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The Pepe price plummeted 10% to trade for $0.00000816 as of 04:20 a.m. EST time as trading volume plunged 17%.
The PEPE price fell along with other sector titans like Dogecoin (DOGE) and Shiba Inu (SHIB) as the meme coin sector’s market cap dropped almost 5% to about $59 billion, according to CoinMarketCap.
With capital at least temporarily pulling back from meme coins, an altcoin season seemed to emerge with Ripple (XRP), Avalanche (XRP), and Litecoin (LTC) all pumping.
I expect #Memecoins to cool off soon, then see our other #Altcoins pump .. If your waiting to enter the big Memes such as $FLOKI $PEPE $BONK then wait for that consolidation first
— Crypto Tony (@CryptoTony__) March 11, 2024
An altcoin season is when traders get better returns when they invest in altcoins compared to Bitcoin. As a result, Bitcoin dominance in the market declines while that of altcoins increases.
“The primary driver of alt season is a classic wealth effect,” says Bitwise CIO Matt Hougan. ”Crypto natives make money in Bitcoin, feel rich, and then look for more speculative assets to invest in.”
Pepe Price Prediction Amid Speculation Of An Alt Season
The Pepe price is sitting atop the support due to the 78.6% Fibonacci level of $0.00000799. This is in a market range measured from $0.00000086 to $0.00000993. From a technical standpoint, the market is leaning in favor of the downside.
For starters, the Relative Strength Index (RSI) is teasing with a pending sell signal, due execution once the RSI crosses below the yellow band of the signal line. If traders heed this call, the Pepe price could drop, with a break and close below the 50% Fibonacci retracement level of $0.00000539 being the crucial signal. This is because a candlestick close below the March 5 low of $0.00000495 would produce a lower low, confirming a change of trend.
This stance is reinforced by the dwindling sizes of the volume indicator, suggesting the predominant trend is steadily losing steam. Buying momentum is also fading, shown by the nose-diving RSI. Welles Wilder, the father of several technical indicators, says an asset is considered ripe for selling once the RSI crosses below 70. This could happen soon, reinforcing the bearish stance.
TradingView: PEPE/USDT 1-day chart
On the flipside, if traders capitalize on the 10% dip as a buying opportunity, the Pepe price could push north to fill the market range at $0.00000993. In a highly bullish case, the gains could extend for the frog-themed token’s market value to hit $0.00001000 psychological level. This would constitute a 21% climb above current levels.
Notably, the bulls continue to maintain a strong presence in the PEPE market, represented by the large volumes of the histogram bars of the Awesome Oscillator (AO). Their green shade gives the bulls weight, showing that they could still recover the market.
Even as the Pepe price drops as part of a broader meme coin dump the latest Solana meme coin sensation Smog is continuing to draw investors with its promise of a massive airdrop.
Promising Alternative To PEPE
Smog is a meme coin with the ambition to surpass Solana’s leading meme coin, Bonk. The airdrop-oriented meme coin continues to witness significant growth, reaching 178% in gains over the past week.
An upcoming airdrop is advertised as the ”greatest airdrop of all time.” An impressive 35% of its total token supply, amounting to 1.4 billion tokens, has been earmarked for the airdrop.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
This initiative involves the distribution of a significant 490 million tokens. Users qualify for the airdrop by buying and holding $SMOG tokens and can accumulate additional airdrop points by participating in quests managed by Zealy.
These quests involve things such as following Smog on X and engaging with its social media posts.
Join the #SMOG community on #Zealy and increase your points for the $SMOG #Airdrop. 🐲
Complete quests for extra points! 📊
Stay tuned for upcoming announcements. 📢🔗https://t.co/3EQxvQwsw3#CryptoCommunity #Altcoins #Memecoins #Binance #Crypto
— SMOG (@SMOGToken) February 21, 2024
The enthusiasm surrounding the Zealy campaign has escalated following a recent announcement that over 1.8 million quests had been completed.
Moreover, Smog has expanded to multiple chains through a Wormhole bridge, allowing Ethereum users to benefit from its upward movement. $SMOG tokens are now accessible on both chains.
With the airdrop rumored to be imminent, it’s best for interested investors to act soon. And there’s a 10% discount when tokens are bought via the official website here.
Also Read:
- Next Meme Coin to Explode In 2024 – Is $SMOG The Best Crypto To Buy Now?
- Smog Price Prediction – Can a Possible CEX Listing Fuel 10x Growth for $SMOG?
- Smog Price Prediction – $SMOG Coin Future Potential
- Best Meme Coins to Invest in: Top Picks for Exponential Gains!
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