Pepe’s popularity grows as Trump promises he’ll free Ross Ulbricht if elected President

We can no longer ignore it: Pepe, the memecoin featuring the image of a frog which is seen as a symbol of the MAGA (make America great again) movement, has been on the rise in recent months. It recently entered the top 20 of CoinMarketCap and is clearly eying the major memecoins Shiba Inu and Dogecoin.

Some commentators already dare to dream of a new bull run for Pepe, comparable to the one of Dogecoin back in 2021. However, in that case Pepe would still have to rise some 1,000% more. Is that even possible?

Such a bullish move would require a lot of celebrity support. This has recently come via Donald Trump, who is turning out to be a major crypto fan. This weekend he promised to release Ross Ulbricht, the founder of Silk Road, if he wins the presidential election.

Last night, Donald Trump pledged to commute my sentence on day 1, if reelected. Thank you. Thank you. Thank you.

After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.

— Ross Ulbricht (@RealRossU) May 26, 2024

2021

During the 2021 crypto bull run, Dogecoin became extremely popular in the spring after Elon Musk announced that he would host SNL (Saturday Night Live), a popular late-night show on American television. Musk was known to be a big fan of Doge and had promised to talk about crypto on the program.

In the weeks before Musk’s appearance on the program, the price of Dogecoin rose by some 12,000%. Everyone who bought at the beginning of the year saw their profit shoot up overnight. Doge briefly reached fourth place on the CoinMarketCap top 100, but after Musk’s passage on the program the party was over.

$PEPE will surprise everyone like $DOGE did in 2021.
After the first Dogecoin pump in 2021, some people regretted not buying.
Don’t make the same mistake in 2024 with $PEPE. This is THE meme coin of this bullrun. pic.twitter.com/lUq213XwFQ

— Tryrex (@Tryrexcrypto) March 9, 2024

Influencers on X (formerly Twitter) have long believed that Pepe can repeat that famed bull run this year.

Given the popularity of the little memecoin among Trump fans, and the former president’s willingness to embrace crypto fans in recent weeks and months (the man needs every vote he can get of course), it’s not entirely impossible, but I still think there are a few hurdles to overcome before that legendary bull run is repeated.

🚨 BREAKING: TRUMP CONFIRMS THAT IF HE BECOMES PRESIDENT HE WILL COMMUTE THE SENTENCE OF SILK ROAD FOUNDER ROSS ULBRICHT pic.twitter.com/tFy2X2mucy

— Autism Capital 🧩 (@AutismCapital) May 26, 2024

Pepe currently has a market capitalization of around $7 billion. That’s a long way from Doge’s $24 billion, and then you also have to take into account that Doge was trading at a much higher price in 2021 than it is now.

Converted, Pepe would have to rise at least 1,000% to even come close to that rally. It is possible, but certainly not in a single day.

As always, be very careful when investing in memecoins: they can be very volatile. A loss of 50% in one day is not exceptional.