Over the past week, the crypto market experienced major fluctuations. Coins memes, like PEPE Coin took center stage and reached a market cap of 500, nearly doubling its value.
PEPE, after a meteoric rise influenced by crucial events such as a massive token burn and the shift in focus of the Bitcoin Spot ETF market, saw its value nearly double.
Pepecoin Doubles to $500M as Memecoin Fever Steals Bitcoin ETF’s Thunder Memecoin PEPE has doubled in value to reach a market cap of $500 million as memecoin fever continues to steal the spotlight from Bitcoin and other major cryptocurrencies. pic.twitter.com/PPLpVoWAIl
— Verna Aguilar (@AguilarVer16223) October 27, 2023
However, as the euphoria died down and the market recalibrated, PEPE, along with other meme coins like Dogecoin and Shiba Inu, experienced a sharp decline.
With the resurgence of Bitcoin as a trusted store of value amid geopolitical tensions, the question on everyone’s mind is: What’s next for PEPE and its fellow meme coins?
This price prediction by Pepe aims to unravel the complex dynamics at play and forecast the potential trajectory of these digital assets.
Factors driving the rise of Memecoin
Several events influenced this growth pattern. In particular, the PEPE team’s decision to burn approximately 7 trillion tokens played a major role, reducing the supply of the coin and likely increasing its value.
BURN BABY BURN 🔥 6.9 BILLION $PEPE TOKENS BURNED BY THE TEAM 🔥 #SUPPOSES 🐸 pic.twitter.com/QWtoas4g3N
— Addison 🐸 (@MrPepeWorldwide) October 24, 2023
Also, as the hype surrounding the Bitcoin Spot ETF began to die down, the crypto market’s focus turned to memecoins.
Elon Musk’s recent announcement of adding multiple payment methods to his platform, X, further stirred the market.
TLDR:
– Elon Musk’s X is setting ambitious plans to introduce full financial and payment services by the end of 2024.
– Dogecoin (DOGE) is attracting considerable interest among crypto enthusiasts and investors as a potential payment method in X.— Discover Crypto (@DiscoverCrypto_) October 27, 2023
If X integrates Dogecoin as a payment option, it could have profound implications for both the platform and the cryptocurrency.
Additionally, Pepe Coin is currently trending at the top of CoinMarketCap, indicating significant upside potential for PEPE.
Comparison with other cryptocurrencies
Over the past week, meme-based coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki Inu have eclipsed industry giants like Bitcoin and Ether.
The appeal of these more speculative assets led to a significant increase in the value of meme coins, including Pepe and Dogecoin.
For example, Shiba Inu achieved impressive gains of +11.5%, achieving new price milestones. However, this upward trend was short-lived.
As the market adjusted, meme coin prices began to fall, prompting a sell-off. Pepe Coin, in particular, fell more than 10%.
Bitcoin Rally Amid Geopolitical Unrest
Following the recent corrections in the values of the coins themselves, Bitcoin has experienced a resurgence. This revival is largely tied to the ongoing conflict between Israel and Palestine.
This trend accentuates the growing belief among investors that Bitcoin serves as a reliable store of value in turbulent geopolitical situations.
As a growing number of investors seek safe havens, the price of Bitcoin has risen, causing a change in the meme coin landscape.
Notably, while FLOKIUSDT showed significant gains, both Pepe Coin and Dogecoin reported minor setbacks over the past 24 hours. These developments further strengthen Bitcoin’s stature as a mainstream cryptocurrency.
For those who keep a close eye on crypto market trends, be sure to check out our recent article on Bitcoin price prediction. Get the latest data on BTC’s potential trajectory.
Current market statistics
- Pepe Coin: With a market cap of $506.03 million, it is currently priced at $0.00000112 (PEPE/USD). Over the last 24 hours, it has decreased by 1.25%.
- Dogecoin: Valued at $0.068818 (DOGE/USD) with a market cap of $9.74 billion. It has seen a correction of almost 2.75% in the last 24 hours.
- Shiba Inu: With a market cap of over $4.5 billion and a price of $0.000008.
Pepe Price Prediction
At the close of the trading session on October 27, PEPE was trading at $0.00000112. Over the past 24 hours, the digital asset has experienced moderate fluctuations.
Key price levels: The daily chart shows crucial pivot points for traders to monitor. PEPE’s immediate resistance is at $0.000001371, followed by subsequent resistances at $0.000001594 and $0.000001792.
On the downside, the coin’s immediate support level is $0.000000905, with additional support seen at $0.000000764 and $0.000000602.
General trend: Bullish as long as PEPE holds above the $0.000001124 mark; below that, sentiment could turn bearish.
Given its recent bullish momentum, PEPE could soon test resistance at $0.00000137 in the coming days. Traders should monitor this level closely.
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Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.