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The Pepe price soared 8% to trade for $0.00000319 as of 3:30 a.m. EST time on trading volume that dropped 65%.
It comes amid increased risk in the market, with altcoins taking their cues from BTC, which has soared 21% in a week and 45% in the past month.
Meme coins in particular have benefitted the most from the recent frenzy in the BTC market, with speculation that a meme coin season will be catalyzed by the ongoing bull market. The latest rally saw meme coins record up to a $3.77 billion increase in capital inflow within days.
🟤#Altcoins #Facts🟤
The meme coin market has grown significantly, with a $3.77 billion increase in just days.
Tokens like #PEPE and #CORGIAI have seen double-digit gains, with the overall market reaching $26.04 billion as of yesterday…👀😱#Crypto #memecoins pic.twitter.com/iPDzIQp5N6— All Facts Crypto (@AllFactsCrypto) March 1, 2024
With PEPE recording some of the biggest gains, it continues to maintain a position among the top meme coins on market capitalization metrics.
🚀Top #Meme Coins by Market Cap#DOGE #SHIB #BONK #PEPE #WIF #CORGIAI #FLOKI #MEME #TRUMP #BABYDOGE pic.twitter.com/ZmRCChpFwK
— TokenHunter (@_TokenHunter) March 1, 2024
Meanwhile, reports continue to circulate about a whale that made a remarkable profit on PEPE. The investor is now reinvesting the proceeds into several projects, including Shiba Inu (SHIB), Decentraland (MANA), The Sandbox (SAND), and Gala (GALA). This means these projects could be of interest soon, given the trader’s bet on them.
A smart whale changed his position from $PEPE to $SHIB, $MANA, $SAND, and $GALA.
The whale sold all 1.97T $PEPE($6.07M) and made a profit of $3.49M.
Then bought 75.9B $SHIB($893K), 1.6M $MANA($1.07M), 2.43M $SAND($1.48M) and 36.88M $GALA($1.46M).https://t.co/TsQgABvjIt pic.twitter.com/PbWGVtOVOZ
— Lookonchain (@lookonchain) March 1, 2024
Specifically, the trader sold all their 1.97 trillion PEPE tokens that had been held for a total of $6.07 million, recording a profit of $3.49 million.
With the latest gains, and as meme coins continue to take their directional bias from BTC, PEPE is among the outliers. This is because its peers, Dogecoin (DOGE) and Shiba Inu (SHIB) are down around 5% in the past 24 hours. Dogwifhat (WIF) is the best performer, also recording double-digit gains.
Pepe Price Outlook As PEPE Recovers Lost Ground
The Pepe price soaring 8% has seen the frog-themed meme coin recover all the ground lost during the Thursday trading session. There remain prospects for extended growth even as the bulls defend the $0.00000300 psychological level.
The Relative Strength Index (RSI) is northbound, suggesting rising momentum despite PEPE being massively overbought. The Moving Average Convergence Divergence (MACD) is also far above its signal line (orange band) suggesting a strong bullish cycle. The green-soaked histogram bars of both the MACD and the Awesome Oscillator (AO), suggest a strong bullish cycle, accentuating the postulation for extended gains.
Enhanced buyer momentum could see the PEPE price extend the gains to clear the local top recorded on Wednesday at around $0.00000362. In a highly bullish case, PEPE market value could nick $0.00000400 psychological level, 25% above the current level. The overly ambitious scenario could see the frog-themed token record a new all-time high above the May 5, 2023 peak of $0.00000439.
TradingView: PEPE/USDT 1-day chart
On the other hand, if traders cash in on the gains made today as they did on Thursday for the ground covered on Wednesday, the Pepe price could descend below $0.00000300 psychological level.
Enhanced seller momentum could see the PEPE price lose support due to the ascending trendline at $0.00000215, or worse, extend the fall into the supply zone turned bullish breaker between $0.00000146 and $0.00000172. A break and close below the midline of this order block at $0.00000159 would confirm the continuation of the downtrend.
Meanwhile, while Ethereum’s PEPE meme coin works out its next directional bias, consider Solana’s Smog meme coin. 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 is the latest Solana meme coin, following in the footsteps of Bonk (BONK) and Myro (MYRO). Already the project is among the most talked-about meme coins in 2024 after a debut on Jupiter DEX, and it promises the mother of all airdrops.
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 this month following its fair launch on Jupiter DEX on February 7.
Due for listing on centralized exchanges soon, Smog is committed to surpassing even Jupiter’s landmark $700 million airdrop on Solana. Towards this endeavor, the project has allocated 35% of the total token supply (1.4 billion tokens) for this purpose.
Right now you can buy and stake Smog for a 10% discount. But hurry soon to catch the deal before it ends.
Also Read:
- How To Buy Smog Token – A Complete Guide
- Most Trending Cryptos on Ethereum Chain Today – Mind, Smog, TAO Inu
- $SMOG Meme Coin 10x Growth Potential – How to Buy, Stake for High Rewards, and Price Prediction
- New Solana-Based Meme Token To Buy and Hold – Could SMOG Be The Next BONK?
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