The price of the third largest meme coin by market cap, PEPE, has jumped 10% in 24 hours today as it trades at $0.058797 at the time of writing.
PEPE’s 24-hour trading volume hit a staggering $1.7 billion. This was the same figure second-largest meme coin Shiba Inu (SHIB) posted, the difference being Shib’s $19.1 billion market cap is about five times higher than PEPE’s $3.7 billion.
In general, PEPE is weathering a pullback among the leading meme coins. Dogecoin and FLOKI have declined 0.5% overnight, while SHIB is about 11.2% down from its price this time last week.
Over on PEPE’s chart we can see a fairly stable Relative Strength Index (RSI) of 53, which leaves PEPE’s near-term price performance very open.
We can also see that since late February PEPE has often traded a bit north of its 30-day moving average (the blue line). Looking at the steepness of the gradient and the frequent bull-and-handle patterns, it appears this rally was a classic mini bull run.
All signs indicate that the rally has cooled off now, though. This is largely due to the wider market rally losing momentum, but it’s also typical for coins that rallied too hard to experience a correction of 10-20% so near-term losses can be expected.
At this point it’s highly unlikely for PEPE to get to $10 anytime soon, but the year is long and crypto is full of surprises, so perhaps another bull run could take the frog on or near that target.
Source: TradingView
PEPE Meme Fans, Meet SPONGE
Meme coins are clearly where all of crypto’s FOMO is. Miss out and it’s very easy to be resentful or regretful when you see novelty coins posting huge returns.
Still, it’s important to note that meme coins are a super volatile sector in what is already a highly volatile and speculative space. Novelty meme coins have to offer more than laughs if they want longevity, they have to offer a service or community.
PEPE is a hardcore meme coin. It’s the most popular non-canine meme coin by market capitalization and by that alone it has a firm foothold in the market. But unlike Dogecoin, it doesn’t have celebrity backers or first mover advantage. Unlike Shiba Inu, it doesn’t have utility.
That said, just as hardcore meme coins like PEPE can sometimes absorb most of the gains when times are good, when times are bad and the market is more risk averse, they can also soak up most of the losses.
Meme loving PEPE holders would do well to diverse their portfolio with a meme token that offers more than laughs. SPONGE is crypto’s hottest new meme coin and it’s also the native token for a promising new ecosystem.
ONLY UP!!! $SPONGE #SpongeV2 #MemeCoin pic.twitter.com/jkQKgqQfKy
— $SPONGE (@spongeoneth) March 13, 2024
SPONGE is an ERC-2o standard token on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution. It is currently $0.002918 in a pre-sale.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 457%, varying according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Buy And Stake SPONGE On The Website
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