Pepe has fallen by 8% in the past 24 hours, with the meme token dipping to $0.000008475 as the crypto market drops by 3.5% today.
Prices have corrected after the exuberance that followed Donald Trump’s suggestion that he would be willing to reach a trade deal with China, with little in the way of a concrete followup to the US President’s overture.
Yet PEPE is still up by 16% in a week and by 26% in a fortnight, following a recent wave of whale accumulation.
And with the coin’s trading volume almost quadrupling in the past few days, it’s possible that we’ll continue to see gains in the coming days.
PEPE Dips Slightly – But Whales Are Still Accumulating. Should You Follow?
PEPE’s recent gains followed from the purchase of just over 600 billion PEPE by five separate wallets on April 15, when the coin had a price of around $0.0000070.
Since then, the meme token has been on an upwards trend, although there have been no significant whale buys in the past week or so.
Yet if we look at PEPE’s one-day chart, we see that it still remains at the beginning of a medium-term uptrend.
For example, its 30-day average (orange) has only recently begun rising towards the 200-day (blue), and it won’t be until it’s well above the longer term average that PEPE’s price is due to correct more strongly.
We also see that the token’s RSI (purple) is climbing towards to 70, after spending a couple of months below 50, in a very oversold area.
Source: TradingViewAs such, PEPE should recover in the next few days, rising in step with a wider market that has also been in too much of an oversold position.
Other positive indicators include the fact that PEPE’s funding rate has been in strongly positive territory for the past couple of days, another sign of returning buying pressure.
And given that the coin does have a history of volatile rallies, some analysts are predicting that it could rally tenfold during the next bull phase.
We could therefore see the PEPE price reach $0.000010 at some point next month, before returning to $0.000020 by Q4.
New Meme Coins Could Outperform Major Tokens
However, for anyone unsure as to whether PEPE can recapture some of its former glory, there are newer alternatives that may have the potential to outstrip the market in the next few months.
Some of these are presale coins, which in the right circumstances can rally hard when they list for the first time, especially if they’ve had a successful sale.
One of the newest and most interesting presale coins right now is Fantasy Pepe (FEPE), an ERC-20 token that launched its presale only a few days ago.
It has already raised more than $200,000, with the coin’s interesting fundamentals quickly drawing in investors.
What’s interesting about Fantasy Pepe is that it’s launching a platform where users can participate in prediction markets covering AI-generated football matches, which will feature crypto-related meme characters.
Users who predict correctly will win rewards in FEPE, which they will also be able to stake for passive returns.
Other features include the ability to vote on which fictional meme-based teams take part in the platform’s virtual league, while matches will be complemented with radio-style commentary.
This should make for an immersive experience, with traders able to join FEPE’s presale by going to the Fantasy Pepe website.
FEPE currently costs $0.0003, but this will rise many times before the sale ends, so investors should move quickly.
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