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By Alessandro Adami – 2 May 2023
In this article we will look at what the latest news is for the crypto IDEX, IOTA and PEPE and how they are performing at the price level.
The memecoin craze seems to be back in vogue after PEPE’s market cap reached $500 million in just over 15 days since its creation.
A temporary trend or something more permanent? We analyze the situation below.
Summary
Last week there were several very important news for crypto projects Idex, Iota and Pepe.
Going in order, for Idex the news concerns the announcement of a new version of the blockchain that will be launched in the summer of 2023.
This is the so-called “layer 3“, which is a crypto derivatives exchange infrastructure that will allow lower costs and high throughput of transactions on the blockchain, making the Idex trading platforms more scalable and efficient.
The mechanism is similar to the ZK rollup, which aims to expand off-chain computational activity to better optimize the work of Layer 1.
In this case, however, the focus is not on Ethereum, but on the performance and security of managing transactions recorded on Idex order books.
Developers in the crypto world and companies involved in on-chain asset management, such as Idex, are moving in the direction of increasing the amount of data that can potentially be processed off-chain, given the inefficiency of core substrates in processing high TP/s.
This seems to be a dominant trend for the future of the DeFi world.
Okay okay okay, so…
WHAT IS LAYER3???
The basic idea is to push more activity off-chain, which will reduce costs and increase performance, all without compromising user security.
Our CEO @AlexWearn details the major Layer3 components and advantages in the medium article… pic.twitter.com/V493bkJQwO
Speaking of Iota, however, it has been revealed that a two-week incentive campaign will begin on May 3 for users who try out the ShimmerEVM testnet.
The initiative is being run by the Swiss Tangle Ecosystem Association (TEA) and will allow participants to get a share of an airdrop worth a total of 1.3 million SMR tokens, the native token of the Shimmer platform, which is built on the IOTA blockchain.
The SMR tokens will be distributed equally to the individuals with the highest participation within the network.
In this way, the Shimmer team will be able to benefit from a worthy number of addresses that will come into contact with the platform’s smart contracts and make improvements to the infrastructure when it launches on the main network.
For Iota, this is good news that could revive the project, which has been forgotten by the crypto community and has fallen into disrepair in recent years.
Ahoy #web3 adventurers! Set sail upon the #ShimmerEVM testnet towards the “Treasures of Shimmer” campaign, offered by the Tangle Ecosystem Association (TEA)🚢.1.3M $SMR of bounty for #SmartContract activity awaits – register your project to #test2conquer your share 🦜☠️. pic.twitter.com/2nDBM6GBHB
Finally, for the new memecoin Pepe, which has been getting a lot of attention on Twitter these days, the main news concerns the listing of the PEPE token on the OKX cryptocurrency exchange.
The announcement was made by the exchange itself during the day yesterday, after the platform’s helpdesk profile had made a joke a few days ago, telling users to stay tuned because something was simmering in the pot for an alleged PEPE listing, which has now reached the figure of 70,000 holders.
The token was officially listed on OKX yesterday at 11am Italian time, which led to very strong speculative activity on PEPE and the rest of the Memecoin market, attracting a lot of liquidity from other markets.
Currently, the PEPE crypto, which takes its logo from the popular “The Frog” meme, is listed on several CEXs such as OKX, Huobi, Bitget, Mexc, Gate.io and Poloniex, as well as decentralized platforms such as Uniswap.
🚨 #Memecoin New Listing Update 🚨 $PEPE @pepecoineth gets listed on #OKX!
📈 PEPE/USDT Spot Trading: 9:00 am May 1 (UTC)
Details: https://t.co/jzMvhs0QaH pic.twitter.com/VRnX3glD5Q
On the price front, it is important to remember that IDEX, IOTA and PEPE represent somewhat different projects and ecosystems, with future goals and products that are not comparable to each other.
Be that as it may, IDEX and PEPE have seen stellar gains in recent days, while IOTA has followed a bearish pattern that has brought it to lower price levels than a week ago.
Specifically, IDEX has nearly doubled in price since April 23rd from $0.054 per coin to the current $0.098.
This is a very important bullish leg for the cryptocurrency, which could end the bearish price distribution phase that has lasted since 2021.
Perhaps the announcement of the future launch of Layer 3 was a game changer for the project, which benefits from this trend of scalability and off-chain computing.
IDEX currently has a market capitalization of $66 million, a float of about 67 percent of the total, and a 24-hour average volume of $370 million.
IOTA, on the other hand, is not exciting crypto traders as it has been flat for the past few weeks and is trading at extremely low levels compared to the 2021 bull run.
