The Pepe Coin price has experienced a decline of 24% within the past 24 hours, dropping to $0.00000123 amidst a 3% fall for the entire cryptocurrency market. In the last seven days, the coin has dropped by 36%, but it still boasts an impressive increase of 330% over the past 30 days. PEPE’s 24-hour trading volume has recovered to around $600 million after dipping earlier in the week, raising the possibility of further price increases in the future.
Whales continue to purchase and hold PEPE, hinting that another rally may not be too far off. Despite the token’s gain in the past hour, PEPE’s indicators are distinctly in oversold positions. However, its rising relative strength index (purple) moving towards 40 might suggest an upcoming recovery.
Simultaneously, PEPE’s short-term moving average (yellow) keeps dropping below its long-term average (blue), and it seems that the coin might continue to fall before seeing a real recovery. PEPE’s support level (green) has been sliding over the past few days, which indicates a dangerous loss of momentum.
It is essential to remember that the market as a whole has been struggling during the last 24 hours, with its total cap decreasing by around 3%, led by a 4% fall for BTC. However, PEPE might not be in a terrible situation, as whales seem to still accumulate the new meme token while taking advantage of its recent falls. Whale accumulation usually implies that a coin will recover eventually, as large traders buy at a discounted rate with an expectation of significant profit.
PEPE can also attribute its growth to recent listings on platforms such as Binance, KuCoin, and OKX. Additionally, rumors are circulating that Coinbase may soon list PEPE, but the token’s community has criticized the exchange for an email referring to Pepe the frog as a “hate symbol.” Regardless of such drama, PEPE has clearly surpassed its dubious beginnings as an unremarkable meme token.
With over 105,000 holders, a considerable increase from just a week ago, PEPE could easily recover to $0.000002 and higher in the coming weeks. Larger gains depend on whether the meme token can attract more listings from major exchanges.
On the flip side, PEPE could potentially lose its momentum as newer altcoins gain popularity as high-potential meme tokens. One such example is SpongeBob (SPONGE), which has already seen over 2,500% gains since being listed on Uniswap on May 4th.
A new ERC-20 cryptocurrency, SPONGE’s value has increased by 39% within the past 24 hours alone, thanks to a new listing on the major exchange Gate.io. With more listings and an expanding liquidity pool, it is likely that SPONGE will witness strong growth in the short term. Considering this momentum, SPONGE could propel to $0.0001 in the next few days, particularly if more exchange listings follow, while a recovery in the broader crypto market may help it shed another decimal place by the end of the year.
Source: Cryptonews
