A former "Dogecoin millionaire" and the tracker of DOGE wallets that reports Dogecoin transfers of various sizes, @DogeWhaleAlert, both spread the word about PEPE continuing to crash.
Glauber Contessoto, who calls himself a "Dogecoin millionaire" and whose story made headlines in such mainstream media outlets as CNBC a few years ago, has claimed that PEPE is "officially dead."
$PEPE IS OFFICIALLY DEAD 🐸🚫— SlumDOGE Millionaire (@ProTheDoge) May 30, 2023
"Dogecoin millionaire's" predictions likened to those of Jim Cramer
Twitter user "Crypto Jesus" responded to Contessoto, stating that his tweet has caused an opposite reaction in him, making him want to buy some PEPE. He likened the "Dogecoin millionaire" to CNBC's Mad Money host and financial expert Jim Cramer, a vocal crypto opponent. But recently, Cramer went from being a Bitcoin lover to being its critic, also criticizing all other major cryptocurrencies.
He has become well known for his inaccurate predictions, and now many within the crypto community often jokingly cite Jim Cramer's bearish crypto forecasts, saying that if Cramer is bearish, crypto prices are going to rise.
Contessoto responded that when he recently called the top PEPE market cap at $1.5 billion and advised everyone to sell, nobody took his advice. Since then, he added, the PEPE price has been going dumping day after day.
Was it Jim Cramer levels when I called the top at 1.5 Billion mcap and told everyone to sell and no one listened to me? Then it just continued to dump day after day after day…?— SlumDOGE Millionaire (@ProTheDoge) May 30, 2023
The self-proclaimed "DOGE millionaire" stopped being one since the price of Dogecoin is currently sitting at 90.28% below the all-time high of 2021, trading at $0.7376.
PEPE and other recent meme coins
PEPE has declined 70.9% percent below the all-time high reached on May 5 and is now changing hands at $0.000001248. However, it has taken DOGE two years to reach the current "bottom." This was the point at which Contessoto stopped being a "Dogecoin millionaire," while for PEPE this happened within less than a month.
PEPE meme coin emerged on the market in April, launched by an anonymous team of developers who were inspired by the popular internet meme about Pepe the Frog. This was the first meme coin not based on Shiba Inu canine motives. PEPE immediately gained the attention of cryptocurrency whales and other big players on the market; it scored a spree of listings on major centralized exchanges. Even Binance, which takes the listing process seriously and is very choosy about the assets it lists, added PEPE to its Innovation Zone for promising crypto assets.
SHIB started trading on Binance from the Zone too, and now, along with PEPE, another popular meme cryptocurrency has been added to it — FLOKI.
The launch of another meme coin followed, Milady Meme Coin (LADYS). It also gained popularity fast and obtained several major listings. Both PEPE and LADYS were mentioned by meme lover Elon Musk in his recent tweets.
Unlike Shiba Inu (SHIB) and Dogecoin, PEPE has zero utility and no likely further developments. However, some believe that it may bring a lot of new retail investors into the cryptocurrency market and then switch them to Bitcoin and other "serious" coins.