Key Takeaways
- PIERRE climbed from a $9,700 to over $1.7M market cap on Oct. 19, with $5.9M traded on Pumpswap in 24 hours.
- One Pump.fun trader turned $200 into $34,000, while 96.8% of 413,579 wallets made under $500 or lost money.
- France reported about 2,400 arrests after Oct. 17 riots, and the token now trades about 27% below its peak.
The Photo
The image is hard to forget, i.e. a long-haired man in a black T-shirt stands in the doorway of a gutted video game and collectibles shop, glass from the front window piled at his feet, a Dragon Ball poster of Goku peeling off the wall beside him.
Gamestop chief executive Ryan Cohen posted the picture on X earlier today, while others identified the store as a Micromania outlet in Nice. The man pictured goes by the name Pierre and had tried to stop looters, albeit unsuccessfully.
The backdrop is real and serious as around 550,000 people joined demonstrations across France on Oct. 17, and Euronews reported that dozens of shops were looted in Paris, Marseille, Nice, Bordeaux and Lille. By Sunday, the Interior Ministry put arrests at nearly 2,400 people, and President Emmanuel Macron said he felt “anger and shame” over the violence.
Crypto traders, however, saw something else in the photo, à la a ticker.
The Clock
- Around noon, Oct. 18: PIERRE was trading at roughly a $9,700 market cap, according to one trader’s running tally.
- 16:38 UTC: The token graduated from Pump.fun’s bonding curve to its Pumpswap pool, per Dexscreener pair data.
- Around 21:00: The token’s market cap hit about $1.51 million, a 155x run in roughly nine hours.
- Monday morning: PIERRE sits near a $1.75 million market cap, with $5.9 million in 24-hour volume and 34,666 buys against 28,426 sells on the main pool.
Copycats piled in alongside it and some accounts’ daily memecoin recap listed PIERRE next to “mucron,” a Macron-themed token that reached $1.1 million, while other traders complained about 20 or more competing versions launching on Pump.fun at once.
Pump.fun’s own promotional account highlighted the best trade as wallet owner wirelyss turned $200 into $34,000 in profit, a 173x return after buying at a $6,310 market cap.
The development also coincided with the day when crypto Twitter spent hours debating a “Black Monday” repeat on the 39th anniversary of the 1987 crash, a fear Bitcoin.com News laid out ahead of the Monday open.
Bitcoin’s price ended up bouncing instead, trading near $82,700 today, while the riskiest corner of the market chased a riot photo.
The Losers’ Table
The wider data is far less flattering, and per a wallet breakdown covering Pump.fun’s last 30 days counted 413,579 wallets. Of those:
- About 69.2% lost money, most of them less than $500.
- About 27.6% made between $0 and $500.
- Only about 3.2% made more than $500, and just 17 wallets cleared $50,000.
Put another way, 96.8% of wallets either lost money or made less than the cost of a decent phone. For every winner, hundreds of thousands of traders walked away with small losses.
What the Coin Actually Is
PIERRE has no product, no team statement, and, as far as anyone has shown, no link to the man in the photo. Its value rests entirely on attention, which is why it has already given back about 27% from the top.
The launchpad, however, has kept expanding, with Bitcoin.com News reporting recently that Pump.fun had added Hyperliquid perps this weekend, giving traders yet another way to bet on moments like this one.
