20h ago
Little while back I hypothesized that memecoins were in the process of capitulating
Particularly $PEPE is at a similar position to where ETHBTC was before it bottomed out
Down SO bad compared to its benchmark asset (eth < btc, and now pepe < eth) that NOBODY wanted to even touch
I think if there's ever a time to bid $PEPE, it's right now at these prices relative to $ETH
Frankly if it slips any further down and loses this support then it's probably going to keep slipping a lot lower
Let's see how this plays out!
25/08/2025
Ethereum memecoins are capitulating
$PEPE $SPX $MOG $JOE are all down significantly more than 50% from ATHs against ETH despite being at or near ATHs against USD
But before we get into that, let's first take a look at what happened when memecoins capitulated in 2023
The bottom was in for $PEPE around $300m way back in Oct 2023
Despite that, pepe actually retested the lows in late February 2024 and underperformed ETH significantly during that time
in fact, $ETH was up nearly 100% from the original lows at this point while $PEPE hadn't moved...
until it did - printing over 1000% gains!
Now I could go on and on explaining this, but at this point I'm sure you get my point
$PEPE $SPX $MOG $JOE (and probably some others) are nearing their support levels/lows against ETH
So if you've been giving up on $ETH memes, I understand where you're coming from, but the way I see it is we have BEEN here once before
The next rally will be explosive - just like the last ones
The question is, which racehorse are you choosing once the scale starts to tip the other way?
I normally never post about my Telegram channel since I feel like it comes off as tacky but...
With $ETH nearing ATHs and potential 10x or 100x plays with size waiting for us on-chain, I feel like it makes sense to plug
godspeed
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