The crypto market remains prone to patternless price movement due to the lack of an overarching narrative. During last month’s bear market, Pepe provided much-needed profitability to investors. However, over the last few weeks, the token has become one of the poorest performers in the crypto market.
Is This the End of the Pepe Phenomenon as Traders Dump Holdings?
Pepe kickstarted the meme coin mania that sees newly launched meme tokens outperform top crypto assets such as Bitcoin and Ethereum. Pepe saw a massive 8000% spike in less than a month which turned several small traders into millionaires. A pseudonymous trader generated huge profits worth over tens of millions of dollars by investing a measly $273 in Pepe.
However, Pepe’s recent performance highlights its limitations as the token is trading 70% below its all-time high of $0.00000431. While major crypto tokens surged over the last 24 hours, Pepe has plummeted 4% over the same period and over 12% in the last 7 days. The bearish trend holds strong as the token slipped another 1.5% in the last hour and is currently trading at $0.00000126.
TradingView, a technical analysis platform, gives a SELL signal to the token in the daily time frame. When considering various moving averages, the signal deteriorates to Strong Sell. The token is trading significantly below its 20-day Simple Moving Average at $0.00000175 which points to further troubles for investors.
Experts have long been highlighting the issues with Pepe’s fundamentals. A report highlighted that the recent Pepe price drops can be attributed to top whales dumping their token holdings. Another report corroborated this trend as it highlights that Pepe is losing “Smart Money” investors. While Pepe the Frog memes that inspired the token are indeed popular, the lack of a unified community is certainly hurting the token’s long-term prospects.
The meme token is also not receiving any support from the global economy. Experts have highlighted that the US Treasury may sap out the liquidity from the markets to replenish itself. While this move might hurt the entire crypto market, tokens like Pepe are likely to suffer the most. The continued hawkish stance from the US Federal Reserve will certainly not help matters.
The Doge community is already jumping on Pepe’s grave. SlumDoge Millionaire, a popular Dogecoin enthusiast, announced on Twitter that Pepe is officially dead. However, to the dismay of Doge enthusiasts, investors dumping Pepe are eyeing projects like Wall Street Memes token, instead of Dogecoin.
Wall Street Memes Token Nears $3m in Presale – Analysts Expect 100x Jump After Launch
While Pepe’s days may be numbered, the Wall Street Memes token sees skyrocketing demand. In less than a week, the token has already raised $2.7 million and is on the precipice of hitting the $3 million mark. $WSM’s fundraising is truly remarkable given the bearish sentiment of the crypto market.
The token’s dominant start is no surprise as it is backed by the trendiest online investing community. The Wall Street Memes group received global fame when it inspired the audacious GameStop short squeeze and the following GME and AMC bull run. Through the $WSM token, the group seeks to tokenize the same movement and its ability to challenge large financial institutions.
The WSM group has had many successful ventures in Web3 space3 as well. It sold out its Wall St Bulls NFT collection in 32 minutes, netting a cool $2.5 million. Recently, it also launched its own Bitcoin Ordinal NFTs. An established consumer base in the Web3 ecosystem will certainly give a strong boost to the token.
The group has taken many strong steps to boost the token’s user adoption. The entire $WSM token supply is available to the community with no cuts for private sales or the team. Furthermore, 30% of the supply is set aside for cool community rewards. 5 lucky degens will also receive $10k worth of $WSM tokens through a generous airdrop.
With some traders backing Wall Street Memes to 100x, it’s certainly one to watch for anyone looking for the next Pepe. Users can acquire the token by swapping ETH or USDT in exchange for $WSM or by purchasing through bank cards.
AiDoge Listing Soon After Raising $15m, Last Chance for Investors to Buy
The AiDoge ($AI) token has been one of the strongest-performing meme coins in the presale. Despite investors being wary of the crypto market, the token amassed a whopping $15 million in a short span of a few weeks.
The project has announced that users can claim their tokens on June 19th after it will launch on various exchanges. Experts believe that the token will have no trouble receiving several Tier-1 exchange listings due to its utility and community support. As the token is expected to display explosive growth after launch, investors have one last opportunity to purchase $AI at the listing price of $0.0000336.
The $AI token’s success is not surprising as it is not your average, no-utility meme token. It powers the revolutionary meme generation platform AiDoge using advanced artificial intelligence algorithms. The project understands the importance of memes as a method of engaging key demographics such as young crypto traders. Therefore, it uses algorithms that are trained on thousands of memes and crypto news.
AiDoge also has taken remarkable steps to ensure secure asset management. The token smart contract has been audited by CertiK to root out any vulnerabilities. Furthermore, the platform is using industry-leading solutions like Fireblocks to meet any security challenge.
As with Wall Street Memes, many traders are backing AiDoge to be the next big meme coin. Users can purchase the token through bank cards or by swapping ETH, BNB or USDT tokens.