Meme season is well and truly back upon us. As unlikely as it may seem, meme projects (which typically focus on a well-known slice of internet visual lexicon), often set the trend when it comes to bullish or bearish mentality in the crypto / DeFi space, and a rise can be a strong indication that a bull-run is on the way.
And if the first quarter of 2023 is anything to go by, it’s going to be spectacular.
Unlike degen ‘projects’ (if they can even be called that) — which scrape the grime from the bottom of the barrel and reshape it as 24-hour gamble plays — meme tokens are instead the celebration of shareable cultural cornerstones that allows communities of like-minded people to join together and have fun, while (hopefully) making profit. The mainstream media hates them because they don’t make sense, but the point is that they don’t have to make sense (and actually rarely do) and their success is largely unpredictable — although a good source theme, strategy, and team usually help.
All meme runs need their Unicorn too — the one that almost no one saw before it was too late, breaking right out of the gate and hitting unimaginable heights without any warning, carrying its entire network with it and changing the whole market sentiment in the process. This is nothing new, we’ve had DogeCoin, SafeMoon, Shiba Inu and a dozen more that have done exactly this — but crypto in 2023 owes its huge return to form from a number of hard knocks to the one and only Pepe Coin.
Of course, no one really expected Matt Furie’s cartoon frog turned popular internet icon to do especially well, but then again, memes don’t care about little things like market sentiment or trends — they set them. When Pepe launched in April, it shot up like a canon from $50,000 MC to over $1.5 Billion just a few weeks later — creating more than a handful of millionaire success stories in the process. (Like the person who invested $27 and pulled out a few million).
Now the spotlight is well and truly on memes once more, and a bunch of other projects are taking full advantage of renewed investor attention. One of those is Monke — another popular meme of a slightly derpy looking ape — which launched on the Ethereum Network not long after Pepe’s meteoric rise. It too has seen explosive growth (although not quite to the same level), hitting over $5 million at ATH. All eyes are on it as they look to partner with a number of exchanges and plan their next steps. However, at the same time, a far smaller underdog version has also made itself known — becoming an unlikely contender as a sleeper hit project. It’s name?
Same icon but different network and unrelated — the project released on BSC (Binance’s popular and low cost chain) on the 5th May, and has already turned heads due to its sheer resilience and the dedication of its creator / developer. BSC projects are perhaps unfairly renowned for short pumps and unceremonious dumps, due to the inherently low gas fees making it easy for manipulative whale play. Monke Bep20 wasn’t spared this unfortunate occurrence, even after it marched from its dirt cheap opening price of $270 all the way up to $145,000 MC (which was an insane 30,000% in growth). Sadly, due to a strong round of targeted FUD (fear, uncertainty and doubt — which is all too common in the space for a variety of nefarious reasons) and unscrupulous whales, the price was driven back down into the ground, where it fell to under $8,000 MC.
Usually this would spell the end — just another abandoned project littering the depths of the DeFi space among the thousands of others. However, popular developer Maverick (clearly emulating his movie namesake who is all about the challenge and underdog wins), refused to give up — clearing out a number of bad admins who had helped the FUD, and set his focus on giving Monke Bep20 something entirely unexpected that will allow it to carve its own path.
Unlikely, but very welcome, Maverick has used this revelation to help pull Monke from the jaws of defeat. As such, new investors have started to pile in (and continue to do so). The first utility was launched on 8th May, and whilst it is just a fun AI bot that allows anyone to prompt unique and quirky meme images of Monkeys doing random things like riding rockets and sitting on the moon (all very thematically on-point), it stands as only the first in a whole new suite of utility that the creator will steadily be revealing and rolling out over time. Art the time of writing the projects is sitting around $25,000 and 620 people in the TG group, with improvements being seen hour-on-hour.
What will eventually become of the project remains to be seen, but with a brand new and talented team, a dedicated leader steering the ship and adding in brand new value in the form of utility, and a bullish icon in an even more bullish meme season, this could end up being the 180 success story of the entire season. As such this is one Monke worth keeping an eye on.
If you want to find out more about Monke Bep20 you can head over to the official TG on https://t.me/monke_bep20
This article was written by the Wordsmith. The Wordsmith is not a financial advisor and nothing written above should be taken as financial advice.
If you are interested in the Wordsmith you can reach him at @wordsmithcrypto on TG or check out www.wordsmithcrypto.com.