Cryptocurrencies
Bitcoin Bulls Trip on a Frog as Pepe Memecoin Frenzy Signals Market Top
- After Pepe token’s FOMO-led boom and bust, Bitcoin tumbles
- ‘At the end of the day, it’s a lottery ticket,’ trader says
Photographer: Mohd Rasfan/AFP/Getty Images
This article is for subscribers only.
A frog-themed digital token that’s only been around for a month may be signaling pain ahead for Bitcoin bulls.
Trading in memecoins — crypto assets that can be inspired by viral images and memes and attract loyal social-media communities but otherwise lack in inherent utility — soared in recent days. Leading the pack was Pepe, a newfangled amphibian-themed token, which sparked frenzied speculation and spawned many copycats ever since its birth in April.