15 November 2024

Wow! This is escalating!

How fast the night changes? Bitcoin was hovering around $60,000 not so long ago and now it is around $90,000! This is the start of the real bull market. Have you put in all your spare cash in? Not yet?

While this rally ensues, a special and favourite class in crypto is silently raking in gains. Memecoins! We cover them today in our Hot Take.

Top-3 stories of the week:

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The newsletter is put together by Giottus Crypto Platform. You can read all the previous issues of Cryptogram here.

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WEEKLY MACROS

• Total crypto market cap - $2.91 trillion - UP  15.5%

• Bitcoin price - $87,902 - UP 15.7%

• The dollar index (DXY) - 106.81 - UP 2.2%

• Bitcoin Dominance - 60.84% -  UP 1.8%

• Crypto Fear and Greed Index - 80 - Market is in Extreme Greed

THE HOT TAKE

Meme narrative on fire 🔥

Memecoins are making waves again, surging 80% as a category in the past week following the victory of Donald Trump. Dogecoin, in particular, has skyrocketed nearly 100%, hitting levels close to 40 cents—a price not seen since mid-2021. This rally comes on the heels of Trump’s announcement late Tuesday that Tesla CEO Elon Musk and former presidential candidate Vivek Ramaswamy will lead the newly formed Department of Government Efficiency (D.O.G.E).

The ripple effect has been swift: Ethereum-native memecoin Pepe (PEPE) reached an all-time high with an $8.8 billion market cap, while Solana-based token Dogwifhat (WIF) climbed to just under $4.60, nearing its March peak of $4.83. Meanwhile, PNUT based on Peanut the Squirrel, a domesticated pet that was euthanized in the state of New York, climbed to the top 100 charts on Wednesday, after launching on Pump.Fun less than two weeks ago.

Today, we look at key memecoins that are early winners in this bull market.

DOGE

Following the US presidential elections, DOGE, the OG and leader among memecoins jumped 20% within hours and has surged by more than 140% since. Analysts believe that it still has room to grow.

WIF

Dogwifhat (WIF) has been on a strong upward trend for the past month, but this week it took off even more, with a surge of over 70% in its price.

The latest boost came after Coinbase announced it would be listing WIF on its exchange. Even before the Coinbase listing news, WIF had already been gaining momentum, showing a strong overall price increase.

PEPE

The number of large transactions involving PEPE tokens has increased dramatically, rising from 100 to over 1,020 in just one week, according to data from IntoTheBlock. Whale inflows have surged by 104% in the past week and 195% over the past month, signalling growing confidence from major investors.

PEPE’s price jumped over 90% yesterday after Coinbase, the largest crypto exchange in the US, announced plans to list the token. This news came shortly after Robinhood also revealed its intention to list PEPE, responding to over 18 months of requests from supporters.

PNUT

Peanut the Squirrel (PNUT), a newly launched memecoin on the Solana blockchain, has surged past $1 billion in market cap in less than 48 hours after being listed on Binance. Ahead of Binance listing, the token had already started garnering attention after Elon Musk’s appearance in Joe Rogan Show on Nov 5.

According to data from CoinGecko, PNUT’s market cap was around $128 million ahead of the Binance listing announcement, and has since jumped 10X, achieving a market cap of $1.8 billion on November 14. PNUT’s price has skyrocketed to $1.64 in the last 24 hours.

LUCE

LUCE is a meme token built on the Solana blockchain, inspired by "Luce," the official mascot for the Vatican's 2025 Holy Year. The word "Luce" means "light," symbolizing hope and the Church's mission to spread faith. Vatican Archbishop Fisichella explained that the mascot was designed to connect with young people and share the message of light and faith in today's culture. Potential listings in Binance and Coinbase could propel the coin to new heights.

If you are interested: General things to know before trading Memecoins

1. Technical analysis may not apply: Memecoins often trade based on hype and sentiment rather than traditional market indicators. The success of these tokens is driven by viral trends and community momentum, not by fundamentals.

2. Long-term holding can be risky: It's important to be skilled in taking profits. Most memecoins lack strong fundamentals, so holding them for the long run can be unwise. Think of them as short-term, seasonal plays rather than long-term investments.

3. Avoid the noise on Crypto Twitter: While some posts can offer valuable insights, many accounts simply promote coins with exaggerated or misleading information to create FOMO (Fear of Missing Out). Be cautious of what you read and stay focused on reliable sources.

4. Do your own research: Always conduct thorough research before investing in memecoins. Due to their high volatility, never invest more than you can afford to lose. Make sure you're aware of the risks involved before diving in.

5. Monitor the trend: During Bull market, it is paramount to always keep yourself updated on the current events. Follow our telegram and whatsapp channels to stay updated.

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If you have any questions or feedback for us, write to us at [email protected]. You can check out the previous issues here.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.