PEPE Coin Shows Resilience Among Meme Coins

Pepe, the Most Popular Non-Canine Meme in Blockchain, is Outperforming its Peers in the Market Downturn. Will it Reach $10?

Pepe’s price increased by 10% in 24 hours. Can it reach $10?

Last updated: March 13, 2024 08:42 EDT | 2 min read

PEPE is cosier than other meme coins today.

The price of PEPE, the third largest meme coin by market cap, has experienced a remarkable 10% increase in the past 24 hours, reaching $0.058797 at the time of writing. The trading volume for PEPE reached a staggering $1.7 billion, matching the figures of the second-largest meme coin, Shiba Inu (SHIB). However, SHIB’s market cap of $19.1 billion is approximately five times higher than PEPE’s $3.7 billion.

While other meme coins like Dogecoin and FLOKI have experienced a slight decline of 0.5% overnight, SHIB has seen a significant 11.2% decrease compared to its price last week. On the other hand, PEPE has maintained a relatively stable Relative Strength Index (RSI) of 53, indicating that its near-term price performance remains uncertain.

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Analyzing PEPE’s chart, we can observe that since late February, the coin has consistently traded above its 30-day moving average (the blue line). The steepness of the gradient and the presence of frequent bull-and-handle patterns suggest that the recent rally resembled a classic mini bull run.

However, signs indicate that the rally has now cooled off. This can be attributed to the wider market losing momentum and the typical correction of 10-20% experienced by coins that rallied too hard. As a result, near-term losses can be expected for PEPE. While it is highly unlikely for PEPE to reach $10 in the near future, the unpredictable nature of the crypto market means that surprises can always happen.

Source: TradingView

PEPE Meme Fans, Meet SPONGE

Meme coins have become a hotbed of FOMO (Fear Of Missing Out) in the crypto world. Missing out on the huge returns offered by these novelty coins can lead to feelings of resentment and regret. However, it’s important to recognize that meme coins are an incredibly volatile sector within an already volatile and speculative space. In order to have longevity, novelty meme coins must offer more than just laughter; they must provide a valuable service or foster a strong community.

PEPE, as a hardcore meme coin, holds a dominant position in the market in terms of market capitalization. However, unlike Dogecoin, it does not have celebrity endorsements or the advantage of being a first mover. Similarly, unlike Shiba Inu, PEPE lacks utility.

Having mentioned the potential downsides of investing solely in hardcore meme coins like PEPE, diversifying one’s portfolio with meme tokens that offer more than just laughs can be a wise decision. Enter SPONGE – crypto’s hottest new meme coin and the native token for a promising new ecosystem.

SPONGE, an ERC-20 standard token on Ethereum, has recently undergone an upgrade and migration to a V2 on Polygon, an Ethereum Layer 2 scaling solution. It is currently available for pre-sale at the price of $0.002918. With the upgrade, the SPONGE team has introduced significant improvements, including a new staking model that guarantees a minimum yield of 40% APY. At present, this yield has soared to approximately 457%, depending on the number of stakers and tokens locked up.

In addition to its investment potential, SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards. This unique combination of meme coin and gaming utility sets SPONGE apart from other meme coins, offering a more robust and multi-faceted experience for its holders.

Additional Topics of Interest

Q: Can meme coins like PEPE and SPONGE sustain their momentum in the long term?

A: Meme coins’ sustainability in the long term largely depends on factors such as community engagement, utility, and overall market sentiment. While hardcore meme coins like PEPE and SPONGE have shown resilience due to their dedicated following, it is essential to consider the potential risks and take a diversified approach to investments.

Q: Are there any regulations or legal concerns surrounding meme coins?

A: The regulatory landscape for meme coins is still evolving. Due to their speculative nature and potential for fraudulent schemes, regulatory bodies worldwide may implement stricter guidelines to protect investors. It is crucial to stay informed about the legal considerations and comply with relevant regulations when engaging with meme coins.

Q: What are the potential risks associated with investing in meme coins?

A: Investing in meme coins carries inherent risks such as high volatility, market manipulation, and the possibility of losing your capital. Additionally, meme coins heavily rely on market sentiment and social media trends, making them susceptible to sudden drops in value. It’s important to conduct thorough research and exercise caution before investing in meme coins.

The Future of Meme Coins and Crypto Investments

Meme coins, despite their inherent volatility, have captured the attention and imagination of crypto enthusiasts. As the crypto space continues to evolve and new projects emerge, meme coins that offer genuine utility and foster strong communities are likely to gain traction.

Furthermore, the integration of blockchain technology into various industries is expanding, potentially bringing more legitimacy and stability to the crypto market as a whole. This could attract a broader range of investors who are eager to explore the potential of blockchain technology and its applications.

Overall, while meme coins may not be suitable for risk-averse investors, they present an opportunity for those willing to embrace the unpredictable nature of the crypto world. By staying informed, diversifying investments, and taking calculated risks, investors can navigate this exciting and ever-changing landscape.

References:

1. Dungeons, Bitcoin, and Billions: Navigating the Ethical Labyrinth

2. News on Google: Crypto Publications

Remember, crypto investments carry risks, and this article does not constitute investment advice. It’s always important to conduct your own thorough research and consult with professionals before making investment decisions.

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