Pepe Coin price has made its way into the top 10 cryptocurrencies with a 24-hour trading volume, taking the eighth spot overall, ahead of BNB and behind Binance USD (BUSD). CoinGecko data shows that PEPE, despite being down 2% in the past 24 hours, has experienced a 70% gain within a week and a staggering 650% increase in just a fortnight. This significant growth points towards PEPE becoming an established meme token, surpassing trading volume of well-known coins like Dogecoin and Shiba Inu.
Although PEPE has seen some recent corrections, its overall trajectory suggests the possibility of a continued rise. In fact, in the past hour alone, PEPE’s value has increased by 0.5%. Traders keeping a close eye on PEPE’s relative strength index and moving averages can potentially predict an upcoming surge for the token.
PEPE’s recent success could be attributed to its listings on major exchanges such as Binance, KuCoin, and OKX. Consequently, both retail investors and whales have shown keen interest in the coin, driving up demand and limiting its supply. Even though PEPE’s founders have dumped a significant amount of tokens in the market, the coin now boasts over 108,000 holders.
In the near future, Pepe Coin price has the potential to recover from its current state and reach $0.000003 or $0.000004. Eventually, it may even shed one or two decimal places by the end of the year, more so if the wider market becomes increasingly bullish. On the other hand, skeptics argue that PEPE’s intrinsic worthlessness as a meme token could lead to its eventual downfall.
Apart from PEPE, another meme token gaining ground is SpongeBob (SPONGE), which has seen gains of over 2,500% since its Uniswap listing on May 4th. Similarly created by anonymous founders, SPONGE has started gaining traction with Centralized Exchange (CEX) listings on platforms like MEXC, LBANK, CoinW, and Toobit. The coin’s momentum has been evident with more than 10,800 holders.
PEPE and SPONGE both showcase promising growth as meme tokens in the market. However, the future of these cryptocurrencies remains uncertain due to their meme-oriented origins and questions surrounding their long-term viability. Only time will tell if they are here to stay or just another passing fad. Ultimately, it falls upon the individual trader to weigh the pros and cons before diving into the world of meme tokens.
Source: Cryptonews