Currently, IOTA is trading at $0.194 per token, with a capitalization of $540 million and 100% supply in circulation.
The volumes are very low compared to the trades that have occurred on IDEX and PEPE in the last 24 hours, in fact for IOTA they amount to only $5 million, synonymous with the fact that the project is not in vogue at the moment and does not interest crypto financial market participants in the slightest.
Unless the project makes serious changes to its business, the IOTA token is likely to remain in decline for several more months.
Over the past few days, traders’ attention and volumes have been focused on PEPE, which has seen a price increase of about 500% in one week, taking a place in the top 100 most capitalized cryptocurrencies in the world.
As of today, PEPE has a price of $0.00000124 per token, but it had a significantly lower value just 17 days ago, with 3 more zeros on the price.
The crypto can boast a market cap of $530 million, volume in the last 24 of about $500 million, and 100% supply in circulation.
The token went into FOMO after being listed on OKX and other major exchanges in recent days.
The speed with which the price of PEPE went up is certainly reminiscent of the 2021 “memecoin season” where SHIB did a x20 in a matter of weeks.
However, not even then could we see such a rapid expansion.
The PEPE cryptocurrency has broken all records in recent days, rising 2000 percent in just 17 trading days and reaching a market capitalization of $500 million.
Memecoin, which as of today has about 70,000 holders, has effectively taken a place in the top 100 most capitalized cryptos, ahead of projects such as Nexo, Osmosis Finance, Thorchain and dYdX.
Following PEPE’s success, other meme-based cryptocurrencies have seen frightening price increases, such as Wojak, DinoLFG and Arbdoge, a token that was given away to all users who received Arbitrum’s airdrop.
All of these tokens have seen price increases of over 100% in the last 7 days, attracting some of the wildest speculation ever seen in this market.
The rapid expansion of PEPE should not be underestimated: although the crypto has no fundamentals behind it and does not bring any value to products built on the blockchain, cannot be ignored the hype that has been created on Twitter for this cryptocurrency, which turns out to be the most discussed cryptocurrency in tweets during the month of April.
In this regard, many crypto influencers, such as the founder of Apecoin, have been talking incessantly about PEPE, advocating it as the memecoin of the future, on par with DOGE and SHIB.
The marketing activity carried out by these individuals on Twitter has been crazy in terms of the amount of tweets. Basically, the social media site owned by Elon Musk was all about PEPE!
Beyond the euphoria and speculation, however, it is crucial to remember that this trend is doomed to fail unless memecoins gain such importance that they are considered a central asset class within the crypto market.
However, this scenario seems rather unlikely given the uselessness of these tokens in the crypto landscape and the very high speculative and marketing component that supports the rise phases of these crazy situations.
In fact, Memecoins have no reason to exist other than to make the inexperienced believe that they can get rich by investing money in a crypto that reprises the meme of a frog and allow early adopters to get rich on the backs of late adopters.
When building a long-term crypto portfolio, these tokens should be excluded a priori because they have very little chance of establishing themselves in the future and maintaining their value after the hype.
It is better to focus on an accumulation plan for serious projects with infrastructure behind them, such as Bitcoin and Ethereum, and allow at most a very small percentage of one’s liquidity to be used for gambling on the more speculative shitcoins.
Many, unfortunately, will be hurt to go long on PEPE while it is graphically hyperextended and without support to shield on retracements.
In addition, these cases are very interesting to watch both from a social perspective, observing the mass reaction on social media, and from a purely speculative perspective of blockchain transactions.
By analyzing the on-chain movements, it is possible to observe how a number of addresses like this one (possibly owned by the founders of the project) bought a few hundred dollars in PEPE on the launch day and made a million dollar fortune within 2 weeks.
The SmartMoney is the luckiest guy I've seen recently.
He spent 0.125 $ETH ($251) to buy 5.9T $PEPE ($1.14M currently) 4 days ago.
If he sells at the current price of $0.0000001933, he will get a profit of ~$1.14M, more than 4,500x.https://t.co/cUqMO6zIVO pic.twitter.com/Ex5voyRvsa
Graduated in “Information, Media and Advertising”, for over 4 years interested in the cryptocurrency and blockchain space. Co-Founder of Tokenparty, community active in spreading crypto-enthusiasm. Co-founder of Legal Hackers Civitanova marche. Information technology consultant. Ethereum Fan Boy and supporter of Chainlink oracles, strongly believes that smart contracts will be central in the development of society.
Alessandro Adami – 13 Sep 2023
Reporting the future.
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