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The Pepe price has dipped 7% in the past 24 hours to trade for $0.00000782 as of 06:04 a.m. EST on trading volume that dipped 36%.
PEPE is leading the meme coin sector bloodbath, with its peers such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and Floki Inu (FLOKI) all in the red on the one-day timeframe.
The dump comes after the Bitcoin price dropped below the $63,000 threshold after concealing directional bias. The influence of BTC on altcoins has superseded bold moves by large holders. Reports have indicated that a whale has bought 142.96 billion PEPE tokens.
Traders buy 143 Billion PEPE, 'Bullish' Phenomenon Approaching? https://t.co/shJTIC2y7z
— Kakiforex (@kakiforexcom) May 7, 2024
The whale spent 1.26 million USDC to buy 142.96 billion PEPE tokens. The purchase was made at a unit price of $0.000008831 per PEPE token, adding to a series of transactions orchestrated by the trader. Likened to the works of “smart money,” this trader has taken part in Pepe trades on multiple occasions in the last six months.
The transactions have raised speculation on whether the whale could be buying the dip or whether they know something.
Pepe Price Prediction
The Pepe price is in the Golden Zone, between the 38.2% and the 61.8% Fibonacci retracement levels of $0.00000820 and $0.00000657. If the 50% Fibonacci placeholder holds, the Pepe price could bounce to continue the primary trend. A higher high above the peak of the May 6 trading session at $0.00000918 would confirm a trend reversal in favor of the bulls.
In a highly bullish case, the gains could see the Pepe price extend to the apex of the market range at $0.00001084. Such a move would constitute a 37% climb above current levels
The upward trajectory of the Simple Moving Averages (SMA) shows that the north is the path with the least resistance.
TradingView: PEPE/USDT 1-day chart
On the other hand, if seller momentum increases, the Pepe price could extend the fall. A flip of the 50% Fibonacci placeholder at $0.00000738 into resistance, worsened by a slip below the 50-day SMA at $0.00000715 would inspire more sell orders.
For the bullish thesis to be invalidated, however, the bears must pull the Pepe price lower below the 61.8% Fibonacci retracement level of $0.00000657. This would mean the Pepe price has fallen outside the Golden Zone. Enhanced selling pressure could draw the frog-themed token to the 100-day SMA at $0.00000539.
Even as the Pepe price deliberates from which side to walk out of the Fibonacci Golden Zone, SPONGE V2 aims to do another 100X on launch, as its predecessor, Sponge V1, did last year in a bear market.
Crypto YouTuber Jacob Bury is one analyst who believes it could well repeat last year’s feat with another 100X surge.
Promising Alternative To PEPE
Sponge V2 builds on its predecessor’s success, innovating the market with unique strategies for transaction fees, liquidity, and staking. It maintains the appealing viral meme coin aspect of its previous iteration, Sponge V1, while going a step further to introduce more token utility.
Did you miss another 100x, anon? 💦$SPONGE #SpongeV2 #Alts #100x pic.twitter.com/6WSh6BcaMT
— $SPONGE (@spongeoneth) April 9, 2024
Sponge V2 plans to add a Play-to-Earn (P2E) racing game, and indications from the team suggest that development has progressed beyond the planning phase.
Don't forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Sponge Play-To-Earn
The Sponge P2E game will offer both free and paid versions. They can play for fun only, or use Sponge V2 tokens to acquire game credits for additional passive earnings. This forthcoming P2E game is anticipated to play a significant role in the token’s expansion, bringing substantial fun to the project.
In addition to the potential of the P2E narrative to drive Sponge V2’s success, the project also includes a staking program. Stakers have an opportunity to enjoy an attractive Annual Percentage Yield (APY) of 163% on Ethereum and 338% on Polygon.
The staking is value-adding, effectively removing the tokens from circulation, and thereby tilting the supply-demand dynamics in favor of demand. Over 9.915 billion tokens have been staked.
Exciting news! There are now over 9.8 Million $SPONGE tokens staked! 🔥🧽#SpongeV2 #Crypto #100x #Alts pic.twitter.com/WBt3fCvnZm
— $SPONGE (@spongeoneth) April 18, 2024
Those who purchase and stake now will receive a special V2 token bonus.
📘 Visit our website and stake your $SPONGE to be part of V2's TAKEOVER.
Simple steps to significant rewards!
GO GO GO! 🧽💦💦#CryptoStaking #SpongeV2 #Web3 pic.twitter.com/3TF0HZIT9k
— $SPONGE (@spongeoneth) January 18, 2024
Sponge V2 is now offering a last chance to buy before it launches on top-tier exchanges, so, if you are interested, buy now before it’s too late.
Also Read:
- Two Hidden Meme Coins to Watch in 2024 – New Crypto Gems With 100x Potential
- Crypto YouTuber Crypto Boy Provides Update on Sponge V2 Ahead of Its Upcoming Listing
- Maximize Portfolio Potential with the Top 3 Solana-Based Meme Coins for the Next Bull Run
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