When that wave of hacker selling hit last week, Mr. Yu told everyone to buy PEPE. Looking back now at how badly altcoins have fallen these past few days, PEPE has held up. I’m honestly a bit relieved.
I’ve said more than once what to look for in altcoins: either rock-solid fundamentals or a compelling story ahead. If a coin has neither, it tends to get hit the hardest when prices fall. PEPE falls into the latter category.
This coin launched in 2023 and was the leading meme coin on Ethereum that year. During the last bull market, its market cap was pumped to around $10 billion. Then it went through a long bear market, falling as much as 90% from its all-time high to this cycle’s low. That kind of drop is pretty normal. Anyone who needed to get out has already done so, leaving the remaining supply in stronger hands.
So I actually think this rebound has been a little weak. PEPE has only doubled so far, while ETH is up nearly 80%. For something with a smaller market cap to have risen so little shows that its potential to move hasn’t really been unleashed. Look at the monthly chart: it’s only just started to lift off the bottom and is still grinding around in this bottom range.
Canary Capital reportedly filed an application for a spot PEPE ETF in early October, and the market is now waiting for an update on its approval. Once expectations around an ETF start heating up, the boost to sentiment around meme coins can be huge!
For those of you who haven’t got in yet, wait for a pullback. When the opportunity comes, I’ll let the Krabby Patty crew know!
#AMD超预期大涨，AI叙事延续？ #美国中期选举：市场有哪些期待？
I’ve said more than once what to look for in altcoins: either rock-solid fundamentals or a compelling story ahead. If a coin has neither, it tends to get hit the hardest when prices fall. PEPE falls into the latter category.
This coin launched in 2023 and was the leading meme coin on Ethereum that year. During the last bull market, its market cap was pumped to around $10 billion. Then it went through a long bear market, falling as much as 90% from its all-time high to this cycle’s low. That kind of drop is pretty normal. Anyone who needed to get out has already done so, leaving the remaining supply in stronger hands.
So I actually think this rebound has been a little weak. PEPE has only doubled so far, while ETH is up nearly 80%. For something with a smaller market cap to have risen so little shows that its potential to move hasn’t really been unleashed. Look at the monthly chart: it’s only just started to lift off the bottom and is still grinding around in this bottom range.
Canary Capital reportedly filed an application for a spot PEPE ETF in early October, and the market is now waiting for an update on its approval. Once expectations around an ETF start heating up, the boost to sentiment around meme coins can be huge!
For those of you who haven’t got in yet, wait for a pullback. When the opportunity comes, I’ll let the Krabby Patty crew know!
#AMD超预期大涨，AI叙事延续？ #美国中期选举：市场有哪些期待？
