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The Pepe price plummeted 14% to trade for $0.00000898 as of 04:34 EST time.
It comes as the market continues to dump, following the lead of the Bitcoin (BTC) price, which is down nearly 8%. Meme coins are taking the brunt of sellingt, posting double-digit losses on the daily timeframe, with sector giants like Dogecoin (DOGE), and Shiba Inu (SHIB) down 12%. Floki Inu (FLOKI), which had been the best sector performer, is now the biggest loser with 17% in losses.
It comes after an abrupt end to the meme season, as whales moved their holdings to exchanges, interpreted as an intention to sell.
🚨 🚨 150,000,000 #DOGE (26,444,716 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/X0aMNJ5A2Z
— Whale Alert (@whale_alert) March 12, 2024
PeckShield had also reported that Justin Sun, the founder of TRON, also transferred 7 billion FLOKI tokens worth $1.92 million to Poloniex exchange.
#PeckShieldAlert #Justinsun -labeled address transferred 7B $FLOKI (worth ~$1.92m) to #Poloniex ~12 hours ago pic.twitter.com/sHIqipFmj9
— PeckShieldAlert (@PeckShieldAlert) March 12, 2024
The crash is typical of meme coins, bringing to mind what one analyst @Coinmamba said on X. The user likened investing in meme coins to the modern-day Ponzi, noting, and “It only works until you run of greater fool to buy.”
Memecoin investing is like a modern version of ponzi. It works until you run of greater fool to buy. So keep doing whatever you’re doing but make sure to get out in time..
— CoinMamba (@coinmamba) March 2, 2024
Pepe Price Outlook As Meme Coins Dump
The Pepe price is sitting atop support due to the 78.6% Fibonacci retracement level in a market range measured from $0.00000082 to $0.00001084. Buyer momentum is still strong, with the Relative Strength Index (RSI) defending against further downside. Notably, it has crossed below the 70 threshold to show PEPE is ripe for selling.
The histogram bars of the Awesome Oscillator (AO) indicator are also flashing red after a sustained green streak. Furthermore, the volume indicator is reducing in size with the red shade taking over. This shows the predominant bullish trend is losing strength.
If the 78.6% Fibonacci level fails to hold as a support at $0.00000869, the Pepe price could extend the fall toward the most critical Fibonacci level of 61.8% at $0.00000701. In a dire case, the load-shedding exercise could see the frog-themed meme coin slip below the 50% Fibonacci placeholder at 0.00000583.
On the other hand, if the bulls recover the market, the Pepe price could push north to reclaim the $0.00001084 peak. In a highly bullish case, the gains could extrapolate for the Pepe price to tag the $0.00001200 psychological level. Such a move would constitute a 35% climb above current levels.
Nevertheless, even as the Pepe price conforms to the broader meme coin dump, Sponge V2 is a meme coin with a 100X track record that is promising an even bigger explosion when it lists on additional, top-tier exchanges soon. YouTuber Jacob Bury ranks it among the five best meme coins to buy now.
Promising Alternative To PEPE
Sponge V2 is a meme coin poised for exponential gains that announced the discontinuation of its predecessor, Sponge V1, last month. With this, the project migrated to Polygon after a malicious attack on its liquidity pool.
The project is making a strong comeback, thanks to the exciting launch of its sequel, which brings forth a new and special staking model, a Play-to-Earn (P2E) game, and a big marketing budget.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Experts say Sponge V2 is poised to repeat the success of its predecessor, $SPONGE, which recorded 100x gains after its launch last year in a bear market.
The project is committed to absorb liquidity from the competition (other players in the meme coin sector). It soaks up all the damp through its staking dashboard. Here, token holders can lock their SPONGE forever and get ready to absorb the damp with the new and improved SPONGEV2.
WE SMELL DAMP 💦$SPONGE #SpongeV2 #Crypto #Alts #PEPE #Binance #KuCoin #DOGE pic.twitter.com/EQfPCuWHvi
— $SPONGE (@spongeoneth) February 14, 2024
With plans already underway to have the Sponge V2 meme coin listed across multiple exchanges, token holders are enjoying annual percentage yields (APY) as high as 193%, with upwards of 8.356 billion tokens already staked. That is a key reason why analysts rank it among the top five cryptos to invest in now.
Meme coins with a great staking program are in high demand. Buy and stake $SPONGE today and it could set up your crypto portfolio for spectacular returns.
To increase community engagement, Sponge V2 has also introduced a new P2E racer game in which players compete against each other for a chance to win $SPONGEV2 tokens as rewards.
To take part in the $SPONGEV2 presale, visit its official website here.
Also Read:
- How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
- Can Sponge V2 Experience a 100x Surge Similar to Sponge V1 Upon Its Launch in 2024? Conor Kenny Presale Review
- $SPONGE Crypto Price Surge Sparks Speculation on SPONGE V2’s Meme Coin 100x Potential
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