The Pepe price has experienced a 7% drop in the past 24 hours, lowering to $0.00001036, while the overall cryptocurrency market has seen a 5% increase today. Despite this decline, Pepe is still up by 30% in a week, 100% in a month, and 500% in a year. This drop is likely due to traders taking profits after a strong start to the week and the return of meme-stock trader ‘Roaring Kitty’ to the platform. With Pepe remaining popular among whales, it is expected to rebound shortly.
Pepe’s chart indicates a loss of momentum, with the relative strength index declining from 85 to just under 50 and the 30-day average also dropping. Despite this, the trading volume of Pepe remains high at around $1.6 billion, indicating ongoing interest in the coin. Some whales are still accumulating Pepe, suggesting confidence in its potential for growth. However, with the recent decline in the GameStop stock that Roaring Kitty previously promoted, bullish sentiment may be waning, though Pepe is still favored by whales for potential future gains.
Short interest in Pepe is high, with negative funding rates causing shorts to pay longs daily, contributing to price growth. If the price continues to stay up, shorts will have to close their positions, potentially resulting in a rapid increase and liquidation of short positions. Pepe’s price could reach $0.0000120 in a few weeks and $0.000020 by Q4 2024 if the Fed implements rate cuts and boosts the wider market. Investors may consider newer meme tokens like Sealana to capitalize on potential gains in the near term.
Sealana (SEAL), a Solana-based meme token, has raised $1.2 million in its presale and is expected to rally once listed. With a bumbling seal as its meme and plans to launch on Ethereum, SEAL has attracted supporters and grown its community. Investors can join the sale by sending SOL to a specific address at a rate of 1 SOL for 6,900 SEAL, equivalent to $0.023 per token. This low initial price is anticipated to increase rapidly once the token is listed on exchanges. This makes SEAL an attractive option for investors seeking potential short-term gains in the meme token market.
Overall, while Pepe has experienced a recent correction, it remains popular among traders and whales, suggesting a potential rebound in the near future. With ongoing interest and high trading volumes, as well as the potential for sustained gains later in the year, Pepe could continue to see growth. In the current market climate, investors may consider diversifying their holdings by exploring newer meme tokens like Sealana that have the potential for significant gains in the short term. As always, investing in cryptocurrencies carries high risk and individuals should conduct their own research before making any investment decisions.
