The Pepe Coin has displayed an encouraging performance recently, climbing 4% in the last 24 hours to sit at $0.00000173. This uptick marks a 14% surge in a week and a commendable 70% in the last 30 days. If we peek into May’s records, PEPE has slid down by 60% from its peak value of $0.00000431, possibly predicting a correction in the next day or two. But with the market’s pulse beating strongly with optimism, it seems plausible that PEPE could muster strength and ascend a bit more.
PEPE, however, doesn’t present us with a strong argument in terms of fundamentals or utility. It’s somewhat challenging to discard the foreboding thought that the price may drop inevitably, especially when large holders decide it’s time to bag their profits. It would be crucial here to question when the decline will happen.
Despite the concerns, certain encouraging indications suggest PEPE could climb further. Its relative strength index has risen towards 60 after a brief encounter with 40 yesterday, suggesting amplified buying momentum. Alongside this, PEPE’s 30-day moving average is on an upward trajectory, soaring over its 200-day average and providing testimony of the altcoin’s strength.
Another heartening trend is PEPE’s solid one-week connection to the $0.00000150 support level. This stability suggests that if the current rally loses steam, the fall isn’t likely to be significant. The current price surge seems to have encouraged large stakeholders, as they appear to be stacking up on PEPE. While this accumulation could indicate future profits, retail investors should remain alert that PEPE rally might not sustain for long.
But it’s noteworthy that PEPE has demonstrated more resilience compared to other meme tokens minted this year. It’s not shocking to see it fostering a mini ecosystem around it. A solid example is this week’s launch of the PepeMask cryptocurrency wallet. Such developments could trigger sporadic rallies throughout the year.
Curiously though, PEPE’s fortune is as reliable as a fashion trend due to its meme token status. Therefore, ambitious traders might want to scout elsewhere, possibly eyeing presales.
Interestingly, the Wall Street Memes (WSM) token is showing promise as an ERC-20 token and has raised over $12.9 million since opening to early investors last month. WSM emerged from the meme stocks movement, which quite impressively drove the GameStop and AMC rallies/short squeezes in 2021. This association helped it amass close to $13 million in roughly one month. Its Twitter following is a staggering 256,000 and growing, indicating the existence of a robust community ready to back it.
A vibrant group of followers is absolutely critical for a meme token’s success, as they play pivotal roles in sustaining a coin’s price and attracting more investors. WSM’s current presale price stands at $0.031, which will eventually rise to $0.0337 as it reaches the final stage. Investors can grab some WSM from the official Wall Street Memes website by linking their crypto wallets, with options to purchase using ETH, USDT, and fiat currency.
Cryptocurrencies are a high-risk asset class and the potential for complete capital loss shouldn’t be ruled out. Always ensure you make informed decisions when dipping your feet into the crypto waters.
Source: Cryptonews
