Within the past 24 hours, the Pepe token has shown a 1% increase, aligning with a 10% rise over the past week. In an overall stagnant cryptocurrency market, this PEPE spike, up by 5% at one point in the morning, serves as an eye-catching contrast. This upward momentum marks an 88% rise over the last fortnight and a 37% increase in the past month, partially compensating for the losses experienced since its May zenith. With sustained momentum, we may see PEPE rally further, shedding several decimal places from its price.
Indicators such as rising 30-day moving averages and a relative strength index above 60 could lead one to believe that the rally may persist. An observed strengthening support level would also seem to be a force propelling PEPE forward. Together, these indicators hint at a continued rise in PEPE’s price, potentially hitting $0.0000020.
Simultaneously, there’s significant buying activity from so-called ‘whales’. A sizable transaction demonstrated a transfer from Binance to a private wallet, implying expectancy for further PEPE gains. But it’s important to remember that PEPE being a meme token, its price is bound to plummet once these big investors decide to liquidate their holdings.
While PEPE may be gearing up for another rally, its staggering growth of over 3000% from its lowest recorded price suggests its most substantial rallies might already be in the past. This could prompt traders to seek out the next potential big player- the Wall Street Memes (WSM) token.
Born from the same movement that instigated the 2021 GameStop and AMC rallies, WSM is an ERC-20 token and is on an impressive fund-raising trajectory, having already secured over $12.4 million since June. Boasting a burgeoning community backing, seen in its official Twitter account followers exceeding 256,000, WSM appears poised for significant rallies upon its listing in the coming weeks. Investors can partake in its presale via the official Wall Street Memes website.
In sum, while PEPE’s upward trajectory seems promising, its meme token status suggests a risk of price fall, often driven by big investors cashing out on gains. Conversely, WSM appears to harbor potential for substantial rallies, thanks to an excellent fund-raising record and a large and engaged community backing it. The crypto journey, as always, remains fraught with risk and unpredictability. The crown for the next big meme token is yet to be claimed.
Source: Cryptonews
