The Pepe price has seen a rebound and is up 51.69% today at $0.000001948 after bouncing off $0.0000011 yesterday. The rebound has caused Pepe to break from its local downtrend, with traders expecting other meme coins like AiDoge and $SPONGE to follow suit.
The latest Pepe pump confirms the recent sell-off was merely a pullback on a more extended uptrend for the con, creating a new higher low on the chart.
Binance announced last week it would list Pepe and Floki in its innovation zone, sending meme coins into a frenzy, with Pepe increasing over 100% on the day. However, the price action was short-lived, as a sharp sell-off followed.
The price continued on an almost constant decline until yesterday, likely with early investors taking profits and new investors capitulating. However, Pepe remained in the media’s eye throughout the sell-off.
Coinbase apologises
Following the Binance listing, the Pepe community set its sights on a Coinbase listing. However, the Coinbase platform snubbed Pepe, labelling it as a “hate symbol by alt-right groups” in an email to its customers. After finding out, thousands in the Pepe community shared their outrage on Twitter, claiming the statement was false and using the hashtags #deletecoinbase.
Within hours, the hashtag was trending on Twitter, causing a brief sell-off for the Coinbase stock.
In response, Paul Grewal, Coinbase’s chief legal officer took to Twitter and said, “We screwed up, and we are sorry,” he continued “Yesterday we shared an overview of the Pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologise to the community.”
Smart money returns
In the last hour, the Crypto Twitter analytics account @lookonchain tweeted that a whale that made over $2.2 million on Pepe has just spent $2.1 on Pepe at a buying price of $0.000001586. The last time this wallet bought Pepe, it resulted in a 48X return.
Crypto Twitter continues to chase meme coins
In a recent Tweet, Tron Founder Justin Sun said he would begin trading meme coins. The tweet occurred two days ago and already has over 2 million views.
BitBoy Crypto Founder, Ben Armstrong, continues his quest to make $BEN a top 50 coin, and while it rose from the meme coin frenzy, Armstrong plans to take it in a different direction.
Is $SPONGE Next to Pump After Pepe?
The last time Pepe pumped, people who invested in the $SPONGE token saw considerably more significant gains.
$SPONGE launched on May 4 at $0.000073, and within three days, it reached its all-time high (ATH) of $0.002394. This increase equated to a 3179.45%, but in the window, Pepe would have returned a maximum of a 271% gain (from May 4 – May 6 before its sell-off).
The $SPONGE price is currently $0.0005815, with a fully diluted market cap of $23.4 million. So far today, $SPONGE has followed Pepe, bouncing from its lows and up 13% in the past 24 hours. That said, with Pepe already up over 50% today, this presents an opportunity for investors to move their recent Pepe gains into coins with more upside potential, like $SPONGE.
$SPONGE is a meme coin based on the SpongeBob SquarePants cartoon character. Following its stealth launch on the Uniswap DEX, media outlets began to catch wind, and it was quickly listed on the CoinMarketCap platform. On the same day of its listing, $SPONGE rose to the second-highest gainer on the platform, generating early investors returns of over 2,000% and cementing itself as one of the top meme coins.
The $SPONGE token website has recently updated its roadmap, which revolves around generating hype and building its community. One of the final items on the roadmap is to get a tier-one exchange listing. Considering the Pepe listing, it could be the Binance platform they are alluding to.
One of the reasons $SPONGE has performed so well thus far could be the project’s fast-growing social media presence, gaining over 39K Twitter followers in less than ten days. With such a following and proven success of pumping in the past, $SPONGE could follow Pepe’s suit and see big gains once again.
You can visit the $SPONGE website here.
AiDoge Continues to Grow with Over $6.5m Raised
While the buzz around meme coins is just starting again, AiDoge is coming off the back of its most successful presale week so far.
The coin has exposure to the price action of meme coins, but it has adopted the “pick-and-shovel approach” by providing a platform for meme coins rather than simply being a meme coin itself.
This strategy has caused AiDoge.com to surpass the $6.5 million total raised mark in its presale this week, while other meme coins have struggled to stay afloat. However, Pepe and $SPONGE pumping can only benefit the AiDoge crypto looking ahead.
AiDoge is a cryptocurrency meme generation platform powered by AI. Holders of the AiDoge token ($Ai) can purchase credits to use the platform and generate memes with simple text-based prompts.
The AI software is trained on comprehensive data sets that include emerging cryptocurrency industry events; this allows users to easily create relevant and engaging memes in seconds.
The platform also features a range of other mechanisms like staking and a meme feed wall. The $Ai token is at the heart of these additional services, giving it utility and long-term potential.
Since AiDoge involves AI and crypto memes, it presents investors with a way to get exposure to both industries from a single coin.
AiDoge is currently priced at $0.0000296 in stage ten of its presale. The next presale round will begin when the total raise hits $0.00003000, with nine more rounds to follow after that. After the presale, AiDoge will go live on exchanges with a launch price of $0.0000336.
You can visit the AiDoge presale here.
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