Pepe Price Prediction: PEPE Dumps 4% – Is the Meme Coin Renaissance Slowing?

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Pepe (PEPE) price has seen a substantial 4% dump in the last 24 hours, leading the popular meme coin to sink from $0.0000008838 to $0.0000008573.

However, the token’s performance has been even more bearish every week, as Pepe lost 21% of its value in the last seven days.

Its monthly loss is over 33%, which indicates that the once-popular meme coin is losing value rapidly. The token did see a price surge on August 29, as Grayscale’s court victory against the US SEC pushed Bitcoin up, and with BTC, the rest of the market followed.

Pepe got caught in the short-lived bull run, jumping from the price of $0.0000008242 — a product of a slow but steady drop — to $0.0000009015 in only a few hours.

The main question among traders now is whether Pepe can pump from here, or are the meme coins finally losing the hype that has been pushing them so far?

Recent PEPE Pump Attracts Two Whales

In an attempt to answer it, one analyst suggested that the support is holding at the moment but that the next several days will be crucial in deciding the short-term future of PEPE.

Another analyst considered the token’s historical performance, comparing it to the current PEPE price action. They spotted a descending channel, which suggests that Pepe might expect a strong pump shortly. However, given the market’s volatility, significant events affecting it these days, and the fact that the bears appear to be the dominant force, this is no certainty.

Even so, the meme coin’s performance has opened up many opportunities for day traders and scalpers, as increased volatility allows them to use rapid price changes. Even though this type of trading comes with a considerable risk, there are always those willing to try their luck and skill.

That said, PEPE saw a volume drop over the last 24 hours. Following the pump inspired by Grayscale, PEPE’s average volume went from $68 million to over $132 million on August 29. Since then, however, it crashed to $50 million on average, where it currently sits.

August 29 also saw two whales spending 983 ETH to buy 1.88T PEPE, which was likely responsible for the massive surge in volume and the substantial jump in the token’s price.

2 whales spent a total of 983 $ETH(1.7M) to buy 1.88T $PEPE 1 hour ago.

0x9D49 spent 433 $ETH($742K) to 832B $PEPE and 0x0bE1 spent 550 $ETH($943K) to buy 1.04T $PEPE.https://t.co/bpcisDgUep https://t.co/kdk8w834UI pic.twitter.com/v4CQ2vojZM

— Lookonchain (@lookonchain) August 29, 2023

Another Meme Coin Grabs The Spotlight

While many crypto users started withdrawing from PEPE due to its unfavorable price movement, not everyone is giving up on meme coins. Another such token by the name of Sonik (SONIK) emerged recently with its presale.

Sonik is a project inspired by Sonic The Hedgehog, although it states that it has no affiliation with the character or Sega.

Like Pepe, Sonik was inspired by the memes surrounding the character. After launching its presale last week, the project has managed to raise over $846k, and its presale will continue for another five days.

The token’s value during the presale is fixed, sitting at $0.000014, and its popularity and promises have attracted many buyers so far.

Its current immunity to volatility undoubtedly helped inspire users to purchase the token. Anyone interested in buying SONIK can do so in exchange for ETH or USDT.

One thing that sets SONIK apart from Pepe and other similar meme coins is that SONIK will intensely focus on staking, which already grants it a significant use case, while most other meme coins still do not have any.

In fact, after selling 50% of its supply in the presale, the project intends to use another 40% for staking rewards. As for the remaining 10%, they will be used for liquidity purposes.

Newest Meme Coin ICO - Wall Street Pepe

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