The price of Coin (PEPE) has seen a 5% drop in the past 24 hours, landing at $0.00000158, concurrent with the 0.5% decline in the broader crypto market. The meme token has lost 18% within a week and a staggering 63% since reaching its all-time high of $0.00000431 on May 5. Despite this downturn, PEPE has managed to maintain a substantial 2,500% growth since being tracked by CoinGecko on April 18.
PEPE’s high trading volume has secured its spot as the second-biggest meme token in 24-hour trading volume, coming in at $212 million and surpassing the third-biggest, Shiba Inu, which stands at $113 million. This impressive trading volume indicates that PEPE could see further rallies if it manages to gain listings on other major exchanges.
While the current decline is discouraging, PEPE’s chart shows potential for a rebound, particularly with its relative strength index dropping below 30 earlier today. This indicates the market is currently overselling PEPE, and a recovery may be due. However, the token has failed to hold onto support levels in recent days, suggesting it hasn’t quite reached bottom yet.
In a little over a month, PEPE has proven itself as a major altcoin, gaining attention from whales acquiring the altcoin at a discount in hopes of future growth. Nevertheless, being a ‘pure’ meme token with no utility, PEPE’s value relies on community-led FOMO and new exchange listings. As such, a strong recovery may not occur unless another major exchange lists it – a fact that has prompted the PEPE community to pressure Coinbase.
If PEPE secures another significant listing, it could return to its all-time high or surpass it. Otherwise, its value may continue to decline unless it finds a practical utility.
Considering the possible end of PEPE’s prime, traders may shift their focus toward newer meme tokens, such as SpongeBob (SPONGE), an ERC-20 token with gains exceeding 2,000% since listing on Uniswap on May 4. Currently, the SPONGE token is up by 2% in the last 24 hours, primarily due to OKX commencing voting on whether to list the meme token. In a bid to secure votes, SpongeBob’s team is offering $20 in SPONGE to community members who vote for listing on OKX.
With recent listings on other exchanges, such as Gate.io, Poloniex, MEXC, LBANK, CoinW, and Toobit, there is a high chance that SPONGE will be added to OKX as well. SPONGE currently has more than 12,000 holders and a maximum total supply of 40.4 billion, giving it a smaller supply than many other meme coins, including PEPE. With potential listings on OKX and Bitmart, SPONGE’s value could rise to $0.0006 or $0.0007 in the coming weeks and possibly even higher if more exchanges follow suit.
Source: Cryptonews
