The PEPE price has dropped by as much as 17% overnight, with its fall to $0.000008854 coming as the market as a whole takes a big hit.
Despite this correction, PEPE remains up by 6% in a week and by 690% in the last 30 days, with the coin only 16% down from its all-time high of $0.00001064, which it set yesterday.
Given that today’s loss is largely the result of profit-taking from traders, PEPE has every chance of rebounding again soon enough.
And as the market continues to gain in bullishness, the meme token could even break its new ATH in the next few weeks.
Pepe Price Prediction as PEPE Drops 17% Overnight – What’s Going On?
PEPE may have dived badly overnight, but its chart and indicators suggest that now may be a great time to buy.
Most notably, its relative strength index (purple) has resumed rising again after almost hitting rock bottom (30) in the early hours of this morning.
Source: TradingView
In other words, it looks like it’s on the way back up, even if its 30-day average (yellow) is still falling.
Yet the average is arguably cancelled out by PEPE’s support level (green), which is still rising and which prevented the coin from falling too far last night.
At the same time, PEPE’s 24-hour trading volume remains close to $2.5 billion, indicating substantial interest in the token.
This guy spent only $3,000 to buy 4.9T $PEPE($35.5M currently) in the early time!
He sold 760B $PEPE($2M) and currently holds 4.15T $PEPE($30.8M), and is the 13th holder of $PEPE!
His total profit on $PEPE is ~$32.8M, a gain of 11,077x!https://t.co/QTL7oxruTk pic.twitter.com/sw2FcPfgdd
— Lookonchain (@lookonchain) March 4, 2024
It’s likely that whales who had previously bought the coin have taken some profits in the past day or so, yet PEPE hasn’t fallen any harder than many other alts and meme coins.
As such, it’s likely to rebound soon enough, with the market remaining positive overall.
This is largely because of rising Bitcoin ETF volumes, with the possibility of Ethereum ETFs – and the approaching Bitcoin halving – also improving the wider picture.
The PEPE price could easily set a new ATH in the next few weeks, while potentially reaching $0.000020 by the second half of the year.
24 hour market update – $PEPE
TL;DR – $BTC weakness has caused an asset class wide dip. $PEPE made a new ATH with record high funding rates which have now re-set to a level which is low in the context of its pump (bullish).
Points to be aware of;
– $PEPE price has been leading… pic.twitter.com/dFFhYx5mmg
— Exponential Research (@ExpoResearch) March 15, 2024
As a meme token with weak fundamentals it will always have the tendency to drop suddenly, but the medium- and long-term trajectory of the market should help push it up as a whole.
New Meme Tokens Bring Greater Potential
Given that PEPE is now a well-established coin, some traders may prefer to diversify into newer, smaller cap meme tokens, especially those on course to rally big as they list on new exchanges.
This includes coins that have recently launched their own presales, with one of the most interesting in this category being new Ethereum-based meme token Dogecoin20 (DOGE20).
It launched its presale only yesterday, yet it has already raised over $280,000, as it wins over more investors.
#Dogecoin is a beloved token but has been limited in its potential future worth because it has an infinite supply that will always emit more #Tokens into the market. #DOGE20 fixes this with a fixed supply, allowing for unhindered upwards pressure on the token price. pic.twitter.com/MvnjTeVdhp
— Dogecoin20 (@DOGE_COIN20) March 15, 2024
The reason why Dogecoin20 is so exciting is that it takes the basic appeal of meme coins such as DOGE and combines it with a bullish staking system, a hard-capped supply, and a commitment to supporting more venerable causes.
As an Ethereum-based coin, it will enable staking, with its protocol providing greater rewards to holders who stake early and for longer periods.
Another interesting facet is that it will regularly distribute a portion of its supply to charitable causes, as well as to projects based within its own community.
The aim of this is to encourage greater engagement and commitment to its development, which in the long run can only help it grow.
It’s also worth pointing out that, unlike the infinitely inflationary Dogecoin, DOGE20 has limited itself to a max supply of 140 billion tokens.
How is #Dogecoin20 different from #Dogecoin?
$DOGE20 is part of the #DOGE family of #Memecoins but it adds more utility and value for holders by introducing staking on #Ethereum for passive rewards.
The ’20’ in Dogecoin20 stands for ‘ERC-20’. pic.twitter.com/UV6WOXXTj3
— Dogecoin20 (@DOGE_COIN20) March 15, 2024
25% of this supply is going to its presale, with the rest going to a mix of marketing, treasury (for development and community/charity purposes), staking and liquidity.
In combination, these features promise to give DOGE20 plenty of appeal, helping to push its price up over time.
Investors can join its presale now by going to its official website, where they can buy 1 DOGE20 coin for $0.00014, using either ETH, USDT or fiat currency.
Buy Dogecoin20 Now
The post Pepe Price Prediction as PEPE Drops 17% Overnight – What’s Going On? appeared first on Cryptonews.
