The recent tremors in the cryptocurrency market have particularly affected Pepe Coin (PEPE), which has seen a decline of 5% in the past 24 hours, taking the overall market downturn into account. In fact, PEPE’s performance over the past fortnight reflects a steep descent, plummeting 25%, thereby extending its monthly decline to 35% and representing an 81% slip from its May-high of $0.00000431.
A glance at such a downslide might indicate an irreversible decline in the meme coin, yet there are some behemoth investors, or ‘crypto whales,’ who have resumed their collection of the coin, hinting at a potential, albeit temporary, respawn. Regardless of this, the emergence of new cryptos such as Sonik Coin (SONIK) seem to potentially replace ephemeral currencies like PEPE.
Analysing PEPE’s track, an anticipated recovery could make the present scenario an advantageous buying point. It’s worth noting that the coin is currently trading well below its 30-day average and its relative strength index is hanging precariously close to 30, indicating an oversold state. However, the overall bearish trends hint at possible further declines before PEPE bounces back.
The meme coin, devoid of fundamental utility, remains susceptible to further declines. Yet, whale activities indicate an upcoming rally, though these are assumed to be temporary and potentially herald a subsequent dump, posing significant risks to average retail investors. Amidst these fluctuations, it wouldn’t be surprising if the whales abandon PEPE in case of a bullish turn in the broader market scenario.
Filling the void left by PEPE’s potential long-term downtrend are new meme coins like SONIK. The ERC-20 meme coin, associating itself with the popular Sonic the Hedgehog franchise, has claimed a rather robust foothold with over $900,000 since its presale around a month ago. Backed by creative tokenomics and offering staking rewards, SONIK has its sight set on attracting investments and aiming for a speedy leap to a $100 million market cap.
Behind SONIK’s popularity is its staking feature, which proliferates holders’ passive income, providing a rationale for the overwhelming presale response. With just four days remaining for the presale, investors are welcomed to join via the coin’s official website at $0.00014 per SONIK. Following the end of the sale, this meme token is set to get listed on trading platforms and could potentially surge quickly.
Closing Note: Like every other high-risk asset class, cryptocurrency possesses its own set of uncertainties and risks. This article serves informative purposes and doesn’t constitute investment advice. It’s crucial to consider all these factors as you could lose your entire investment.
Source: Cryptonews
