Over the past two days, Pepe Coin ($PEPE) has found renewed investor interest after witnessing nearly 15% gains on its charts.
This pump was backed by a 490% increase in trading volume, highlighting that investors who left the coin before are coming back. This comes after weeks of losses triggered by questionable activity from insider wallets.
Although the momentum has stalled slightly since then, with Pepe now up just over 1% in 24 hours, another meme coin looks set to make waves next week.
Wall Street Memes ($WSM) is a new meme token that’s raised over $25 million in a presale (which ends in two days) and is set for a tier-1 CEX listing in a few days.
Why Is Pepe Pumping?
Pepe’s price suffered for weeks after the sudden sale of 16 trillion tokens (approx $15 million) from the project’s multi-signature CEX wallet.
This led to an immediate downturn, as panicked investors withdrew over $250 million. The coin’s value fell by more than 30%.
However, Pepe’s 24-hour gains and volume uptick over the past day have put the coin on the CoinMarketCap trending list.
Its rebound from the $0.00000061 support level may be a major reason for this price bounce.
This rebound has also led Pepe to a falling wedge pattern breakout on the daily chart. A price break above this pattern is a bullish sign for near-term price hikes.
Additionally, per the crypto derivatives platform Coinglass, open interest in Pepe has surged by nearly 30% to $23.7 million over the past day.
Open interest refers to the sum of active short and long positions in the market. An increase in open interest is usually a bullish signal, suggesting that new money is entering and the prevailing trend (in this case, upward) is likely to continue.
Moreover, popular technical analyst DonAlt, with over 500K followers, recently tweeted about Pepe’s potential. He noted the coin’s “steady uptrend” and “aggressive dip buying.”
Nonetheless, Jake, a well-known content creator, Tweeted about his plans to sell all his Pepe, highlighting ongoing concerns about current developers and the unpredictability of the project.
Although the Pepe momentum has now slowed, another meme coin, Wall Street Memes, which offers a way for investors to earn passive income via staking, looks set to have an explosive future.
It is preparing for a listing on a tier-1 CEX in a few days after witnessing a hugely successful presale phase that raised over $25 million.
Wall Street Memes Set To List On Tier-1 Exchanges After Raising Over $25 Million – Presale Ends in Two Days
Wall Street Memes ($WSM) has become one of the most talked about meme coins in recent months and is now poised to hit more milestones in the coming week.
Built by the experienced team behind Wall St Bulls, a highly successful NFT collection on Ethereum, $WSM is a trending new meme coin that witnessed one of the best presales in 2023.
Since its debut, the platform has raised over $25 million, showing strong community backing. The presale is set to close on September 25, after which $WSM will be listed on top-tier centralized exchanges. The exact date and time for the listing will be revealed on Monday.
Wall Street Memes has a massive social media following, crossing 1 million followers across various platforms.
The project has also caught the attention of influential crypto analysts such as Joe Parys and Michael Wrubel. Big names like Elon Musk have also interacted with the platform on X (previously Twitter).
Unlike most meme coins, the project offers genuine utility via a staking mechanism with an estimated annual percentage yield (APY) of 53%.
For each block processed, stakers earn 75 $WSM tokens as a reward. Over 376 million $WSM tokens have already been staked on the platform, showing strong investor trust.
Per the Wall Street Memes whitepaper, the token has a fixed supply of 2 billion, with no allocation for the team. This makes the project 100% community-driven, minimizing the risk of a rug pull.
The allocation is divided into 50% for presale, 30% for community rewards, and 20% for exchange liquidity.
This is the final weekend to buy WSM tokens before the presale ends and the IEO begins, with a significant price pump expected when the token hits exchanges. More details will be shared in the Telegram group soon.