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Pepe’s price slipped 12%, moving from the intra-day high of $0.00000123 recorded on August 17 to close the day at $0.00000107. When writing, the meme coin auctions for $0.00000111, indicating a daily drop of $7%. However, the trading volume for the altcoin is up a stark 40%, suggesting bulls are coming to the arena. Seemingly, recovery may be on the Horizon.
Why Pepe Price May Be Due For A Rally
The potential rally for Pepe price follows the recent event in the meme coin market, Shibarium. The Ethereum Layer-2 chain launched on August 17, spearheaded by the Shiba Inu team. This solution aims to provide cheaper and faster transactions using SHIB as the fee token. Ahead of the launch, the number of new addresses increased exponentially, translating to an 84% rise in network growth.
However, the bubble burst for the meme coin community after $1.7 million worth of Ethereum (ETH) was stuck in the bridge.
This fueled FUD as rumors that the tokens would not be recovered spread. A cryptic message fueled the anxiety.
Nevertheless, Shiba Inu lead developer Shytoshi Kusama quelled the fears, indicating that users’ funds were safe. He also denied the claims, attributing the incident to a “Massive influx of transactions and users that happened at the same time when we announced that Shibarium is live.”
Based on his explanation, the unexpected influx seriously strained the network’s system’s scalability. It prompted the decentralized team to rally their efforts to restore stability.
Contrary to expectations, the launch failed to fuel a rally for the dog-themed tokens. Shiba Inu (SHIB), Bone ShibaSwap (BONE), Leash (LEASH), and Treat (TREAT) recorded double-digit losses in the aftermath of the FUD. Amid these fears, capital seems to flow into Pepe, and the frog-themed meme coin could head north.
Massive Liquidations of Long Positions Give Retail A Chance To Step In
Massive liquidations of long positions are another factor that can potentially drive Pepe’s price north. This happened during the afternoon hours of the US session on August 17. Around $820 million in long positions were liquidated as prices crashed.
Bitcoin (BTC) slumped as low as the $25,100 range, with a total of $363.10 million positions liquidated. Ethereum recorded $257.49 million, while Ripple (XRP) flashed $22.68 million.
This fundamental could inspire a rally across the market because pullbacks often allow retail to enter. The fear of missing out (FOMO) causes markets to change direction as new buyers enter.
Pepe Price Forecast As Bulls Build Momentum
Pepe price has been on a downtrend consolidating south, capped by a descending trendline. The price action made several breakthrough attempts, but all these proved premature because of early profit-taking. The latest breakout saw PEPE test the supply zone (red) but faced rejection from the 50MA.
A supply zone is characterized by aggressive selling, given that balance has shifted to the distribution side. As such, it is possible that Pepe Price could approach this order block before pulling back south. Traders taking short positions against Pepe can place their stop losses just above this zone.
Nevertheless, based on the current outlook, the Relative Strength Index is moving north, suggesting rising momentum. An increase in buying pressure could see Pepe’s price break above the downtrend line to test the supply zone. Pepe’s price could break past this order block if momentum is sustained, making it a bullish breaker before a foray north.
In a highly bullish case, Pepe’s price could extend north to tag the $0.00000174 resistance level or higher to reclaim the early July highs around $0.00000193. Such a move would constitute a 70% rise from current levels.
Conversely, if Pepe’s price falls to break above the downtrend line, or if it breaches and faces a rejection from the supply zone, the sensational crypto could drop below the immediate support level at $0.00000107. In the dire case, the downtrend could continue, sending PEPE toward the $0.00000083 support floor.
While Pepe price calculates its next move, consider WSM, the ticker for the Wall Street Meme ecosystem. The token is in the presale stage, with only six weeks to go. Watch what expert analyst Jacob Bury says about WSM.
Promising Alternative to PEPE
Wall Street Memes has emerged with ambitious plans for product rollouts and innovative staking features. This is in a bid to revolutionize the world of meme coins. With aspirations to capitalize on the momentum generated by the retail investor movement that rocked Wall Street during the meme stock frenzy of 2021, Wall Street Memes is making waves in the cryptocurrency world.
The forthcoming staking feature is set to empower token holders. This would enable them to earn rewards from a substantial portion – 30% – of the coin’s total supply. This development is expected to bolster its allure as an attractive avenue for passive income. Impressively, investors have already injected an impressive $25,062,507 into the project. As it stands, it is rapidly approaching the presale target of $25,928,599.
In a remarkable display of demand, Wall Street Memes’ value is projected to ascend from $0.0334 to $0.0337. This is within 19 hours during the final presale stage and would effectively establish a hard cap of $30 million for the project’s valuation.
A significant driving force behind Wall Street Memes is its expansive and engaged community. The project boasts an impressive one-million-strong following. This includes influential figures such as the Wall Street Bets Instagram account with 534k followers. There is also a prominent presence on giant social media platform X with an audience of 260,000 followers. The coin has even garnered the attention of Elon Musk, the world’s wealthiest individual and X’s most-followed personality.
The involvement of a crypto whale, who has committed a substantial $1 million investment, solidifies further confidence in the project’s potential and viability.
WSM Bullish Fundamentals
Its unique amalgamation of meme coins and stocks sets Wall Street Memes apart, resulting in a distinctive value proposition. The impending launch of the coin on the Uniswap platform is poised to enhance its appeal and reach within the cryptocurrency community. Additionally, the project’s NFT initiatives dating back to 2021 contribute to its credibility and innovation.
Community engagement remains at the forefront of Wall Street Memes’ strategy, as evidenced by its plans to distribute a generous $50,000 through an airdrop to participants. This initiative underlines the project’s commitment to nurturing and involving its user base. Individuals must only follow the project’s active social media channels to partake in the airdrop.
In essence, Wall Street Memes encapsulates the spirit of the retail investor movement, seamlessly blending with the dynamic realm of cryptocurrency. Its potential for significant returns and unwavering community support position it as a standout contender within the rapidly evolving digital finance landscape.
Also Read:
- Pepe Projection: Pepe’s Rally Sets Eyes on 40% Boost
- How to Buy Wall Street Memes – WSM Token Presale
- Wall Street Memes Reaches $25 Million Raised In Record-Setting Crypto Presale
- Wall Street Memes Presale Sees 460 ETH Whale Buys In Final Days, Ends Soon
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