The PEPE token has experienced a 3.86% decline over the past 24 hours, bringing its price down to $0.00001509, amidst a broader retracement in the crypto market.
Despite this short-term pullback, PEPE has posted a weekly gain of 26.30%, extending its impressive monthly rise of 126.30%.
Over the past year, PEPE has yielded a remarkable return of 1,135.41%, outperforming major cryptocurrencies like BTC, ETH, and SOL.
This robust performance indicates strong and widespread investor interest in PEPE.
Additionally, PEPE’s 24-hour trading volume has surged to $2.50 billion, surpassing DogWifHat’s $821 million, signaling potential for an upcoming rally despite the current price correction.
With the meme coin’s 24-hour trading volume rising to $2.50B in the past week, it seems that its short-term momentum could hint towards a rebound.
Pepe Retraces From All-Time High – Is a Rally Coming?
After dipping in the early hours of this morning, it seems that PEPE might be leading towards a rally.
In particular, its relative strength index (purple) has fallen from 65 to 15 in the past 24 hours. This suggests that PEPE is oversold, hinting that it might be undervalued and poised for a price bounce.
However, PEPE has just dipped below its week-long positive trendline (Yellow), suggesting weakening bullish momentum. If this dip persists, it might indicate a trend reversal to a downtrend.
Additionally, the meme coin’s 30-day moving average (orange) is trending upward above the 200-day moving average (blue), continuing last week’s trend. Since a decisive crossover below the 200-day average isn’t imminent, this suggests a continued uptrend.
Therefore, this negative price action may be a short-term correction within a longer-term uptrend. If the price recovers quickly and moves back above the trendline, the uptrend could remain intact.
Supporting this view is PEPE’s trading volume, which has risen by 12% in the past week to 2.50B. This indicates increased trader interest.
Additionally, Pepe’s 24-hour volume has surpassed DogWifHat’s, currently at $821.07M. With WIF’s price declining by 8.71% over the past month, it’s no surprise traders are shifting to PEPE, which continues to show bullish momentum.
PEPE is likely to witness bigger price gains once the market as a whole picks up more steam. Something which could happen once the recently approved Ethereum ETFs launch next month. Therefore a temporary correction may be what Pepe needs in a build-up to significant inflows.
High-Potential Meme Tokens Could Bring Bigger Gains
Given that Pepe has already accumulated a $6.4B market cap, it is in question whether truly substantial gains are possible going forward.
Therefore, traders looking for quicker and bigger gains may do well to investigate some of the newer low-cap meme coins primed to explode.
Enter Sealana, the latest Solana meme coin capturing the attention of meme fans, degens, and crypto enthusiasts, with some speculating it has 100x potential.
Sealana’s presale is in its final phase, raising over $3 million so far, indicating significant interest from investors and whales.
Although SEAL is built on Solana, it can be purchased with SOL, ETH, or BNB at a presale price of $0.022 per token. This is the last fixed price before the coin launches on exchanges. This means that when the coin hits the open market through exchanges, there’s a very real chance it won’t ever be this low again.
Sealana is at the forefront of a new wave of meme coins that are helping the Solana network challenge Ethereum’s dominance as the go-to blockchain for viral meme coins.
#Sealana and his closest bros are stormin’ the Capitol to defend all #Crypto patriots, Sealana and his $SEAL troops are fightin’ for our right to Lambos 🏎️, Gains 💸, and FREEDOM!! 💪🦭
Stand with Sealana! Join the #Presale, 💵 and restore the former glory of #Memecoins!💥 pic.twitter.com/Sv1fGVm8ry— Sealana (@Sealana_Token) May 20, 2024
This comes off the back of wildly successful predecessors DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT), all of which quickly rose to become top ten meme coins by market capitalization.
For the latest developments in Sealana, follow their X account.
Buy Sealana Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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