Chain Reactions: Pepe takes a break as Bitcoin looks to consolidate above $29k

Coinhead Rob Badman
bitcoin 29k pepe

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The week’s almost done, Bitcoin’s holding on above $29k, and viral, no-utility-whatsoever altcoin hit Pepe has frog-stomped its way up the charts.

It was “going off like a s**tcoin meme frog in a sock”, as Stockhead‘s resources and mining stonks-focused guru Reuben Adams put it earlier, in an article that isn’t about crypto at all, but maybe you should read it anyway for the sake of potentially diversifying into something a little more sensible.

But regarding PEPE, we were shamelessly willing it on to hit a billion-dollar market cap when it was on a tear earlier, but it took a breather this arvo and is chilling on a lily pad somewhere around a US$800 million valuation.

It’s still up more than 58% over the past 24 hours at the time of writing, however, and more than 581% over the past week. Is it due a dramatic dump? Maybe we’ll have to wait and see what the weekend whale traders have in store.

Here’s an interesting tweet from popular account 3LAU, though, and something we’ve been half wondering ourselves, considering the $PEPE token has no official affiliation with, or approval from, the actual intellectual property-rights holder for the cartoon frog ā€“ Matt Furie.

Let’s take a quick look at the overall market sentiment, courtesy of the Crypto Fear & Greed Indexā€¦

It’s not particularly surprising to see a healthy amount of Greed in the market right now, seeing how awash with meme coin frenzy Crypto Twitter has become over the past week or so.

Aussie crypto momentum trader Eunice Wong (a favourite of original Coinhead Derek Rose) has even noted she’s giving up trading to become a “full-time degen”. Not sure if she’s completely serious about that, but her latest tweets are certainly focused on meme coins and lower-cap meme-coin hunting.

 

Top 10 overview

With the overall crypto market cap at US$1.25 trillion, up about 0.1% since this time yesterday, hereā€™s the current state of play among top 10 tokens ā€“ according toĀ CoinGecko.

Did we mention Ethereum was struggling to get back over US$1,900 earlier? We did, but it’s just scraped over the line at the time of writing, while Bitcoin (BTC) investors might be hoping the bull goose crypto can keep this US$29.2k level as support for some potential continuation.

It’s currently trading well above the 200-week moving average line, reports Rekt Capital, which is a decent sign.

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

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