PEPE Drops 18% – Is the Meme Coin Renaissance Over?

PEPE has skilled a tough week, with its worth dropping by 18% on the weekly charts. Does this imply that the meme renaissance is over?

PEPE Drops 18%

Pepe, the memecoin that began the memecoin mania, has had a tough week, with its weekly drop being 18%. Nonetheless, within the final 24 hours, it has skilled a minor 0.23% enhance.

Accompanying this rise is its market capitalization, which is now $351 million. The 24-hour buying and selling quantity reveals a decline of 41%.

Is the dearth of buying and selling an indication of accumulation or lack of curiosity?

Pepe Value Historical past

Pepe entered the crypto house in April, shortly after Elon Musk modified the Twitter (Now X) icon to Doge after which turned it again. This stunt positively impacted Dogecoin, though it was not by a lot. Nonetheless, this did create a venue for brand spanking new meme cash to seem, the primary of which was Pepe, a meme coin that emerged in the course of April.

Pepe then went on an enormous bull rally, changing into the primary token to achieve a market capitalization of $1 billion, a feat that garnered the eye of Binance, the place Pepe has the best buying and selling quantity of $43 million. CoinMarketCap additionally reveals that Binance’s confidence on this token is excessive.

Pepe’s all-time chart additionally reveals that its present worth is 1480% greater than when it began, which signifies that those that invested early are nonetheless registering greater than 10x positive aspects on Pepe.

Nonetheless, not all has been good for Pepe, which is a part of the explanation behind its weekly decline. Lately, Pepe tweeted that its Telegram group- had been hacked and the group had been taken over.

The telegram group for $PEPE is at the moment locked down, the outdated telegram account for the group proprietor was hacked and the group was taken over. Within the technique of making an attempt to regain entry or make a brand new one. All official communication for $PEPE will happen by way of the @pepecoineth… pic.twitter.com/lQFTu02jub

— Pepe (@pepecoineth) August 26, 2023

Pepe has warned that whereas there haven’t been any messages from the Telegram group, traders should not get swayed by mentioning airdrops, staking, mints, or claims.

“You need to by no means join your pockets or signal issues with out being cautious and double checking all hyperlinks and account usernames.’, Pepe wrote.

Pepe Value Evaluation

Day by day charts present Pepe has been declining since July third, portray extra pink candles than inexperienced. The higher and decrease trendlines point out extra drops could come quickly.

These development traces don’t paint a bullish image for Pepe.

The token’s RSI is at the moment 47, and its MACD is detrimental, indicating the sentiment round this cryptocurrency is unfavorable.

Nonetheless, PEPE’s downturn doesn’t imply the meme renaissance is over. A meme coin launched as a presale this yr has gained large traction on social media and has raised so much throughout its presale.

PEPE Various – WSM

That presale meme coin is Wall Road Memes. Launched as presale crypto in June 2023, Wall Road Memes has raised over $26 million in lower than three months.

The explanation behind this presale’s success has been the drive of the devs to create a venture that pays homage to Wall Road Bets.

Wall Road Bets was a gaggle of traders on Reddit that, in 2021, got here collectively to engineer a Gamestop brief squeeze once they realized that a number of hedge fund traders had been betting in opposition to it. Over 1.5 million traders, all avid gamers and all tied to GameStop by way of their childhood recollections, engineered Gamestonks, purchased many GameStop shares, and “held the road” till the worth of GameStop went from $19 to $325.

Wall Road Memes goals to do the identical however for meme cash. It seeks to faucet into the facility of memes and create a neighborhood round it that may come collectively and mobilize the value of the native crypto – WSM – the identical manner as Wall Road Bets did for GameStop.

This want has made Wall Road Memes fashionable on social media platforms. It has over 260,000 followers on Twitter alone. And never simply that, even the likes of Elon Musk have interacted with Wall Road Memes’ Twitter web page.

As a result of Wall Road Memes have already made an enormous wave on social media, we are able to say that the meme renaissance isn’t useless. Moreover, specialists like Jacob Crypto Bury have pegged it as the subsequent huge meme coin of 2023 with the potential to go 10x as soon as it goes reside on cryptocurrency exchanges.

Wall Road Memes is on the last stage of its presale, ending in a month. events should buy this crypto at a reduction of $0.0337 by going to wallstmemes.com.

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