TL;DR
-
SHIB and WIF moved 60%, while PEPE damn near doubled in price — so much of the ‘mania’ we’re experiencing right now feels very ‘late stage’ bull run.
Full Story
We have this app on our phone that sends push notifications for each days’ ‘biggest movers’ in crypto.
And all weekend it was just meme coin after meme coin.
Shiba Inu (SHIB) moved 60%.
Dogwifhat (WIF) moved the same.
Pepe (PEPE) — oh man — PEPE damn near doubled in price.
And all along the way, folks were shorting these tokens (aka betting they’d go down), only to get wrecked and pay back a cumulative $50M to these projects.
(Which only pushed the price higher).
Our takeaway:
This bull run is weird. So much of the ‘mania’ that we’re experiencing right now feels…not out of place exactly, but…early.
Meme coin run ups are more of a ‘late stage’ bull run phenomenon.
As long as we’re not seeing a left-translated cycle, we’re happy.
