Another week, another boatload of memecoin news!
It seems like no brand is safe from being turned into a meme coin, with the new “4-CHAN” token releasing in an explosive first four days.
The controversial BOB token gets knocked down a few pegs by Elon Musk after he called it a “scam” on Twitter.
Speaking of Musk, the DOGE market manipulation court case continues, but now court documents have revealed that Elon is losing one of his top litigators, Adam Gabor.
All of this, plus some top meme coin analysis, will be covered in this week’s weekly memecoin roundup.
Let’s jump in!
Table of Contents
- New Meme Token “4-CHAN” has an Explosive Four Days Spiking 306%
- BOB Token Sinks 45% as Musk Calls its Twitter Account a “Scam”
- Musk Loses Litigator Amidst Ongoing $258 Billion DOGE Market Manipulation Case
The Meme Coin Roundup
“4-CHAN” has an Explosive Four Days Spiking 306%
So who is this 4chan?
Well, the new meme token known as “4-CHAN” named after the famous (or infamous) website 4chan, has launched in a very successful four days, enjoying around 306% growth.
While most definitely not associated with the OG 4chan in any way, the coin seems to be enjoying the irreverence and name-brand recognition that have become the norm of meme coins. It’s an all-meme, no-meaning sort of thing.
While the coin’s performance today at the time of writing does appear to be taking a small hit, likely due to the market correcting its sudden spike, it appears that many anons seem keen on the coin, and it might be worth watching where this strange token might be headed.
It is important to note that according to CoinMarketCap, the token has been flagged by GoPlusLabs, and they claim that the smart contract of this token is open to modification by the creators of the token. This means that the creators could stop trades, mint new tokens, or even transfer tokens at the drop of a hat. Therefore, it is wise in this case (and every other memecoin for that matter) to DYOR and exercise extreme caution when investing in this type of asset.
Why this matters
- Many people wouldn’t think of 4chan as a “brand,” but memes as we know them can trace much of their ancestry to its different boards. While the 4-CHAN meme coin is almost definitely not associated with the site, that brand recognition could attract a lot of attention.
BOB Token Drops 45% as Elon Calls its Twitter Account a “Scam”
While the specific nature of Elon Musk’s impact on the meme coin market is a literal open case at the moment, he undoubtedly holds enormous sway. And nowhere can this be seen more than in the recent case of the BOB token.
On June 18, 2023, Musk tweeted from his official account:
“This sure looks like a scam crypto account. If so, it will be suspended.”
The Explain This Bob account, which is linked to the BOB token, was promptly suspended, and the BOB token took a big hit in a short space of time, sinking from $0.000031 to its price at the time of writing of $0.00001986.
While it’s unclear what the future might hold for the BOB token, the events that transpired have other meme coins, especially those that we might politely refer to as being zealous when advertising on Twitter might be feeling nervous.
Why this matters
- Twitter, Elon Musk, and meme coins are all deeply intertwined, and as we can see, Musk’s negative attention can make or break a meme coin in a matter of seconds. So pay attention to how a memecoin behaves on Twitter, it could be valuable information.
Elon Musk Has Lost Adam Gabor, Company Litigator, During DOGE Case
Adam Gabor, one of the leading litigators on the Musk team, who has been working on the case for almost a year now, has stepped down and been replaced by Allison Huebert.
Revealed via a leaked court document, the letter describes a change to Musk’s legal lineup for an ongoing $258 billion lawsuit regarding alleged market manipulation. Manhattan federal courts allege that Musk has been using his platform to manipulate the price of DOGE coin and that he allegedly owns several wallets with millions of DOGE. (Musk’s attorney, Alex Shapiro, has denied this.)
Musk has denied the allegations on multiple occasions, yet some are quick to point to his appearance on Saturday Night Live and even his nickname as the so-called “DogeFather” as indications of manipulation.
The court case is ongoing, and the Tesla CEO has brought a crack team of lawyers to the fore, with Musk tweeting earlier last year that they’ve put together a “hardcore litigation department.”
Why this matters
- While it isn’t a matter of a court ruling, there is a clear trend that Musk either directly or indirectly holds an enormous amount of sway over the price of a memecoin. Is this the consequence of being a celebrity who tweets a lot, or something more purposeful? That’s a matter for the courts, however, it’s nonetheless wise to keep tabs on what’s going on in this kind of case.
Top Meme Coins
Seeing as we’ve been talking so much about DOGE this week, it seems fitting that we take a look at how everybody’s favourite good boy is doing.
Overall, it’s been a pretty good week for the DOGE token, hitting a high mark of $0.06363 and then resting at around $0.0649.
After a low point around the 15th of June, the token experienced an impressive recovery and aftermarket stabilizing effects.
While DOGE is down overall this year, this recent recovery is a welcome sight for DOGE investors.
Shiba Inu (SHIB)
SHIB is another top dog memecoin that appears to be doing well this week, experiencing a growth spurt up to $0.000007481 and then settling back down to $0.000006997, an impressive performance.
While the SHIB spurt of bullishness has slowed a bit, 10%+ is good no matter what way you look at it.
While lots of top dogs meme coins have been doing well this week, SHIB is a standout in terms of performance. This is likely due to the building anticipation for the new layer 2 solution, Shibarium, hinting at its release in the coming months.
Pepe Token (PEPE)
Things are looking nice and green over here at Pepe Token. PEPE has jumped from a slump of around $0.000001032 to a tidy $0.0000009172.
This little bullfrog seems to be riding on the wave of 15% stemming from a general market recovery that has seen coins like PEPE, WSB, and others getting similarly bullish.
Not only that, but PEPE saw its trading volume spike by 130% on the 21st of June.
Is this a sign of an overall recovery for the PEPE token? Only time will tell.
Top Meme Tokens Top Ten
Now that we’ve covered this week’s news and some of the top memecoin performers, let’s have a look at the top charts.
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