Thread by @MetricsDAO

🚀🐸 $PEPE's jaw-dropping rise to a $1B market cap in under a week! 🤯

This #MetricsMindsWeekly dives into the phenomenon with insights from @adriaparcerisas, @amir007_eth, & @Mr_Nobody73.

Discover how #memetokens impact the #crypto world. 🧵

1/ Meme tokens like $PEPE and $DOGE charm retail investors with humor and parody.

With 200+ meme coins, value hinges on hype and liquidity, not fundamentals. 📈

2/ At $PEPE's peak, traders paid 6x the average gas fees on Ethereum.

But high fees didn't deter traders, eager to transact before potential collapses. 🌬️

3/ Meme tokens excel at attracting new users short-term. In mid-April, 20,000 new users joined Ethereum! 🌍

4/ Most $PEPE holders are whales, dominating the meme token scene. 🐳

5/ Harsh reality: nearly 78% of users lose in meme trades, while few make massive profits. A trader even sold $2M worth of $PEPE! 💰

6/ Interestingly, $PEPE and $BTC price changes aligned for 100+ hours. 🤔

7/ Even established cryptos like $BTC are influenced by rumors. A false tweet caused a 7% drop. 📉

8/ Main takeaway: Hype, rumors, and whales impact meme tokens and established cryptos. DYOR, verify news, and stay updated. 🧠💡

📚 Don't miss this post on $PEPE, $MUMU, and $BTC: blog.metricsdao.xyz/weekly-degen-m…

Stay tuned next week for more #MetricsMindsWeekly insights! 🌟

Big brains who might want to see this (and you should follow):

@rektdiomedes
@drakedanner
@dr_ethereum
@0xKofi
@RantumBits
@Darrenlautf
@1kbeetlejuice
@pseudotheos
@zachxbt
@defi_mochi