Frogs, Black Swans, and Bankrupt Banks

This week in crypto news, meme coins have been making waves. The PEPE token with frog memes has surged in popularity, overtaking Dogecoin and Shiba Inu. However, meme coins are notorious for their risks and can quickly drop in value. Elon Musk has also been moving markets again with a single tweet causing a 70% increase in one hour for Cult DAO. The market volatility has also seen gains for Casper (CSPR), Rocket Pool (RPL), and Tron (TRX), while Sui (SUI), Immutable (IMX), and Injective (INJ) saw a decrease in value. Balaji Srinivasan has also suggested that if Digital Currency Group defaults on its $630 million debt to its subsidiary, it may trigger a black swan event that could lead to the increase of Bitcoin. Finally, nearly half of America’s 4,800 banks are reportedly “burning through their capital buffers” and may face bankruptcy, according to a report from the Telegraph.