The PEPE price has risen by 69% today, with its surge to $0.00000151 representing a 78% gain in the last seven days, as the cryptocurrency market becomes more bullish in the face of BlackRock’s application for a spot Bitcoin ETF.
Despite today’s gain, PEPE remains down by 5% in the last 30 days and by 64% since reaching an all-time high of $0.00000431 on May 5, when it successfully rode a wave of interest in new meme tokens.
Now, however, it seems to be mostly making up for its previous losses, rather than enjoying a sustained rally to new heights.
But there are other, newer meme tokens in the market right now, with Wall Street Memes (WSM) enjoying a successful presale that would seem to indicate big rallies to come when it lists on exchanges in the next few months.
Pepe Price Up 69%, Can $100 in PEPE Coin Turn You Into a Millionaire?
PEPE’s indicators reveal that the strong is benefitting from some very strong momentum right now, with its 30-day moving average (yellow) rising steeply towards its 200-day average (blue).
A golden cross (where the 30-day overtakes the 200-day) would signal a potential breakout rally, although it’s likely that such a rally is already under way, given how steeply PEPE’s price has risen in the past 24 hours.
Indeed, the meme token’s relative strength index (purple) has jumped above 70, indicating strong buying momentum that may continue for several days yet before it begins to subside.
PEPE’s gains today come after the coin had stabilized around a support level in the $0.000000850 region, with the coin unlikely to fall back towards (or below) this level anytime soon.
Being a meme token, there’s no fundamental reason for PEPE’s joys today, other than the simple fact that the market as a whole has staged a recovery, lifting up lower-cap altcoins with it.
That said, US-based crypto-exchange Gemini did post a tweet yesterday that made explicit reference to PEPE, providing a nod to the meme token that may have boosted sentiment towards it.
Of course, this tweet was not a reference to any further support for PEPE, given that Gemini has already listed the meme token, doing so in early May.
Still, it appears that whales have begun buying PEPE again, which also helps account for its rises today.
The thing with whales and meme tokens, however, is that they tend to buy such coins only to dump them again soon afterwards, so it can’t be promised that PEPE’s gains will be sustained for much longer.
Wall Street Memes: Newer and More Potential
Because PEPE’s biggest rallies are likely already behind it, traders may be more inclined to look towards newer meme tokens, especially those that are so new they haven’t yet had their initial growth spurts.
Possibly the best example of this is Wall Street Memes (WSM), which has already raised more than $9.2 million in its presale.
Wall Street Memes has emerged out of the meme stocks movement, which was responsible for the famous 2021 GameStop and AMC rallies, with its coin tapping into much the same community of traders.
The fact that it has already raised close to $10 million shows how quickly it has been able to attract holders and supporters, as does the fact that its Twitter account now has more than 236,000 followers.
As a meme token, such a community is vital if WSM is to have any staying power, and in this respect it’s arguable that it’s already on track to overtake PEPE in terms of its supporter count.
New buyers can join its presale by heading over to the official Wall Street Memes website and connecting their crypto wallets, with WSM purchasable using ETH, USDT or fiat currency.
1 WSM currently costs investors $0.0298, although this price will increase to $0.03370000 by the time the presale ends.
And once it does end, lists on exchanges could push WSM even higher, potentially making it one of the most successful new altcoins of the year.
Visit Wall Street Memes Now
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Read the full article here
