After a difficult Q3, Pepe has started October with a bang, pumping 2.41% in the last 24 hours and over 17% this week.
The project has been the source of controversy over the past weeks as some of its alleged ex-team members stole $15 million from the project’s multi-signature wallet. The event caused a drastic sell-off to lows of $0.0000006125 in mid-September.
However, the price has steadily climbed since then, currently trading at $0.0000008087, a 32% increase from its lows. This has led to anticipation of a recovery and a potential break out of the longer-term downtrend, given the improving market conditions.
Meanwhile, the new P2E staking coin Meme Kombat is also showing bullish momentum during its presale, raising over $220K in its first week.
Pepe Pumps As Crypto Market Turns Bullish and Social Engagement Grows 106%
Despite its scandal, market sentiment around Pepe is brewing. The team recently announced that they removed those involved with the theft, bolstering investor confidence and propelling the recent rally. Yet this was not the only driving factor of Pepe’s recent bullishness.
According to LunarCrush data, Pepe’s social mentions are up 106% over the past month. This illustrates a resurging interest in the project, with market participants likely returning in anticipation of the 2024 Bitcoin halving.
Furthermore, Pepe has recently climbed to the top of the CoinMarketCap trending list, exemplifying the community’s growing interest.
Meanwhile, a report by Matrixport recently found that Bitcoin could pump to $37K in October since the crypto market has historically performed well in Q4. Bitcoin’s price has pumped since then, up over 3.5% in the last 24 hours.
The bullish sentiment surrounding Bitcoin could be a primary reason for Pepe’s recent success since altcoins generally follow Bitcoin.
It also seems that whales are buying Pepe again, with crypto analytics X account Lookonchain pointing out that two wallets purchased over $800K of Pepe recently. While these are just a couple of purchases, they indicate the significant growing interest in the bear market phenom.
The Pepe price chart below shows it has recently broken the 200-day EMA and closed above its local resistance level from the beginning of September. This is an early sign of a trend reversal, but a retest of its $0.0000006125 lows is also possible.
Provided there are no more debacles like the one it faced last month, Pepe’s price will likely move in the same direction as Bitcoin’s in the coming months.
Currently, Bitcoin is at its highest price since August and continues to show strength. This is a massively bullish factor for Pepe. That said, its upside remains limited due to its $300 million market cap.
On the other hand, a new emerging project, Meme Kombat, is exploding after launching just days ago. It is already faring popular with the community and has even been touted by some top crypto analysts.
Another Meme Coin to Watch: P2E Token Meme Kombat Raises $220K As It Draws Investors With 112% Staking APY
Meme Kombat is a new Play-to-Earn meme coin enabling investors to bet on the outcomes of battles between infamous meme characters. The project is currently in its presale, having raised $220K in just over a week.
Since its launch, it has fared a hot topic in the meme coin community, with investors and analysts drawn to its staking mechanism offering 112% annual percentage yield (APY) and one-of-a-kind utility.
Among others, prominent YouTube analyst Michael Wrubel (with over 300K subs) covered the project, alluding that it could explode in value following its exchange launch.
The benefits of the staking mechanism are two-fold. First, it incentivizes community participation and engagement. Yet, another advantage is that it significantly bolsters supply and demand dynamics.
As well as removing much of the $MK supply from the market, the staking mechanism will boost demand as investors seek the lucrative staking rewards.
Users must also stake tokens to wager on battles on the platform. Players can bet on numerous game modes, including player vs. player and player vs. game. The platform also enables a mode called Side Bet Action, where users can gamble on dynamic events, like the first move or specific outcomes.
Ultimately, its robust supply and demand mechanics, combined with its unique use case and meme coin allure, mean the $MK could explode after its exchange launch. However, with the presale selling out fast, potential investors should act now or risk missing out.