PEPE Drops 18% – Is the Meme Coin Renaissance Over?

PEPE has experienced a rough week, with its price dropping by 18% on the weekly charts. Does this mean that the meme renaissance is over?

PEPE Drops 18%

Pepe, the memecoin that started the memecoin mania, has had a rough week, with its weekly drop being 18%. However, in the last 24 hours, it has experienced a minor 0.23% increase.

Accompanying this rise is its market capitalization, which is now $351 million. The 24-hour trading volume shows a decline of 41%.

Is the lack of trading a sign of accumulation or lack of interest?

Pepe Price History

Pepe entered the crypto space in April, shortly after Elon Musk changed the Twitter (Now X) icon to Doge and then turned it back. This stunt positively impacted Dogecoin, although it was not by much. However, this did create a venue for new meme coins to appear, the first of which was Pepe, a meme coin that emerged in the middle of April.

Pepe then went on a massive bull rally, becoming the first token to reach a market capitalization of $1 billion, a feat that garnered the attention of Binance, where Pepe has the highest trading volume of $43 million. CoinMarketCap also shows that Binance’s confidence in this token is high.

Pepe’s all-time chart also shows that its current value is 1480% higher than when it started, which means that those who invested early are still registering more than 10x gains on Pepe.

However, not all has been good for Pepe, which is part of the reason behind its weekly decline. Recently, Pepe tweeted that its Telegram group- had been hacked and the group had been taken over.

The telegram group for $PEPE is currently locked down, the old telegram account for the group owner was hacked and the group was taken over. In the process of trying to regain access or make a new one. All official communication for $PEPE will take place via the @pepecoineth… pic.twitter.com/lQFTu02jub

— Pepe (@pepecoineth) August 26, 2023

Pepe has warned that while there haven’t been any messages from the Telegram group, investors must not get swayed by mentioning airdrops, staking, mints, or claims.

“You should never connect your wallet or sign things without being careful and double checking all links and account usernames.’, Pepe wrote.

Pepe Price Analysis

Daily charts show Pepe has been declining since July 3rd, painting more red candles than green. The upper and lower trendlines indicate more drops may come soon.

These trend lines don’t paint a bullish picture for Pepe.

The token’s RSI is currently 47, and its MACD is negative, indicating the sentiment around this cryptocurrency is unfavorable.

However, PEPE’s downturn does not mean the meme renaissance is over. A meme coin released as a presale this year has gained massive traction on social media and has raised a lot during its presale.

PEPE Alternative – WSM

That presale meme coin is Wall Street Memes. Released as presale crypto in June 2023, Wall Street Memes has raised over $26 million in less than three months.

The reason behind this presale’s success has been the drive of the devs to create a project that pays homage to Wall Street Bets.

Wall Street Bets was a group of investors on Reddit that, in 2021, came together to engineer a Gamestop short squeeze when they realized that multiple hedge fund investors were betting against it. Over 1.5 million investors, all gamers and all tied to GameStop through their childhood memories, engineered Gamestonks, bought many GameStop stocks, and “held the line” until the value of GameStop went from $19 to $325.

Wall Street Memes aims to do the same but for meme coins. It seeks to tap into the power of memes and create a community around it that can come together and mobilize the price of the native crypto – WSM – the same way as Wall Street Bets did for GameStop.

This desire has made Wall Street Memes popular on social media platforms. It has over 260,000 followers on Twitter alone. And not just that, even the likes of Elon Musk have interacted with Wall Street Memes’ Twitter page.

Because Wall Street Memes have already made a massive wave on social media, we can say that the meme renaissance isn’t dead. Furthermore, experts like Jacob Crypto Bury have pegged it as the next big meme coin of 2023 with the potential to go 10x once it goes live on cryptocurrency exchanges.

Wall Street Memes is at the final stage of its presale, ending in a month. Interested parties can buy this crypto at a discount of $0.0337 by going to wallstmemes.com.

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