Pepe ($PEPE), a popular memecoin, has slipped into the latter category, and its price has dropped as investors look for more promising alternatives. As heavyweights like PEPE pull back, the memecoin market craze of the previous few months may be ending.
However, numerous new memecoins are bucking the trend and generating tremendous attraction, with Wall Street Memes ($WSM) being one of the most interesting examples of promising alternatives.
$PEPE price analysis
The most recent price analysis of Pepe shows that its market situation is getting worse. The recent push to sell by the buyers is what led to the sharp drop in price. At the start of today’s trading session, buyers dominated the market for PEPE. However, sellers started to push the price down, and volume also started to go down.
If PEPE can’t break above its support level, the current trend of falling prices is likely to keep going. If it doesn’t break above that level, PEPE may fall more in the near future if it doesn’t break above it. If PEPE can’t break through its resistance, the support level at $0.000001071 could be a good place for buyers to get in.
PEPE is now worth $0.000001094, which is down by 2.42 percent in the last 24 hours. In the past week, PEPE has dropped by 13.77% and is now worth $429 million USD on the market. In the last 24 hours, $142 million USD has been traded in PEPE, which is less than what was traded the day before.
Large investors, also known as “whales,” are selling their $PEPE shares, according to a recent tweet from Lookonchain. This is usually seen as a very bearish sign. Not only that, but many of these whales were selling their shares at a loss, which showed how negative they were about a possible price change.
$PEPE price prediction
Memecoin $PEPE increased by 16.5% on Tuesday. This followed a 16% slump in the Bitcoin price on Monday, when it fell below $25,500. At the time of writing, the popular memecoin was trading at $0.000001094, 76% lower than its all-time peak in May 2023.
As noted in the previous $PEPE price analysis, the chart is forming a symmetrical wedge pattern. According to the technical analysis, the measured objective of this move is $0.000000640, which is over 50% lower than the current price. The price is currently making a strong recovery from its $0.000001071 support level.
With capital influx into the memecoin vertical driving little growth for $PEPE coin, price movement in the short term appears to be facing additional consolidation. On the upside, $PEPE holders are looking for a retracement back to the MA20, with $0.00000140 acting as a major resistance level to break.
Looking at the downside risk, a further decline from here would most likely result in a fall to the $0.00000085 lower support level. This gives $PEPE a risk-reward structure of 1.4, making it an appealing entry with a reasonable upside reward if traction grows.
If the $PEPE coin price falls below $0.00000100 again, the prediction will become severely pessimistic. Based on the chart, I believe the current bounce will result in a significant relief rally over $0.00000150.
The memecoin season appears to be coming to an end, as newly released memecoins aren’t receiving much attention. As a result, before trading these volatile assets, you must control your risk.
SEC sues Binance: Good or bad for the crypto industry like PEPE?
The SEC’s latest lawsuit against Binance, which has caused chaos on the market, has only made things more serious. There’s no way to know how this case will turn out, but many in the crypto community think that if it doesn’t go in Binance’s favor, trading restrictions in the US could be very tough.
— Pepe (@pepecoineth) June 6, 2023
The Securities and Exchange Commission’s (SEC) lawsuit against Coinbase, Binance, and its CEO, Mr. Changpeng Zhao (CZ), has had a huge effect on the crypto market as a whole. One of the most popular memecoins, $PEPE coin, went up by more than 14% in the last 24 hours, even though the market as a whole went down.
After the cases against the crypto exchanges, the price of $PEPE coin and a number of other memecoins went up sharply.
Wall Street Memes: An emerging alternative that continues to pump its ongoing presale
Despite an uncertain future for the meme currency market, several new initiatives are outperforming, with Wall Street Memes ($WSM) being one of the most widely discussed. $WSM has shown tremendous strength over the last week, breaking the $5.2 million mark in only 12 days of its continuing presale phase.
$5M raised and you’re still hating pic.twitter.com/GFel7M72bX
— Wall Street Memes (@wallstmemes) June 7, 2023
In contrast to the broader memecoin niche, Wall Street Memes is gaining traction as investors rush to purchase tokens while they are still cheap. During the current presale stage, investors can purchase $WSM for $0.0277, which is much less than the final stage pricing.
Given the scale of the Wall Street Memes community, the success of the $WSM presale comes as no surprise. See our guide to the best meme coins to buy here.
Wall Street Memes goals: Community-driven initiative
Wall Street Memes is not new to the cryptocurrency world. With their successful Wall Street Bulls NFT collection, which sold out within half an hour of its debut, they have an established track record in the NFT market. The site enjoys tremendous community support, with a large community following of over one million members across multiple social media networks.
This combination of a strong online presence and previous successes in the Ethereum NFT arena reinforces $WSM’s promise as a memecoin with upward potential. Notably, Wall Street Memes have piqued the interest of notable personalities such as Elon Musk, who has engaged with their content on social media sites.
This attention from famous people surely adds to the token’s attraction and adds another layer of trustworthiness. The current memecoin trend is riding the same wave as the 2021 GameStop and AMC rallies that highlighted undervalued assets. See our Wall Street Memes price prediction here.
Wall Street Memes ($WSM) hopes to capitalize on this trend. Furthermore, having learned from the shortcomings of previous memecoins, $WSM has carefully limited its token supply to two billion. Half of these are distributed during the presale, with the remainder divided between community awards and exchange liquidity.
Wall Street Memes has staged a $50,000 airdrop for its community in celebration of the presale launch. Some traders believe $WSM will be the next 10x memecoin. To take part in the presale visit wallstmemes.com.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk