The Pepe price plunged 13% to trade for $0.00000739 as of 1:20 a.m. EST time as trading volume plummeted 30%.
It comes amid massive sell orders after the Bitcoin price plunged after it briefly hit a new all-time high of $69,324 on March 5.
This provoked profit booking both in the Bitcoin market as well as in the meme coin market. Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), and FLOKI (FLOKI) are all flashing red, with DOGE and SHIB down 10% in the last 24 hours.
Meme coins dipping, Source: CoinMarketCap
The drop has seen the aggregate market capitalization of meme coins drop by almost 5% to $58 billion. Renowned analyst and CNBC trader @Cryptomanran had warned, “Memes are an amazing trade but remember to take profits kids and put them into protocols that will make a difference in 5 years!”
There are literally people rich enough and dumb enough to convince themselves that holding a dog wif hat is an investment.
Memes are an amazing trade but remember to take profits kids and put them into protocols that will make a difference in 5 years!
— Ran Neuner (@cryptomanran) March 3, 2024
This makes sense, as the sector is highly speculative with little usability. As such, it is important to sell in time. Elsewhere the dump in meme coins was a lesson on the importance of portfolio diversification.
The morning dump helped me realize that I needed to start rebalancing my portfolio more.
See AlsoHow to Spot a Bitcoin Crash (And Profit From It)How Much Energy It Takes to Power BitcoinCrypto Exchanges Gate.io and Crypto.com Reportedly Faking Proof of ReservesCrypto Expert Aminhossein Rad’s Thoughts on XRP Price as Coinbase Wallet Removes XRP SupportI want to be massively overexposed into memecoins and ai coins as they do major multiples as opposed to my stupid layer 1 or layer 2 blockchain coins which have hundred of millions of sell…
— SpiderCrypto 🧑🍳| (@SpiderCrypto0x) March 6, 2024
Nevertheless, even as the Pepe price dumps, it is imperative to consider that this could be the handiwork of smart money, large holders or typically, whales. Crypto trader and analyst, @HsakaTrades observes that the ongoing correction in the market is the result of sell orders among whales. Per the analyst, these large holders do so to shake off “noobs” so that the price can give those whales an opportunity to buy low.
Dear noobs,
Bitcoin is NOT naturally going down. It is being pushed down via whales placing spoofy sell orders on exchanges to make noobs and risk managers sell to "buy back lower". They are stealing your bags and will make you buy back at a higher price.
— Hsaka (@HsakaTrades) March 5, 2024
Pepe Price Outlook As Meme Coins Dump
The Pepe price suffered a rejection from the $0.00000870 peak of the market range. However, the frog-themed token continues to hold above the 50% Fibonacci retracement level of $0.00000479. The market continues to favor the upside, seen with the Relative Strength Index (RSI) moving up to suggest momentum is still rising.
The Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) show large volumes of green histogram bars, a sign of strong presence of the bulls in the PEPE market.
Increased buying pressure could see the Pepe price reclaim the $0.00000870 peak, with the potential to breach it and record a higher high above it. In a highly bullish case, PEPE price could nick the $0.00000900 blockade and shed a zero at $0.00001000. Such a move would denote a 37% climb above current levels.
TradingView: PEPE/USDT 1-day chart
On the other hand, if traders cash in on the gains made so far, the Pepe price could drop, possibly revisiting the 50% Fibonacci level. A break and close below this level at $0.00000479 would invalidate the bullish thesis.
Notice that at 94, the RSI shows that PEPE is massively overbought, which increases the odds of a correction.
Nevertheless, with PEPE in high risk of a correction, consider PEEN, which skyrocketed 335% upon listing on decentralized exchange (DEX) Uniswap on March 5.
Promising Alternative To PEPE
As meme coins dump, analysts say new meme coin$PEEN tokencould be the next Shiba Inu. Meme coins are the hottest sector in crypto right now as speculative retail money pours in – and $PEEN is the latest target in the hunt for outsized alpha returns.
🔥 $PEEN IS NOW LIVE ON DEX’s!!!! 🔥
Time to get in on the action. This is just the tip. 🍆
Token contract : https://t.co/5Qxww8ULkD
Pair is live on @Uniswap 👉 https://t.co/mCKOUGiDyg
Trade on @dexscreener 👉https://t.co/QPUxkLuWhL#PeenToken #MemeCoin #1000xGem #BullMarket pic.twitter.com/u3TUx7Qprq
— PEENTOKEN (@PEENTOKEN) March 5, 2024
A quick glance at its website shows its is adult-themed coin with comic potential, delivering a unique mix of shock and humor set to achieve a thrusting viral community.
NEW MEME COIN!$PEEN 🔥 ERC-20
UNIQUE FUNNY MEME.
Market cap: 1.5 Million 🔥
Volume: 4.5 Million! 😱
Launched: 30 Mins AGO!!!Contract: 0x676977e752890d2ca0aa6f8d55cc79f9647be472
— Crypto Dose (@cryptodosee) March 5, 2024
According toDEXScreener, the Ethereum-based $PEEN token is already trending among the top 10 most traded coins. Investors can buy $PEEN on Uniswap decentralized exchange (DEX), but must be sure to search with the token address –0x676977e752890D2cA0aA6F8d55CC79F9647bE472– to avoid falling prey to fraudulent imitators.
We're already trending #6 on @dexscreener! 🔥
LFG 🚀 $PEEN#MemeCoin #AltSeason #Bullish #1000xGem pic.twitter.com/bMycFEdcK8
— PEENTOKEN (@PEENTOKEN) March 5, 2024
The token eyes a possible listing on CoinGecko and as the halving cycle propels the Bitcoin price to a new all-time high, albeit briefly for now, there is everything to play for in the ROI-rich meme coin category.
$PEEN token has requested to list on #CoinGecko 👀🍆
CL0503240091— PEENTOKEN (@PEENTOKEN) March 5, 2024
With BTC arguably set to lift all boats once its bull run continues, the ongoing correction among meme coins could be a good buy opportunity. Buyers of $PEENcould be sitting on the biggest meme coin eruption of the year, as the purveyor of an environment where crude humor meets serious gains.
Visit and buy PEEN here.
Also Read:
- Trending New Meme Coin $PEEN Skyrockets 335% On DEX Launch, Next Shiba Inu?
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