Where is the week of May 1st Everything about the new memecoin PEPE was different last week. Unfortunately, the feelings are becoming less positive. Not only did PEPE drop sharply, but Bitcoin (BTC) also faced the necessary challenges. Moreover, some are convinced that the banking crisis will continue and that the US Treasury will soon come to a standstill.
Bitcoin was hidden
Bitcoin network problems started early this week. It then became clear that the network was completely crowded with many people using Non-Fungible Tokens (NFTs) on Bitcoin. Mint She was through the Ordinals. As a result, transaction costs increased more than 20 times in a short time. Transactions also took a long time to complete, and the network was rumored to be under attack.
Binance decided to pause registrations to help the network. It was then rumored that she chose this to prevent investors from looting Binance of bitcoins, but it later turned out that this was not true. according to Mempool. space The network is still a bit hectic, although the situation has improved greatly. The number of unconfirmed transactions has almost halved.
Pepe fans on the attack
Pepe stock (stock ticker: PEPE) is down nearly 60% from early this week to the lowest level on most exchanges last week, making it one of the hardest pullbacks. Measured from the absolute top, this is a decrease of about 75%. Where it reached a market cap of over $1 billion in the first week of the month, it currently stands at around $773 million at the time of writing. Meanwhile, the new memecoin MyLady is very successful.
However, there are still a lot of fans of the token. When Coinbase took a step back and cautiously criticized the speculative token, it even had to deal with Pepe’s backers — they felt Pepe was being unfairly labeled as a hate token. Some decided to withdraw their money from Coinbase and sell their shares on the publicly traded cryptocurrency exchange.
Bank runs in the United States is not over yet?
At the beginning of May, First Republic Bank was taken over after it went bankrupt, but according to some, the bank’s downfall is not over yet. Elon Musk even thinks that The bank works become extreme. He thinks it makes no sense to leave your money in your bank account without interest if you get much more interest on government bonds and money in money market funds.
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