Everyone is talking about THE Protocol in crypto as the project gains momentum. Created as a meme coin, THE has continued to make all-time highs against the ETH and USDT pairs.
In just 24 hours, THE Protocol trades at a 60% profit against Ethereum when large cryptocurrencies are beginning to show positive performance. Across social media, THE Protocol is following the price, with many users speculating on its potential to resurrect the “meme coin movement.”
THE’s price is rallying on the 1-hour chart. Source: THEWETH Tradingview
THE Protocol Origins, Why Is This Coin Rallying?
The crypto community created this project in response to Vitalik Buterin, the inventor of Ethereum. Buterin joked about launching it to make “shills” more effective.
Via Twitter, Vitalik Buterin posted the following message:
Someone should make a project called “THE Protocol”, so that their shills can say “Look, soandso mentioned THE!” pretty much any time anyone says anything.
— vitalik.eth (@VitalikButerin) October 14, 2022
The Tweet got hundreds of responses. THE Protocol was created after, indirectly supported by Buterin. In a few days, the cryptocurrency was trending in Uniswap (UNI) and other Ethereum-based decentralized exchanges. Quickly, THE Protocol has begun winning support from the crypto community.
Users still remember 2021 when Dogecoin (DOGE), Shiba Inu (SHIB), and other meme coins took over the crypto top ten. At that time, early investors were able to turn a few hundred dollars into thousands.
Since then, Bitcoin and the crypto market have lost around 75% of their value. Now, THE Protocol appears with the promise of bringing back some of the lusters from the 2021 bull run.
THE holders have been swimming against the tide, scoring profits while Bitcoin and Ethereum trend sideways with no clear direction.
Vitalik Buterin Takes Blame For THE
Across social media, crypto investors have been sharing their profits with THE Protocol spreading the word about potential future gains.
$THE PROTOCOL JUST PAID MY RENT https://t.co/NGPGPBKPId
— strudel (@StrudelEth) October 18, 2022
Other prominent crypto personalities have been sharing THE on their social media platforms. These investors are lobbying to get THE listed on large exchange platforms.
If they succeed, THE Protocol might experience another SHIB-like or DOGE-like rally. A pseudonym user argued the following about THE’s potential to extend its bullish momentum:
Elon mentioned $FLOKI which sent it to $3.5B and $DOGE to $40B> $THE is at 20M right now with Vitalik Buterin (Ethereum founder) engaging with $THE tweets. This play is a no brainer and could run into billions mcap.
I wouldn’t be surprised it $THE goes on a $SHIB type of run. Faster than SHIB ever did.
— JasonCryptoApe (@JasonCryptoFTW) October 18, 2022
In the meantime, Vitalik Buterin acknowledged THE recent popularity. On his Twitter account, the inventor of Ethereum shared images about the token, saying: “ok what have I done.”
In time, investors will see if THE becomes a DOGE competitor or if the bear market forces it out of existence, pushing its market capitalization to zero. In crypto, this is an everyday occurrence.