The PEPE price has jumped by 13% in the past 24 hours, with its run to $0.00000156 also marking a very impressive 40% gain in a week.
PEPE’s move comes as the market enjoys a Bitcoin-led rally, with the meme coin also up by 36% in the last 30 days and by 2,750% since its all-time low of $0.000000055142, recorded in April.
Growing bullishness surrounding potential Bitcoin ETF approvals has driven today’s surge, yet with PEPE already up by 40% in a week, it may be due a correction in the near future.
However, there are a number of other, newer meme tokens that appear set for rallies in the coming days, with Meme Kombat – which has raised $2.5 million in its presale – one of the most promising.
Is It Too Late to Buy PEPE? Pepe Price Spikes 40%
PEPE is actually down by 2% in the past hour, implying that last night’s rally may have already begun losing momentum.
That said, its indicators continue to look relatively bullish, with its RSI (purple) still at 70, even if it has dipped in the past few hours from 75.
Source: TradingView
Interestingly, PEPE’s 30-day average (yellow) has just crossed over its 200-day (blue), forming a ‘golden cross’ that often indicates a breakout rally.
As such, PEPE may be in for further gains once its current slip resolves itself, especially when its 24-hour trading volume remains high at just over $500 million.
Such a level suggests that whales continue to buy and accumulate the meme token, as attested by transfer data shared over the past month.
9/ What did whales buy last week?
0x8e74 withdrew 363,995 $AAVE($39M) from #Binance.https://t.co/aWxvrOdJSm
0x3737 bought 2.51M $ARB($2.83M) and 1.65T $PEPE($1.91M).https://t.co/P4AE99Dqms
0x94cf bought $ILV, $MKR, $ETH, #1INCH, $UNI, $ENS and $LQTY.https://t.co/mEkXIdSTkK
— Lookonchain (@lookonchain) November 13, 2023
The thing is, whales have also been preparing to sell PEPE, and with the token close to overbought territory, it may be due for a drop very soon.
Indeed, PEPE’s status as a meme coin with no real fundamentals means that it’s more exposed than many other tokens to sudden drops and dumps, so traders need to be very mindful of this when buying.
Having said this, the overall trajectory of the market seems to be up, with the potential acceptance of Bitcoin ETFs likely to send pretty much all cryptocurrencies flying at the start of the year.
This will likely include PEPE, so even if the meme coin may see a few dips over the coming months, the Pepe price will likely be higher by end of Q1 2024 than it is now.
New Meme Coin Prepares to Launch
Of course, the uncertainty and riskiness surrounding PEPE may put some traders off, yet there are some new meme tokens in the market that boast actual utility, making them relatively safer bets.
A very good example of this is provided by Meme Kombat (MK), an ERC-20 cryptocurrency that has raised just over $2.5 million in its ongoing presale.
HUGE buy to push the $MK presale past $2.5 million!!!
Get ready for your NFTs pic.twitter.com/a9BnCNNjsL
— Meme Kombat (@Meme_Kombat) December 6, 2023
This is a highly impressive figure, and the reason why Meme Kombat has been able to raise it so quickly is that it offers something that really no other project in crypto currently offers.
Namely, it’s set to launch a platform that will enable its users to place bets on AI-generated battles between meme characters.
So in contrast to other betting platforms that offer more traditional games, Meme Kombat will provide a more entertaining and viral hook for bets, with its use of popular meme characters likely to prove popular at a time when meme tokens remain very big.
It will pay out winnings in the form of its native token MK, which holders will be able to stake for a passive income.
This essentially means that Meme Kombat could provide investors with three sources of profits: 1) price rises that result from growing demand for MK; 2) staking income; and 3) winnings.
Such possibilities help account for why the project’s presale has already been so successful, with new buyers able to join the fray by going to the Meme Kombat official website, where 1 MK token now costs $0.0225.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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