By The PEPE price has dived by 9% today, falling to $0.056866 as the cryptocurrency market suffers a 3% loss in the past 24 hours.
Despite this fall, PEPE remains up by 7% in the past week and by 22.5% in the last 14 days, although the meme coin has dropped by 14% in a month.
Yet it’s arguable that all such losses do is provide traders with the opportunity to buy the token at a relative discount, with PEPE still sitting on an impressive 2,000% gain in a year.
This signals the considerable medium- and long-term momentum PEPE commands, with the token potentially on course to enjoy more rallies in the near future.
Pepe Price Prediction as PEPE Slumps to 9.7% – Should You Invest Today?
PEPE’s chart and indicators are in a very weak position today, yet the implication of this is that things should pick up soon.
The coin’s relative strength index (purple) has collapsed to 30 this morning, putting it in an oversold position from where it would normally recover.
Source: TradingView
At the same time, PEPE’s 30-day average (orange) is falling towards the 200-day (blue), with the shorter term average very close to falling below its longer term counterpart.
Once it does fall below, PEPE will be selling at a significant discount, meaning that buyers may return to the coin and begin pushing it up again.
It’s encouraging that the meme token’s 24-hour trading volume remains fairly elevated, with its current level of $600 million representing a more than 750% increase over the last three months.
This suggests that interest remains in PEPE, which enjoyed a spike last week thanks to Coinbase International launching perpetual futures trading for the token.
@CoinbaseIntExch will add support for Pepe perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our 1000PEPE-PERP market will begin on or after 9:30am UTC on 23 APR 2024.
— Coinbase International Exchange (@CoinbaseIntExch) April 22, 2024
Such a listing could be a prelude to Coinbase’s main exchange announcing spot-based PEPE trading, something which would provide the coin with a very big boost.
More generally, PEPE is likely to recover in tandem with the wider market, which has been struggling since the latest Bitcoin halving.
One positive piece of news is that it seems Bitcoin miners recently have been selling less BTC to cope with the halving, with transaction fees spiking over the past week.
Transaction fees collected by #Bitcoin miners yesterday tripled the previous all-time high, coming in at over $78,000,000.
We also made a new record streak of 104 blocks in which fees exceeded newly created BTC! pic.twitter.com/WZkCQ8dbr3
— Jameson Lopp (@lopp) April 21, 2024
As such, the market could begin turning a corner in the near future, while in the longer term this year could bring several interest rate cuts from the Fed.
In such a context, the PEPE price could reach $0.000010 by the summer and $0.000020 by Q4.
Other High-Potential Meme Tokens
While PEPE could certainly return to growth very soon, it isn’t the only high-potential in the market right now.
There are also numerous promising new meme coins that have emerged this year, including several presale coins that have been building momentum as they prepare to list.
One of the hottest of these is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised more than $12 million in its token offering.
#DOGEVERSE Total Supply Breakdown
Presale Allocation: 15% – 30 billion tokens
Staking: 10% – 20B
Project Funds: 25% – 50B
Liquidity: 10% – 20B
Marketing: 25% – 50B
Ecosystem Funds: 10% – 20B
Exchanges: 5% – 10B#MemeCoinSeason $DOGEVERSE $DOGE pic.twitter.com/qZPkN0XmGn
— DogeVerse (@The_DogeVerse) April 26, 2024
Launching as the first Doge-themed multi-chain cryptocurrency, DOGEVERSE will run on Ethereum, BNB Chain, Solana, Avalanche, and Base.
This gives it much more utility than the average single-chain meme token, with DOGEVERSE’s presence on multiple chains opening it to use and adoption on many apps.
This should help raise its price over time, as should its hard cap of 200 million tokens, which makes it a deflationary crypto.
On top of this, holders can also stake the coin and earn a passive income, with an increase in staking likely to squeeze the token’s price further upwards.
It’s therefore no wonder why its presale has already done so well, with newcomers able to join by going to the official Dogeverse website.
1 DOGEVERSE currently costs $0.000303, although this will rise to $0.000304 tomorrow.
Yet such prices could end up seeming very cheap once the token launches and lists on exchanges in the next few weeks.
The post Pepe Price Prediction as PEPE Slumps 9% in 24 Hours – Should You Invest Today? appeared first on Cryptonews.
