PEPE Drops 18% – Is the Meme Coin Renaissance Over?

PEPE has skilled a tough week, with its value dropping by 18% on the weekly charts. Does this imply that the meme renaissance is over?

PEPE Drops 18%

Pepe, the memecoin that began the memecoin mania, has had a tough week, with its weekly drop being 18%. Nonetheless, within the final 24 hours, it has skilled a minor 0.23% enhance.

Accompanying this rise is its market capitalization, which is now $351 million. The 24-hour buying and selling quantity reveals a decline of 41%.

Is the dearth of buying and selling an indication of accumulation or lack of curiosity?

Pepe Value Historical past

Pepe entered the crypto house in April, shortly after Elon Musk modified the Twitter (Now X) icon to Doge after which turned it again. This stunt positively impacted Dogecoin, though it was not by a lot. Nonetheless, this did create a venue for brand new meme cash to look, the primary of which was Pepe, a meme coin that emerged in the course of April.

Pepe then went on a large bull rally, changing into the primary token to achieve a market capitalization of $1 billion, a feat that garnered the eye of Binance, the place Pepe has the best buying and selling quantity of $43 million. CoinMarketCap additionally reveals that Binance’s confidence on this token is excessive.

Pepe’s all-time chart additionally reveals that its present worth is 1480% increased than when it began, which signifies that those that invested early are nonetheless registering greater than 10x beneficial properties on Pepe.

Nonetheless, not all has been good for Pepe, which is a part of the explanation behind its weekly decline. Not too long ago, Pepe tweeted that its Telegram group- had been hacked and the group had been taken over.

The telegram group for $PEPE is at the moment locked down, the outdated telegram account for the group proprietor was hacked and the group was taken over. Within the strategy of attempting to regain entry or make a brand new one. All official communication for $PEPE will happen by way of the @pepecoineth… pic.twitter.com/lQFTu02jub

— Pepe (@pepecoineth) August 26, 2023

Pepe has warned that whereas there haven’t been any messages from the Telegram group, buyers should not get swayed by mentioning airdrops, staking, mints, or claims.

“It’s best to by no means join your pockets or signal issues with out being cautious and double checking all hyperlinks and account usernames.’, Pepe wrote.

Pepe Value Evaluation

Each day charts present Pepe has been declining since July third, portray extra crimson candles than inexperienced. The higher and decrease trendlines point out extra drops might come quickly.

These pattern traces don’t paint a bullish image for Pepe.

The token’s RSI is at the moment 47, and its MACD is unfavourable, indicating the sentiment round this cryptocurrency is unfavorable.

Nonetheless, PEPE’s downturn doesn’t imply the meme renaissance is over. A meme coin launched as a presale this yr has gained huge traction on social media and has raised quite a bit throughout its presale.

PEPE Different – WSM

That presale meme coin is Wall Road Memes. Launched as presale crypto in June 2023, Wall Road Memes has raised over $26 million in lower than three months.

The explanation behind this presale’s success has been the drive of the devs to create a challenge that pays homage to Wall Road Bets.

Wall Road Bets was a gaggle of buyers on Reddit that, in 2021, got here collectively to engineer a Gamestop brief squeeze after they realized that a number of hedge fund buyers had been betting in opposition to it. Over 1.5 million buyers, all players and all tied to GameStop by their childhood reminiscences, engineered Gamestonks, purchased many GameStop shares, and “held the road” till the worth of GameStop went from $19 to $325.

Wall Road Memes goals to do the identical however for meme cash. It seeks to faucet into the ability of memes and create a neighborhood round it that may come collectively and mobilize the value of the native crypto – WSM – the identical method as Wall Road Bets did for GameStop.

This need has made Wall Road Memes common on social media platforms. It has over 260,000 followers on Twitter alone. And never simply that, even the likes of Elon Musk have interacted with Wall Road Memes’ Twitter web page.

As a result of Wall Road Memes have already made a large wave on social media, we are able to say that the meme renaissance isn’t lifeless. Moreover, consultants like Jacob Crypto Bury have pegged it as the subsequent large meme coin of 2023 with the potential to go 10x as soon as it goes stay on cryptocurrency exchanges.

Wall Road Memes is on the remaining stage of its presale, ending in a month. events should buy this crypto at a reduction of $0.0337 by going to wallstmemes.com.

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