Pepe ($PEPE) has been surging in the last 24 hours with the popular meme coin now up by 15% after a sudden and dramatic pump in trading volume and price.
Volume has increased by 156% to $95 million as meme coin specualtors suddenly returned to the token that has endured weeks of losses since insider wallets were found dumping tokens.
While Pepe is currently pumping, two other meme coins look set to break out in the coming days – Wall Street Memes is about to launch on a tier-1 CEX after raising $25m on presale, while new staking-plus-gaming token Meme Kombat has also launched its ICO.
Why is Pepe Pumping?
Pepe has suddenly seen a dramatic increase in price and volume on Friday that saw the token shoot to the top of trending lists and become one of the biggest gainers in the whole crypto space.
But the reasoning behind Pepe’s sudden is certainly less clear, with crypto analysts and speculators split between whether the price action is a short squeeze, a dead cat bounce or something more positive.
Pepe has endured weeks of downward movement following the sale of 16 trillion tokens (worth approx. $15 million) fron the project’s multi-sig CEX wallet.
The number of signatories was also reduced from eight to two and while the project claimed the remaining supply is now in ‘safe hands’, investors bolted from the project, with more than $250 million withdrawn and prices collapsing by more than 35% in the days since.
It remains unclear what was the catalyst behind Friday’s price pump but earlier this week Nebraskangooner, a popular crypto trader with more than 300,000 followers on X, described the token as being in “No Man’s Land” and still in a “steady downtrend atm.”
This was obviously written before the pump but and it remains to be seen whether this is just a dead cat bounce or a breakout to former levels.
AltcoinSherpa, who has 200k X followers, shared similarly bearish sentiment, writing: “Pepe: Nice move today, I didn’t really see this one coming.
“Volume profile shows 3 significant resistance areas, with the first one getting broken now. High doubt this is a full reversal but a bit more upside may be in store. Would be cautious with this one overall.”
Crypto Monk, on the other hand, was bullish to his 150k followers and said he “can smell a 50%-plus pump incoming.”
Wall Street Memes Also Expected to Pump with Tier-1 IEO Set for Next Week
While it remains unclear if Pepe’s pump is just a flash in the pan or the start of a full recovery, new meme token Wall Street Memes ($WSM) is set to take the market by storm next week.
The project has enjoyed one of the best presales of 2023, raising more than $25 million since launch and leaning on its social media community of more than a million to become one of the hottest upcoming tokens in Web3.
The presale is set to close on September 25 ahead of a highly anticipated IEO that is expected to take place on a tier-1 centralized exchange early next week. There are just 4 days left to invest in $WSM.
Details remain a secret with the project expected to announce the exact date and time of the listing at some point on Monday.
The project has become a darling of the space and influential crypto analysts such as Joe Parys (380,000 YouTube subscribers) and Michael Wrubel (310k subscribers) have been raving about its potential.
The project has been developed by the experienced team behind Wall Street Memes, which has become a go to page for crypto users across social media for its memes and humor.
The team previously launched the Wall Street Bulls NFT collection, which sold out in 30 minutes, so expectations are high for the WSM IEO.
The project also offers huge staking rewards, currently set at 55% APY, giving the meme coin more utility than the likes of Pepe and incentivizing holding.
This weekend now represents the last opportunity to purchase WSM before the presale closes and it heads of its IEO – details will be announced in the Telegram group.
Meme Kombat Launches Presale with Staking and Battle Arena
Another new meme coin project that could outperform Pepe in the coming days and weeks is Meme Kombat ($MK) which only launched its presale last week.
Meme Kombat is a meme coin with a difference and offers incredible utility with its stake-to-earn mechanism and its Battle Arena – a play-to-earn crypto game that allows players to wager and win.
In the Battle Arena, players can engage in player-vs-player and player-vs game matches between characters that represent popular meme tokens such as Pepe, Floki, Sponge and Shiba Inu.
The game is underpinned by AI and blockchain technology and means that all outcomes are provably fair, immutable, and secure, with payments being made instantly.
As well as wagering on the overall outcome of a battle, Meme Kombat also allows for side bets that add huge depth and intrigue to the game and players.
The game will also be seasonal, with new characters, themes and even game modes added over time to keep interest levels high.
Popular Telegram signals group Crypto Whale Pumps also featured $MK as a token to purchase in a recent post to the group.
Unlike other meme projects – including Pepe – Meme Kombat has a totally doxxed and public-facing team and also has a miniscule supply of just 12 million MK tokens.
Half of these have been made available for the presale, 30% to staking and battle rewards, 10% to DEX liquidity and 10% to community rewards.