After registering a decrease of 3% yesterday to lows of $0.00000155, the price of Pepe Coin is up 3.50% today. PEPE is also up 63% over the past week.
The meme token has risen nearly 2,700% since TradingView began tracking its price in mid-April. However, PEPE has fallen 63% since hitting an all-time high of $0.00000431 in early May.
This corresponds to the period when the market mania for meme tokens had reached its peak. Since then, PEPE struggles to maintain its positive momentum.
However, the recent market-wide recovery (in large part caused by the filing of the application for Black stone for a spot Bitcoin ETF) helped PEPE recover in a big way. Its trading volume remains high, which may allow it to register further gains over the next few days.
Pepe Coin price prediction after an increase in trading volume
Most of PEPE’s technical indicators are positive. However, some of them signal the possibility of a correction.
On the one hand, PEPE’s 30-day moving average (yellow) has risen well above its 200-day average (blue). This means that the price of the token may be close to a plateau and may fall again.
Similarly, the relative strength index of the meme token (purple) has started to decline over the past few days. It went from just over 80 to around 60 a few days ago.
PEPE may therefore lose its momentum and suffer a correction. However, it should be pointed out that both indicators remain in a strong position, signaling stable positive momentum.
In addition, the volume of PEPE transactions remains high: it had reached about $250 million yesterday to drop to $190 million at the start of the day.
This volume is significantly higher than observed a week ago (when it hit around $70 million). However, it remains well below the $1.6 billion level recorded when the token hit its ATH of $0.00000431.
The most likely explanation is that (some) whales started buying PEPE tokens again. They would therefore have tried to take advantage of the recent market-wide recovery as an opportunity to profit on more speculative altcoins.
Actually the tweet above from lookonchain clearly indicates that a large investor bought about 3.4 trillion PEPE on June 22. This transaction is likely the biggest factor driving the meme token’s recent gains.
Of course, that same whale could just as easily liquidate its holdings over the next few days or weeks (if it hasn’t already started selling). This means that the price of PEPE could just as easily fall again.
That said, there is on-chain evidence to show that the number of PEPE holders has increased significantly in recent weeks. Token ownership has become more distributed, which makes it less dependent on a single holder.
So, it cannot be ruled out that the value of PEPE will increase further in the near future. It could potentially reach $0.000002 in the next few weeks.
A meme token with more dynamics
It is safe to assume that the biggest increases in the price of PEPE are now behind him. Any future increase will be a pale imitation of its initial phase of activity and growth.
For this reason, traders looking for meme tokens that can still register exceptional growth may prefer to look to those that are not even listed on exchanges yet. In this regard, some pre-sale tokens look particularly promising.
A notable example is Wall Street Memes (WSM). The Ethereum-based cryptocurrency already has raised over $10.4 million in its presalewhich began in early June.
WSM is associated with stock movement memes. This phenomenon was the reason for the increase in the prices of GameStop And CMA in 2021.
It is precisely thanks to this association that he was able to raise so much money so quickly. His 238,000 followers on Twitter indicating that it already has a large community of holders and supporters.
Such a community will be critical to its long-term sustainability as a meme token. The durability of this type of token tends to depend on the health of its sub-environment.
New buyers can participate in the token sale by visiting the official Wall Street Memes website and connecting their crypto wallets.
The pre-sale is currently in its 18th phase: the price of 1 WSM is $0.0304.
This price will drop to $0.0337 as the presale enters its 30th and final stage. It is quite possible that the price of WSM will rise significantly when it goes public later this year.
This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making investment decisions.