The recent tides in the cryptocurrency market do not seem to be favoring PEPE, a popular meme coin. Recorded losses in the past 24 hours, week and month stand at 2.5%, 10%, and 8%, respectively. Even worse, compared to its record-high price in May, PEPE’s value has plunged by a staggering 84%.
Swings in value spurred by bursts of buying-and-selling activities from large investors, widely known as ‘whales,’ are becoming increasingly frequent. Yet, these temporary spurts seem to be doing precious little to counteract the coin’s overall downhill trend. PEPE’s weak fundamentals, one could argue, might be the reason for its continual struggle, potentially leading to even further falls post each rally.
Interestingly, certain indicators may suggest that PEPE could be primed for an uplift. An example is PEPE’s relative strength index which after hovering around 30 for two months suddenly rose to 60 and then recently dropped to 40, where it seems to have stabilized. This relative stability could indicate that PEPE has bottomed out and is ready for its next pump.
Supporting this perspective is PEPE’s 30-day exponential moving average which has consistently declined since July end, keeping the coin’s price consistently lower than it. If one were to interpret these indicators strictly technically, it could signal that PEPE, with its modestly rising support level, is due for a rebound.
Further positivity comes from significant accumulations of PEPE witnessed at September’s end. Although these coins were seemingly resold hastily, these transactions accentuate PEPE’s potential as a means to profit for larger traders. Expectations for the near future, all circumstances considered, point towards another rally and trading volumes peaking above $30 million. Highly optimistic forecasts predict PEPE’s value potentially spiking to levels as high as $0.00000080.
However, such optimism should be viewed with a grain of salt, as the potential for PEPE to tumble back down, potentially to even lower levels, is always lurking in the shadows.
Given PEPE’s propensity to inherent risk, many retail traders (who understandably lack whale-like market influence) might opt for alternative meme coins. The trick then lies in selecting potential winners from the crowded meme coin field. Pointers could include robust pre-sale performances hinting at popularity like that of the newly introduced Meme Kombat (MK).
MK seems to be turning heads with its innovative platform that enables users to earn rewards by predicting results of AI-generated meme-character battles. Significantly, its pre-sale raised over $425,000 within a few weeks, indicating considerable investor interest. Furthermore, MK will pay out rewards in the form of its own ERC-20 crypto token and offers participants options to stake tokens for passive income generation.
With an absolute limit of 12 million MK tokens, of which a majority is slated for pre-sale and reward distributions, MK aims to be genuinely decentralized. Interested investors could participate in the pre-sale on Meme Kombat’s official website, where 1MK currently costs $1.667. This price is set to hold until the pre-sale’s end, with potential to escalate exponentially once listed on exchanges later in the year.
PEPE, Meme Kombat and ERC-20 are terms that will retain relevance, regardless of the outcomes and eventualities. However, a word of caution; while cryptocurrency offers unparalleled potential, it is essential to remember that it’s also a high-risk asset class. You could lose all of your capital.
Source: Cryptonews
