The Pepe ($PEPE) meme coin was on everyone’s radar months ago. Consequently, its value surged by a staggering 9000%. Investors swarmed to its allure as its value touched $0.00000431. The tables have, however, turned for this once-promising meme coin. In a mere span of 30 days, $ PEPE’s value has plummeted by 23.39%.
However, bulls have recently grabbed control, sending PEPE’s price soaring from its daily low of $0.0000006652 to its 24-hour high of $0.0000006952. As a result, at press time, PEPE was trading at $0.000006873, up 3.04% from its 24-hour low.
PEPE/USD 24-hour price chart (source: CoinStats)
The market capitalization of PEPE climbed by 3.17% to $269.29 million while the 24-hour trading volume declined by 7.24% to $52.53 million.
Potential Triggers and Market Response
Significantly, the red flags began when the token’s developers offloaded $15.7 million from the main wallet. In addition, the protocol to access this wallet shifted from 5 signatures to just 2. Hence, seasoned traders and whales became skeptical, leading to a sell-off frenzy.
The official Pepe Twitter account tried damage control by blaming a few insiders. However, influencers voiced skepticism and expressed regret over their investment.
Besides this debacle, Pepe’s Telegram account faced security issues, fueling the fire. The token’s value now stands at $0.00000068, marking an 85% nosedive from its all-time high. Notably, while competitors like Dogecoin and Shiba Inu maintained stability, $ PEPE’s value fell by 9% in comparison.
Experts have varied predictions on Pepe’s future trajectory. While some hint at a further decrease to the $0.0000004 mark, others predict a steep decline.
The emergence of a new challenger: Wall Street Memes (WSM)
As $PEPE faces turbulent waters, a new contender, Wall Street Memes (WSM), is on the horizon. The presale for WSM has garnered significant attention, raising $25 million. Consequently, the token boasts connections to the iconic Wall Street Bets Reddit community, famously known for the GameStop saga.
Additionally, its presale price of $0.337 has experts predicting a 10x growth post-launch. It might be the meme coin to watch, with Wall Street Memes set for its ICO in just a few days and a subsequent launch on top-tier exchanges. However, only time will tell if it will soar as $PEPE did or learn from its predecessor’s missteps.
In conclusion, the meme coin market continues to be a rollercoaster ride, with $PEPE facing challenges and Wall Street Memes (WSM) rising as a promising contender.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
