Meme coins continue to take the market by storm – and Pepe Coin ($PEPE) remains one of the most talked-about projects in the space.
After a massive run-up in mid-April, the $PEPE price has fallen substantially, leading many to wonder whether it’s still a good investment opportunity.
At the same time, some traders are now betting on AI-powered meme coin AiDoge ($AI) to be the next big hitter in the meme coin niche after the project’s presale raised over $12m.
Pepe Coin’s Downfall Stuns the Crypto Community
Pepe Coin has faced considerable challenges in the past few weeks as former bulls have turned to bears.
Per CoinMarketCap, $PEPE is now trading around the $0.00000146 level – 66% lower than the all-time high posted in early May.
As with many successful meme coins, a considerable sell-off has occurred following $PEPE’s remarkable bull run, with traders opting to take profits rather than continue holding.
Due to this, $PEPE has been on a consistent downtrend over the past three weeks – and has dropped 12% in the past 24 hours alone.
This bearish momentum seems unending, even after Pepe Coin secured major CEX listings. At the time of writing, $PEPE can now be traded on 13 different exchanges, including big names like Binance, KuCoin, and Kraken.
Leading DeFi protocol Synthetix even announced it would offer $PEPE perpetual futures, allowing crypto traders to utilize leverage on their positions.
In light of Pepe Coin’s recent challenges, many investors are now pondering what the future holds for the token.
Looking at the price chart, $PEPE is trapped in a long, descending channel. Price has twice rejected the upper boundary of this channel and looks likely to return to the lower border.
This would mean that $PEPE drops to $0.00000116 – the same level that price aggressively rejected on May 12. If this scenario plays out, it would result in a 20% decrease from today’s price.
However, there may be a glimmer of hope for $PEPE bulls. The last time that price touched the $0.00000116 level, it reversed explosively, causing the token to soar by 80%.
Ultimately, current market conditions present a challenging period for $PEPE holders – a far-cry from the bullishness of mid-April.
New Meme Coin Phenomenon AiDoge Makes Headlines & Raises $12.9 Million
However, one project is already being backed to be the next big thing in the meme coin niche – AI-powered sensation, AiDoge ($AI).
Unlike Pepe Coin, AiDoge is still in its presale phase, meaning it’s not yet available on the public market.
However, this hasn’t curbed the enthusiasm of investors who are flocking to acquire $AI, the project’s native token, resulting in a remarkable fundraising total of $12.9 million – and counting.
The escalating popularity of AiDoge’s presale has echoed across social media platforms, with the project’s official Twitter account attracting over 34,000 followers.
It’s not just average investors taking note; renowned crypto influencers like YouTuber Jacob Bury are also getting involved.
Bury recently posted a video to his 17,000+ subscribers highlighting how he believes $AI could be the “next 50x meme coin”.
The hype around AiDoge is growing by the day and appears to be driven by the project’s pioneering features – all of which are powered by AI.
AiDoge’s most impressive feature is its custom-built “meme generator,” trained on colossal datasets and crypto news repositories. This meme generator allows users to easily create hilarious memes that can be instantly shared on Twitter or Reddit.
Per AiDoge’s whitepaper, $AI tokens will be required to purchase credits – used every time a meme is created.
Moreover, users can earn extra $AI tokens when their memes gain popularity on the “public wall,” a feature that allows community members to vote on their favorite creations.
Although the development team is putting the finishing touches on the AiDoge platform, early bird investors can still secure $AI tokens ahead of its launch through the presale.
Stage 18 of the 20-stage presale is now in progress, with $AI tokens priced at $0.0000328 – a significant discount on the intended CEX listing price.