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The Sudeng price plunged more than 11% in the last 24 hours to trade at $0.0203 as of 7:27 a.m. EST as investors offload their holdings in the meme coin on the market.
The drop in the HIPPO price comes even after Binance announced that it will launch USD-margined HIPPO and 1,000X perpetual contracts today. Trading will go live at 12:30 UTC.
#Binance Futures will launch the USDⓈ-Margined $HIPPO and 1000X Perpetual Contracts at
🗓️ Nov 13 2024, 12:30 (UTC)
Read more ➡️ https://t.co/HgIJ6Lw9Pf pic.twitter.com/tE6WdXwcyB
— Binance Futures (@BinanceFutures) November 13, 2024
Soodeng is the Sui-based rival to Moodeng (MOODENG), which exploded onto the meme coin scene after cute baby hippopotamus Moo Deng from a zoo in Thailand went viral on social media.
Sudeng Price Consolidates
4-hour chart for HIPPO/USD (Source: GeckoTerminal)
The Sudeng price has entered a consolidation zone between $0.01706 and $0.02407 in the last few hours. This might be the precursor to a strong move. Should buyers identify the meme coin’s current levels as a buy opportunity, HIPPO could flip the $0.02407 barrier into support.
This might then give the crypto the foundation needed to keep rising in the following 24 hours. If buyers continue to exert pressure on the Sudeng price once it breaks above the $0.02407 threshold, the meme coin could rise to as high as $0.03108 in the short term.
On the other hand, the Sudeng price falling below $0.01706 in the coming 24 hours could lead to a more bearish scenario playing out. Traders might end up panic selling in this alternative scenario, which could force the meme coin’s price all the way down to $0.01023.
Sellers Still Have Control Of The Sudeng Price
Sellers seem to still have a tight grip on the Sudeng price, with both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart showing that momentum currently favors bears.
RSI readings have dropped from above 75 to the low 60s in the last 24 hours to indicate a decrease in buyer strength. Although the current reading above the 50 benchmark suggests that buyers could still step in to salvage the situation, the negative slope of the RSI line warns that the window of opportunity might disappear soon.
The MACD line has also started to collapse towards the MACD Signal line in the last couple of hours. These two lines crossing in the short term could indicate that the Sudeng price has entered a bearish trend. HIPPO might continue to drop in the hours after the potential cross as a result.
If these bearish technical signs influence traders’ decision making in the next few hours, the Sudeng price will likely test the aforementioned $0.01706 mark and potentially lose the support of this technical crutch.
As HIPPO remains at the mercy of sellers, investors are FOMO buying layer 2 meme coin rival Pepe Unchained (PEPU) before its tier 1 exchange listings next month.
A Layer 2 Project That Could Lead The Next Meme Coin Super Cycle
Pepe Unchained (PEPU) is on a mission to take over the Pepe brand and elevate it to new heights in the crypto market. Up until now, PEPE has managed to successfully climb the crypto ranks to become the third largest meme coin by market cap. In order to continue its market ascent, the meme coin will need a new and improved technical framework.
This is where Pepe Unchained, with its own layer-2 blockchain, comes in. By migrating PEPE’s computational workload to a dedicated network, Pepe Unchained will enable a 100-fold increase in transaction speeds while simultaneously slashing transaction fees for the popular meme.
Beyond its layer-2 network, the project also comes with unmatched levels of utility. This is after the Pepe Unchained team announced their developer grant program, giving select developers access to the necessary funding to build the next big app on the Pepe Unchained blockchain.
Additionally, Pepe Unchained intends on competing directly with Solana’s Pump.fun with its own token launchpad to become the de facto crypto creation platform in the thriving meme coin space.
With its unprecedented levels of utility, meme coin appeal and layer 2 capabilities, it’s easy to see why experts are bullish on Pepe Unchained. Crypto YouTuber ClayBro told his over 131K subscribers that PEPU has the potential to dethrone PEPE as the third largest meme coin by market cap.
Investors FOMO Buy PEPU Before It’s Too Late
Investors are flocking to PEPU’s ongoing ICO with less than 29 days left until the meme coin makes its market debut on multiple leading crypto exchanges. The buying frenzy around Pepe Unchained has gone into overdrive, as demonstrated by the $1.2 million the crypto raised in just the last day alone.
🐸HUGE ANNOUNCEMENT!🐸
In exactly 30 days, I repeat 30 DAYS! The presale for Pepe Unchained ends.
This is your LAST CHANCE to grab $PEPU before it hits Major exchanges!
Buy $PEPU in presale here: https://t.co/onpYoXlnyG pic.twitter.com/UtM95mrAvM
— Pepe Unchained (@pepe_unchained) November 13, 2024
Whales have also been aggressively accumulating the token, perhaps hoping it’s the next meme coin to list on Binance or Coinbase. When PEPE listed on Coinbase yesterday, it’s price went through the roof.
Just recently, a large whale investor bought $35K worth of PEPU. This follows another $35K purchase performed yesterday.
Anyone that wants to get in on PEPU before its launch can make use of the buy widget embedded on its website. Selling for $0.01281, PEPU can be bought with either ETH, USDT, BNB or bank card.
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