The PEPE token experienced a notable 4.5% surge in the last 24 hours; an impressive performance against the pretty uneventful day in the broader crypto market. However, it’s essential to note that PEPE remains down by 6.5% over the week and by a whopping 28% in the past month. This altcoin has plunged by 80% since it hit its all-time high of $0.00000431 back in May.
Intriguingly, the coin’s extensive overselling appears to have sparked interest among buyers once again. This resurgence of buyer attention is viewed as a platform for possible further gains. Couple these developments with indications from PEPE’s chart and indicators showing a rebound was probably due, and we may be seeing a more sustained recovery for the meme token.
Noteworthy is the fact that some whales have started to accumulate the coin once again in recent days, cashing in on its low selling price. Despite no clear indication of subsequent large investor transactions, the price jump suggests more traders are also currently accumulating the token. This trend could lead to further gains for PEPE, with a potential push towards $0.0000010 before the momentum dissipates.
But PEPE is a meme token, lacking actual utility or value, so a future hard downfall after the current short-term surge is highly likely. Thus, retail investors and traders should thread carefully when timing their entries and exits.
Given the inherent risks surrounding PEPE, traders might turn their heads towards newer meme tokens that stand a chance to offer possible returns. The standout is an ERC-20 meme token, Sonik Coin (SONIK), which has already amassed over $1.2 million since its presale debut a month ago. Thanks to its cheeky appropriation of memes relating to the popular Sonic the Hedgehog franchise, the token, boasting of a maximum supply of 299,792,458,000 units (the speed of light in mm/s), has generated a great deal of interest.
Interestingly, 50% of its total supply has gone into its presale, while another 40% has been earmarked for staking rewards. The opportunity to stake SONIK and earn passive income has been a major attraction for the token. While the clock is ticking with just one day left of the presale, aspiring investors can visit the token’s official website for the purchase. At a current price of $0.00014 per SONIK, the skies might just be the starting point when trading begins on platforms.
Disclaimer: Crypto is a high-risk asset class. This is for informational purposes only and does not constitute investment advice. You could lose all of your capital.
Source: Cryptonews
