The Pepe Coin price has fallen by 13.5% in the past 24 hours, with its drop to $0.00000227 also representing a 47% dive since the new meme token reached an all-time high of $0.00000431 on Friday.
Despite this decline, PEPE remains up by over 200% in the past week and by more than 600% in the past fortnight, with the altcoin also gaining by over 4,000% compared to the lowest price recorded by CoinGecko.
This makes it the hottest coin in the top 100 right now, with its 24-hour trading volume remaining vastly elevated compared to where it was even a few days, at $750 million.
Given this continued liquidity, it remains likely that PEPE could witness further gains in the coming days, with a number of whales still sitting on big positions.
Pepe Coin Price Prediction as $750 Million Trading Volume Comes In – Are Whales Buying?
PEPE’s chart suggests that it’s close to reaching the bottom of its current decline, with its relative strength index (purple) dropping below 30 in the past few hours, indicating that it’s becoming oversold.
Likewise, its short-term moving average (yellow) is about to drop below its long-term average (blue), and once it does the market can expect it to begin recovering.
On the other hand, PEPE’s support level has been declining since Saturday, implying that there may still be a few additional falls in store before the meme token can begin rising again.
Aside from pure meme-ness, one of the reasons that PEPE has had such a strong few days is that it has received listings on a number of big exchanges, including Binance and OKX.
Given that OKX alone appears to have stocked up on 4% of the overall PEPE supply, such listings have really boosted the meme coin’s liquidity, with its 24-hour trading volume up to $750 million, from just over $300 million this time last week.
And while PEPE’s price is down considerably, the fact that a number of whales are still sitting on large positions suggests that it will rise again, at least so these whales can dump their bags.
While we have noted in the past that nothing is known about PEPE’s founders and team, the meme token has already developed a strong following and community, reducing the chances of a big rug pull.
Indeed, it’s now the 50th-biggest cryptocurrency by market cap, up from 98th five days ago and 263rd on April 28.
It also has just over 107,000 holders, a sign of how quickly it has burst on the scene and become a ‘new Dogecoin’.
Given its ongoing momentum, it’s not unrealistic to expect it to move from $0.00000219 and regain $0.000003, $0.000004 and higher in the next few weeks.
As for the longer term, its sustained growth depends on the wider market recovering and on the coin attracting more supporters, which its recent successes suggest certainly isn’t out of the question.
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Meme Token Season?
The arrival of PEPE comes amid a wave of other similar meme tokens, which have basically taken the formula of Shiba Inu and Dogecoin and amplified it considerably.
Another one of these is SpongeBob (SPONGE), a new ERC-20 cryptocurrency that has gained by well over 5,000% since directly listing on Uniswap on May 4.
It’s also up by 63% in the past 24 hours, according to CoinMarketCap, a gain which suggests its momentum is very much ongoing.
What’s particularly promising about SPONGE is that, in contrast to PEPE, it still hasn’t been listed on major exchanges.
This means that its biggest gains are still yet to come, providing ‘latecomers’ with a chance to participate in incoming rallies.
As with PEPE, next to nothing is known about SPONGE’s team and founders, yet the market has already flocked to the token, something which will ultimately give it a life and fan community of its own.
Given that it already has 8,700 holders (up from 1,400 barely a few days ago), it’s beginning to grow quickly, and may potentially take PEPE’s place as the next trending meme token.
And with a maximum token supply of 40.4 billion SPONGE (which is decidedly smaller than PEPE’s 420 trillion), its price could easily ratchet up once big demand starts coming in.
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