This week's cryptocurrency market update focuses on Ethereum, Ripple, Cardano, Pepe, and Dogecoin. Ethereum has experienced a 7.4% decline, with the key level at $1,800 now acting as resistance. If the key support at $1,660 holds, Ethereum may maintain its macro uptrend. Ripple has lost 8% of its value, with sellers in charge and a likely scenario for the price to fall until the 40 cents support. Cardano has fallen by 7.7%, with the head and shoulders reversal pattern confirmed and a likely target of the support at 34 cents. Pepe has crashed by 37%, with support at $0.0000010 and a high likelihood of crashing by over 90%. Dogecoin has fallen by 10.5%, with a test of the key support level imminent.

Attorney Bill Morgan has criticized Coinbase's Chief Legal Officer, Paul Grewal, for apologizing to the Pepe community but not to XRP enthusiasts. Grewal issued a public apology to Pepe enthusiasts after the exchange linked the meme-based cryptocurrency to an alt-right hate symbol. However, Morgan pointed out that Coinbase has not apologized to XRP community members for halting trading of the crypto asset on the exchange or for failing to distribute the Songbird airdrop to XRP holders. Morgan has previously commented on Coinbase's decision to halt XRP trading, arguing that the exchange should have relisted XRP if it uses a robust method to relist tokens.

Bone ShibaSwap, the governance token of the Shiba Inu ecosystem, is leading a poll on the Indian cryptocurrency trading platform Unocoin for the next asset to be listed. With 84.7% of the total votes, it is expected that BONE will soon be added to Unocoin's platform, making it the fourth Indian cryptocurrency exchange to support the token. Giottus, India's top-rated exchange, has already added BONE with the BONE/INR trading pair and introduced an exclusive giveaway contest for the token. The Shiba Inu community is also urging leading cryptocurrency exchanges such as Binance and KuCoin to list BONE.

The rise of memecoins, or cryptocurrencies inspired by internet memes, has become a trend in online communities. One of the most popular memecoins is PEPE, a frog-themed token that aims to surpass dog-inspired meme coins like Dogecoin. While PEPE gained popularity quickly and reached a $1 billion market capitalization in just three weeks, its marketcap quickly plummeted to $725 million on May 9.

The creator of the Pepe the Frog meme, Matt Furie, has revealed that he was not aware of the existence of the Pepe (PEPE) cryptocurrency despite its recent surge in popularity. During a Twitter Space discussion about his new non-fungible token (NFT) art collection called Zogs, Furie admitted that he was a Dogecoin (DOGE) maximalist and had only heard of Ethereum (ETH) and Bitcoin (BTC) before. It remains unclear whether Furie will seek compensation from the team behind Pepecoin for the use of his meme. Meanwhile, PEPE has experienced a meteoric rise in value, with its onchain metrics showing impressive growth.

Gemini, a leading cryptocurrency exchange, has added the PEPE meme coin to its list of tradable assets. This move follows similar listings on other exchanges such as Binance, OKX, and Huobi. The price of PEPE has seen a remarkable surge of over 800% to $0.0000040, with a market capitalization of more than $1.5 billion. Gemini will first offer trading for the USD trading pair on its API/FIX and ActiveTrader applications, with trading expected to be available soon on its mobile app and website for various currency pairs. However, popular crypto analyst Michael van de Poppe predicts a possible dip in PEPE's price before a significant relief rally.

Sandeep Nailwal, co-founder of Polygon, expressed disappointment over the lack of high-quality applications built on the blockchain space. He criticized the constant demand for memecoins, stating that it is not a good sign for the industry in the eyes of investors and regulators. Nailwal acknowledged the power of layer blockchains Bitcoin and Ethereum but expressed bearishness about the development space in blockchain, as there are no real high-quality applications in the blockchain space that can handle 50 to 100 million users. This comes in the context of expanding the web 3.0 further into the mainstream world.

On-chain analyst LookOnChain has identified prominent cryptocurrency investors, known as "whales," who were early adopters of meme coins such as Shiba Inu and PEPE. LookOnChain has highlighted three SmartMoney wallet addresses that invested early before the bull run. These whales are believed to have a good understanding of the market and make efficient investment decisions. Meanwhile, the price of PEPE has declined after making significant waves in the crypto industry over the past week.

A crypto whale has transferred 4.23 trillion PEPE coins, worth $15.6 million, to the Binance exchange just before the meme coin was listed on the exchange. The whale could potentially sell these coins later, which could trigger a price crash for PEPE. Despite this, the price of PEPE has seen a surge of over 830% in the past seven days, as it is drawing more attention from investors and traders. Its market capitalization has surpassed $1 billion after being listed on Binance on May 5.

PEPE, the popular memecoin, recently made a major milestone by getting listed on Binance. However, the accompanying price plunge following the listing has caused significant volatility in the market. Early buyers and whales dumped their assets, causing a more than 56% drop in trading volume.

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Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased.

Binance, the world's largest cryptocurrency exchange, has announced the suspension of market order functions for selected spot and margin trading pairs, including meme coins such as Shiba Inu (SHIB), FLOKI, and PEPE, from May 7 until further notice. The "Market Order - Total" feature for selected spot and margin trading pairs will be suspended, but the manual input to "Market Order - Amount" remains available for placing market orders. The changes mostly impact meme coins such as SHIB, FLOKI, and PEPE, and the market order functions are also suspended for almost all trading pairs listed against BIDR. The restrictions are likely due to volatility and risks in trading meme coins. FLOKI and PEPE coins are trading with massive trading volume after listing on Binance, with FLOKI trading at $0.0000435 and PEPE trading at $0.00000308. SHIB price trades at $0.0000097, down 2% in the last 24 hours and 6% in a week.<br>(By&nbsp;Varinder Singh)

Meme coins are a very risky type of crypto because they are based on Internet cultural references. The price movement depends on whether the meme coins can stay relevant by driving hype or support among the community, and lack fundamental value.

The Ethereum (ETH) price has decoupled from the rest of the crypto market, rising over 3.56% in the last 24 hours and eyeing a move above $2,000 levels. This development comes as active deposits on the Ethereum blockchain network shoot to a 1.5-year high, with a large number of crypto traders converting their PEPE profits into ETH. The daily median gas fee on the Ethereum blockchain has touched a new 12-month high of 87 gwei due to the frenzy surrounding the memecoin PEPE, which has been on an unstoppable price rally. However, investors must stay cautious as Vitalik Buterin and the Ethereum Foundation recently dumped over 15,000 ETH, and the current momentum may spiral into a major sell order for Ethereum anytime soon.

Lookonchain revealed that three smart moneys made millions of dollars by investing in two cryptocurrencies, $SHIB and $PEPE, early on.

A whale address that procured 570 billion PEPE tokens last month has dumped up to 229 billion tokens in the wake of the recent announcement from Binance to list the asset. Data suggests the address made a 134,882% profit on the PEPE investment and still holds over 291.9 billion tokens as a balance.

PEPE has experienced a significant surge in its market value, and has now secured a spot among the top 100 digital assets.

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A newly-created token named after the ‘Pepe the Frog’ meme has recently taken the meme-coin crown, hitting a market cap of half a billion dollars within two weeks of launch.