doubled in price – so much of the ‘mania’ we’re experiencing now feels like a ‘late stage’ bull run.
Full story
We have this app on our phone that sends push notifications for each day’s “biggest movers” in crypto.
And all weekend it was just meme coin after meme coin.
Shiba Inu (SHIB) moved 60%.
Dogwifhat (WIF) moved similarly.
Pepe (PEPE) — oh man — PEPE has damn near doubled in price.
And along the way, people shorted these tokens (i.e., gambled that they would go down), only to bust and pay back a total of $50 million on these projects.
(Which only pushed the price higher).
Our takeaway:
This bull run is weird. Much of the ‘mania’ we’re experiencing now feels…not exactly out of place, but…asked.
Meme coin run-ups are more of a late-stage bull-run phenomenon.
As long as we don’t see a left-translated cycle, we’re happy.