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The Pepe price exploded 61% to trade for $0.00000662 as of 1:40 a.m. EST time, with trading volume rising 110%.
Meme coins are on a tear, a trend catalyzed by the prevailing optimism in the Bitcoin (BTC) market. The sector tokens tend to get their cues from BTC, with strength begetting strength, and it’s enabled PEPE to soar to a new ATH.
In memecoins more than most other sectors, strength begets more strength.
— K A L E O (@CryptoKaleo) March 4, 2024
Standing as the biggest gainer in the meme coin category, Pepe is leading the sector with its peers following close behind. Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) are also on a tear, up 20%, 26%, and 45% respectively. Floki Inu (FLOKI) is up 25%, with Dogwifhat (WIF) being the only outlier with a 2% decline.
memecoins are absolutely mooning!
While most other alts are flat or down today pic.twitter.com/loPciVODs7
— borovik (@3orovik) March 4, 2024
The drop in the WIF price is likely associated with a whale booking profits at the highest price, for 750,000 Solana (SOL) tokens. This is according to a recent report by Lookonchain, a blockchain researcher and data provider.
The trader who spent only 5.288 $SOL($310) to buy 2.58M $WIF ($4.1M currently) started to sell $WIF for profits at the highest price.
He sold 750K $WIF for 9,363 $SOL($1.21M) at $1.61, with 1.83M $WIF ($2.91M) left.
The total profit is $4.12M(13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd
— Lookonchain (@lookonchain) March 4, 2024
With meme coins rallying, the sector’s market capitalization is also mooning, up 20% in the last day to $20.7 billion, CoinMarketCap data shows. The sector has even managed to surpass emerging sectors like DeFi and exchange cohorts.
Pepe Price Outlook As PEPE Leads Meme Coins As The Biggest Gainer
The Pepe price is way above its May 5, 2023 peak of $0.00000439, and recorded an all-time high of $0.00000679 during the Monday intra-day high. It remains well above the midpoint of the market range, with prospects for more gains. This is because all technical indicators flash bullish as of publishing time.
For starters, the Relative Strength Index (RSI) suggests steadily rising momentum despite PEPE being massively overbought. This is seen with the RSI position at 91. Nevertheless, Well Wilder advises that an asset is only ripe for selling once the RSI crosses below 70.
As such, traders with open positions for the Pepe price should consider leaving them open, but those looking to open new positions should probably exercise caution as the market is in high risk of a correction.
Nevertheless, the bulls maintain a strong presence in the PEPE market, as seen by the large volumes of green histogram bars on the Awesome Oscillator (AO) as well as the Moving Average Convergence Divergence (MACD). The position of the MACD well above its signal line suggests a strengthening bullish cycle. Increased buying pressure could see the Pepe price shatter the $0.00000679 peak to create a higher high. In a highly bullish case, the frog-themed token could tag the $0.00000800 psychological level, nearly 20% above current levels.
TradingView: PEPE/USDT 1-day chart
Converse Case
Conversely, if profit-taking ensues, the Pepe price could shed its gains, potentially retesting the $0.00000439 level.
Meanwhile, consider Smog, a Solana-based meme coin that is up 121% in a month. Amid considerations that this could be the next BONK, this meme coin promises the mother of all airdrops while experts say it could 1000X in 2024.
https://youtu.be/IBP20M9PNJ8
Some analysts rank Smog among the best meme coins to invest in with potential for exponential gains, while others say it is one of the best penny crypto investments.
Promising Alternative To PEPE
Smog token has rapidly gained popularity as analysts predict it’s set to outperform Solana meme coin titans including BONK, MYRO, and WIF. “One meme coin to rule them all” is its slogan.
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
Smog has garnered significant attention within the meme coin community following its fair launch on Jupiter DEX on February 7.
🚨 $SMOG AIRDROP LIVE 🚨
One memecoin to rule em all! 🐉
🌐 66K Cross platform Community
👥 28.8K Holders
💰 $40.6M MC
✅ 600K Quests CompletedYou in, anon? 📈👀 pic.twitter.com/Idhi8UHlE6
— Almighty (@Almighty_Gives) February 27, 2024
Smog set out to revolutionize the meme coin arena with its ambitious and rewarding airdrop initiative, touted as the ‘greatest airdrop of all time.’
This initiative involves the distribution of a significant 490 million tokens to $SMOG holders, marking it as one of the largest airdrops on Solana‘s platform.
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
Smog Zealy Campaign
There is also a Zealy campaign available for users to further increase their airdrop points by completing tasks such as following Smog on X and engaging with its social media posts.
The enthusiasm surrounding the Zealy campaign has escalated following the announcement that over 800,000 quests have been completed, as users strive to amass as many airdrop points as possible.
Smog has also 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 project’s website offering a 10% discount for token purchases. Alternatively, tokens can be acquired on Jupiter DEX using $SOL.
Also Read:
- Next Meme Coin to Explode In 2024 – Is $SMOG The Best Crypto To Buy Now?
- Top Altcoins to Watch in the Upcoming Mega Altcoin Season – ALPH, SMOG, and SPOODY
- Siacoin Price Prediction 2024 – Is $SC Worth Buying, or Is $SMOG the Best Alternative?
- Smog Price Prediction – Can a Possible CEX Listing Fuel 10x Growth for $SMOG?
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