Pepe Coin Price Slumps Again, But Could Wall Street Memes Be The Next Pepe? Presale Ends in One Day
Pepe coin is back to its bearish ways, erasing all gains from yesterday’s rally in one fell swoop. After a 15% pump on Friday, the token has plummeted 4% over the past day and is currently battling to hold the crucial support line at $0.00000067 - which also marks its weekly starting price.
Pepe is also not receiving any support from the broader crypto market, as Bitcoin continues to trade near the $26,500 price mark and other major altcoins remain in a consolidatory phase. Fed chair Jerome Powell’s hawkish statements at the FOMC meeting earlier this week appear to have sapped all enthusiasm from the market.
However, Pepe’s decline has more to it than just the worsening macroeconomic outlook - investors appear to have lost all faith in the meme coin’s long-term viability after the rug pull by its devs last month.
On the other hand, the new Wall Street Memes token is generating tremendous excitement and FOMO amongst investors as its highly successful presale is set to close in just one day ahead of its IEO next week.
Pepe Struggles As Investor Sentiment Remains Bearish - Is It Going To Zero?
Pepe displayed a strong bull rally yesterday, surging close to 20% and creating a weekly high of $0.00000072. Bulls such as David Gokhshtein of Gokhshtein Media, who has over 755k followers on Twitter, came out in full force, stating that Pepe isn’t dead and could follow Shiba Inu’s path to a new all-time high.
Indeed, the token did momentarily re-enter the top 100 cryptocurrency rankings on CoinMarkeCap. However, Pepe was unable to breach the resistance at $0.00000073 and plunged over 3% back to the $0.00000067 mark, now ranking 104th on CoinMarketCap and 111th on CoinGecko, with a market cap of $263 million.
The token’s 24-hour trading volume has also dipped by 66%, highlighting that investors remain hesitant to go all in on it. They appear to have lost all confidence in the meme coin after last month’s fiasco when its devs shocked the market by selling $15.8 million worth of $PEPE tokens.
Fearing a rug pull, whales and smart money traders also dumped their holdings, leading to a 16% drop in a matter of minutes. Furthermore, Pepe’s multi-signature wallet changed the number of required signatures from 5 to 2, a decision that left security experts scratching their heads.
Pepe’s official X account tried to put out the fire by blaming the rug pull on “a few bad actors within the team” - however, the statement seemed too little, too late. It also did not help that Pepe’s official Telegram account was hacked soon after, which led to more mistrust amongst community members.
There could also be a mini-battle ongoing between altcoins like Pepe and Bitcoin. While the meme coin market is usually strongly correlated with BTC, popular trader @rutradebtc believes that individual pumps displayed by Pepe, Dogecoin and XRP in the past week could signal a strong correction in BTC.
On the other hand, crypto analyst Benjamin Cowen, who has close to 800k followers on X, believes that the BTC dominance is set to surge in the coming days, which could see money flowing from tokens like Pepe into Bitcoin.
All eyes now turn to the CPI release on October 12 and the next FOMC meeting on November 1st as improvement in the monetary supply could be Pepe’s only saving grace.
Could Wall Street Memes be the Next Big Meme Coin? $25M Presale Ends in 1 Day
With Pepe’s recent bearishness, investors are searching for the next meme token that can generate explosive price growth. According to traders like Michael Wrubel, the new Wall Street Memes token fits the bill perfectly and could make investors rich.
However, interested buyers have no time to waste as WSM is set to conclude its ICO in just over a day - on the 25th of September at 6 PM UTC - having already raised over $25 million in one of the hottest presale performances of 2023.
This could be the last time that investors can get their hands on the token at a cheap price of $0.0337 as popular traders like Jacob Bury are predicting a 10x bull rally after its highly-anticipated launch.
Wall Street Memes will launch on multiple Tier-1 exchanges on the 27th of September - it will go live on 5 of the top 15 CEXs on CoinMarketCap, with rumours circulating that even a Binance listing could be on the cards.
The token continues to enjoy strong community support, thanks to its strong ties with the Wall Street Bets Reddit community that sparked the GameStop bull run in 2021. Furthermore, its stake-to-earn feature, which is offering an APY of 52%, is also creating quite a buzz.
As a result, deep-pocketed investors are extremely bullish on the token, with one whale investing over $1 million in it. Elon Musk has also tweeted the project, highlighting its viral potential.
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