Pepe’s popularity grows as Trump promises he’ll free Ross Ulbricht if elected President

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Last Updated on 28 May 2024 by CryptoTips.eu

We can no longer ignore it: Pepe, the memecoin featuring the image of a frog which is seen as a symbol of the MAGA (make America great again) movement, has been on the rise in recent months. It recently entered the top 20 of CoinMarketCap and is clearly eying the major memecoins Shiba Inu and Dogecoin.

Some commentators already dare to dream of a new bull run for Pepe, comparable to the one of Dogecoin back in 2021. However, in that case Pepe would still have to rise some 1,000% more. Is that even possible?

Such a bullish move would require a lot of celebrity support. This has recently come via Donald Trump, who is turning out to be a major crypto fan. This weekend he promised to release Ross Ulbricht, the founder of Silk Road, if he wins the presidential election.

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2021

During the 2021 crypto bull run, Dogecoin became extremely popular in the spring after Elon Musk announced that he would host SNL (Saturday Night Live), a popular late-night show on American television. Musk was known to be a big fan of Doge and had promised to talk about crypto on the program.

In the weeks before Musk’s appearance on the program, the price of Dogecoin rose by some 12,000%. Everyone who bought at the beginning of the year saw their profit shoot up overnight. Doge briefly reached fourth place on the CoinMarketCap top 100, but after Musk’s passage on the program the party was over.

Influencers on X (formerly Twitter) have long believed that Pepe can repeat that famed bull run this year.

Given the popularity of the little memecoin among Trump fans, and the former president’s willingness to embrace crypto fans in recent weeks and months (the man needs every vote he can get of course), it’s not entirely impossible, but I still think there are a few hurdles to overcome before that legendary bull run is repeated.

Pepe currently has a market capitalization of around $7 billion. That’s a long way from Doge’s $24 billion, and then you also have to take into account that Doge was trading at a much higher price in 2021 than it is now.

Converted, Pepe would have to rise at least 1,000% to even come close to that rally. It is possible, but certainly not in a single day.

As always, be very careful when investing in memecoins: they can be very volatile. A loss of 50% in one day is not exceptional.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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