A brief burst of optimism circulated in the Pepe community last week after its price hinted at a downtrend reversal.
Yet, it has once again begun to crash. This comes after weeks of sell pressure pushing the price -85% from its all-time high (ATH), currently trading at $0.0000006359.
With that in mind, traders opt for more promising projects showing more notable potential. One is Meme Kombat, which has surged past $450K in just over two weeks of presale.
Pepe Coin Continues to Dump Amid Further Bearish Sentiment and Falling Volume
The recent geo-political turmoil in the Middle East led the crypto markets to significant volatility over the past few days. However, Pepe, alongside XRP, has fared as one of the worst affected tokens.
While the reasoning behind XRP’s dump remains unclear, Pepe has faced several fundamental issues that have rapidly diminished interest and trust in its project.
Pepe is currently down 11.06% in the past seven days, trading at $0.0000006359 with a $248 million market cap. However, its 24-hour trading volume drains even quicker than its price, at just $57 million and down 15% in the last 24 hours.
Unfortunately, Pepe is at the center of a “pump and dump” money laundering fiasco. The former head of OpenSea Ventures was accused of a “premeditated rug” by NFT Ethics, an NFT-related news account.
The report alleges that the accused bad actor used PEPE to launder $10 million it stole from investors. While this is unlikely to affect Pepe’s long-term price, it has undoubtedly tarnished its reputation this week amid other project-related issues.
Investors’ most prominent concern is that a group of supposed ex-Pepe team members recently snatched $15 million from Pepe’s multi-signature wallet. The remaining Pepe team members then stated that the culprits had been removed from the team and had access to the wallet revoked, attempting to ease investors’ worry.
The event occurred on August 24 and has significantly damaged its price, with Pepe trading at a -42% discount since then.
A prominent TradingView crypto analyst, Behdark, recently shared a trade idea predicting a move toward $0.0000003. This would result in a 50% dump to the downside, at which point the trader believes there is a demand block that will prove a strong support level.
KhaldHegazy shares Behdark’s bearish sentiment. According to the trader’s recent analysis, we could see Pepe move to lows of $0.00000025-$0.0000002. The analysis shows that this is the strongest support area, which will pique buyers’ interest the most.
However, YouTuber Zack Ventura urges his followers to exercise patience, predicting that the Pepe price will enjoy a monumental long-term recovery.
That said, recent issues massively damaged its reputation and investor sentiment. Looking ahead, the next meme coins to pump will likely provide a novel and fresh outlook. One is Meme Kombat, a new meme coin with real utility and transparency that has exploded in its presale.
GameFi Project Meme Kombat Surges Past $450K and Offers 112% Staking APY – the Next Pepe?
Meme Kombat is a new P2E staking coin enabling users to wager bets on AI-powered battles between their favorite meme characters.
The project launched as a presales just over two weeks ago, raising over $450K. Its early success can be attributed to its blend of trending topics like meme coins, P2E, and crypto gambling.
The project also features a staking mechanism, offering a 112% annual percentage yield. This is a far cry above the market average, with Ethereum staking offering just 4% APY and many other prominent cryptos less than 10%.
Another benefit to the project is that the $MK token holds real utility since users will gamble with it. Combined with its staking mechanism, this could create high demand and low supply.
In the wake of the Pepe team’s multi-sig wallet blunder, Meme Kombat has a significant advantage in that its team is doxxedfully doxxed. This provides a high degree of trust and transparency, which is missing from most other meme projects.
Considering these factors, it is no surprise that the presale is quickly selling out. However, this means potential buyers must act fast to secure the lowest presale price.
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