2024-8-30 15:29 |
PEPE was a hot story in 2023 and the first part of 2024. This “was” is important here – it’s just not anymore.
PEPE peaked in May at around $7 billion market cap, but then quickly retraced 55% from these levels and now has a market cap of $3.2 billion.
I took a look at the PEPE/USDT chart, and there were basically no promising signs there.
PEPE Price Does Not Look GoodEver since hitting that peak in May, PEPE started trading in a descending channel pattern, marked with blue lines on the chart below (I will add the chart to the article):
PEPE bulls did try to help the meme coin break out of this channel a few times already, once in late July and once in late August, but as you can see on the chart, they were rejected at the upper trendline of this pattern both times.
RSI is at just 43. This means there’s still room for crashes, while the momentum is just weak.
Source: TradingViewThe current PEPE price is $0.0000077, and if the price continues to trade inside this channel, it might revisit the $0.0000055 area in September (a potential drop of about 28.5%). The price has already dipped over 30% this month.
Despite breaking ATH multiple times this year, PEPE is trading below its 200-day MA, which is now around $0.0000087. This is the first resistance zone for PEPE if any breakout starts to happen.
Without any major market moves later this year, the PEPE price chart does not look good at the moment. In fact, it’s probably wise to look elsewhere.
Read also: Meme Coin Prices Crash – FLOKI, DOGS, and POPCAT Plunge
Best PEPE Alternative?PandaWorld is the newest meme coin on our radar. Currently in presale, this project has already raised over $113,000 and counting.
This meme coin tries to offer more than just speculative value by providing a revenue-generating ecosystem for its holders.
Ecosystem Components
Play-to-Earn (P2E) Games: Users can earn PADW tokens by playing games. Online Casino: A platform where user participation contributes to the revenue pool. Content Platform: Users can create, share, and earn from digital content.Revenue generated from games, casino, and content platform is collected in a central pool. Users who stake PADW tokens receive a share of this revenue, creating passive income opportunities.
All in all, this is a meme coin with utility, and not just speculation. If you are looking to avoid meme coins with weak performance recently like PEPE, PandaWorld might be an alternative going forward.
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Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
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The post PEPE Price Dips 30% – Here’s Why You Should Avoid Buying This Dead Meme Coin appeared first on CaptainAltcoin.
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