The surging price of PEPE, the meme token, has been making ripples in the cryptocurrency sphere. In a 24-hour window, PEPE sees a 10% rise, accelerating an upward trajectory that makes its weekly and fortnight gains sit at 30% and 20% respectively. Its growth today effortlessly outshines the overall cryptocurrency market’s 2% expansion. It seems as if its past heavy losses have paved the way for a significant rally.
The token’s rise over its 30-day moving average and a shift in the relative strength index suggest that it is capitalising on oversold conditions, with savvy buyers seizing the opportunity to step into the picture. However, as a pure meme coin, the sustainability of this rally is at the mercy of whales who often orchestrate buy-ups to later dump on retail investors. Timing, it appears, will be a crucial factor for potential traders looking to skate slightly ahead of the market.
The continued shifts on the downside in recent weeks, coupled with insights into whale behaviour, hint at a possible run for sustained, if periodical, gains. PEPE could be expected to reach $0.0000010 in the weeks to come, possibly doubling by year’s end.
That being said, stepping into the PEPE arena carries inherent risk, a factor that pushes more risk-averse traders to lean towards new altcoins strengthened by solid fundamentals. One such altcoin is Bitcoin Minetrix (BTCMTX). It’s an Ethereum-linked tokenized cloud mining platform working towards democratising access to Bitcoin mining.
Their impressive pre-launch, securing $190,000 for their BTCMTX token in less than a week, underscores the acceptance of their out-of-the-box concept. Their staking mechanism allows users to earn mining credits which, in turn, can be used to purchase Bitcoin hashpower. The project is throwing open the doors of Bitcoin mining to groups who were previously kept out. The considerable success of the Bitcoin Minetrix presale is a testament to the potential power of their initiative.
Despite the high, sometimes crippling, risks, the lure of the cryptocurrency market shows no signs of fading. As always, potential investors and stakeholders should approach each opportunity with a level of caution and scepticism, balancing their appetite for profit with their tolerance for losing their investment.
Source: Cryptonews
