In a dramatic turn of events in the meme coin space, the once-vibrant Pepe ($PEPE) is witnessing a price crash.
This downturn comes as a surprise to many, especially considering the coin’s revival throughout late June and early July.
However, as Pepe coin struggles, its rebellious copycat Evil Pepe Coin ($EVILPEPE) is drawing a flurry of attention, with traders eager to get involved in the project’s attractively-priced presale.
$PEPE Selloff Intensifies as Price Plunges to 2-Month Lows
It’s been a catastrophic few weeks for $PEPE holders, with the token’s value sinking 30% from the high of July 14.
$PEPE has closed with losses in three of the past four weeks – and appears to be heading for a fourth bearish close this week.
On Monday, price crashed below the 20-day and 50-day Exponential Moving Averages (EMAs), indicating that the short and medium-term trends are now negative.
Compounding investors’ woes is the fact that $PEPE also breached the minor support level around $0.0000015, a price point that had been propping up the coin since late June.
The selloff of $PEPE shows no signs of slowing down, with the brutal decline taking price to lows that haven’t been seen since June 21 – wiping out nearly all of the gains from the past two months.
With both momentum and market sentiment clearly negative, most in the crypto community anticipate there could be more pain ahead for $PEPE HODLers.
No Clear Catalyst for Surprise $PEPE Price Crash
Interestingly, there isn’t a specific catalyst for the ongoing $PEPE selloff.
According to CoinMarketCap, over $77 million worth of $PEPE was traded in the past 24 hours, which suggests that bearish sentiment, rather than a specific event, is likely driving the decline.
There is speculation within the crypto community that profit-taking following $PEPE’s recent rise might be aggravating the selloff.
This seems a likely scenario, given that other meme coins, like Dogecoin and Shiba Inu, have remained stable (or soared higher) while $PEPE has been falling.
Regardless of the overarching reason, $PEPE is clearly stuck in a downtrend for now – and unless buyers step in soon, the price could head back to the lows of $0.00000088.
Which Alternative Meme Coins Are Showcasing Bullish Momentum?
While Pepe coin grapples with overwhelming bearish momentum, other meme coins still showcase bullish energy.
One rising star is Evil Pepe Coin – a daring token that’s gaining massive traction in its ongoing presale phase.
Evil Pepe Coin Carves Niche in Meme Coin Market & Raises $770k
As its name implies, Evil Pepe Coin ($EVILPEPE) builds off the exceptional reputation of its namesake, $PEPE.
However, Evil Pepe Coin is also carving its own path in the meme coin space, with a distinctive style and growing community spirit.
The tokenomics of Evil Pepe Coin are ingeniously designed to promote a stable trading environment.
A substantial 90% of the total $EVILPEPE supply has been allocated to the presale.
This presale offers a low entry point of $0.000333 for early investors and has succeeded in raising an impressive $770,000.
The remaining 10% of the supply is dedicated to providing DEX liquidity – ensuring a smooth trading experience once the token hits the open market.
Moreover, Evil Pepe Coin aims to mirror the success of the original $PEPE by harnessing the power of meme culture.
This approach has caught the crypto community’s attention, with the project’s official Twitter account seeing colossal growth over the past week.
Interestingly, it’s not just retail investors who have become excited about $EVILPEPE’s potential – several notable crypto influencers are also taking note.
Crypto YouTuber Jacob Bury, who boasts nearly 20,000 subscribers, conducted a video breakdown of $EVILPEPE, predicting that it might become “the next Pepe coin.”
Given its rebellious spirit rooted in meme culture, it’s hardly surprising that Evil Pepe Coin is drawing so much attention – marking it as a token to watch in the meme coin space.