As Pepe Price Skyrockets, Watch Out for This Emerging Meme Coin Poised

Tim Hakki

Last updated:

April 24, 2024 at 18:14 GMT+3

| 2 min read

Pepe is pumping today.

Pepe the frog ($PEPE), the fourth largest meme coin by market capitalization and the fortieth largest cryptocurrency overall, has rallied 15% overnight to trade at $0.057865 as of this writing, according to data by CoinGecko.

The gains appear to have been largely spurred on by the news last night that American crypto exchange giant Coinbase has launched PEPE perpetual futures trading.

However, PEPE isn’t the only funny token rallying sharply today. In fact, among those rallying by double-digit percentage figures, PEPE is a little behind.

DogWifHat (WIF) grew 20% over the last 24 hours to change hands at $3.37, Floki (FLOKI) added 16% to trade at $0.0001998, while BONK mushroomed a staggering 33% to hit $0.00002701 as of this writing.

Still, meme coins are faring much better than the market leaders today.

The original and biggest cryptocurrency, Bitcoin (BTC) remains unchanged from yesterday at around $66,395. Its closest contender Ethereum (ETH), the most commercially important blockchain, added a slight 2% to trade at $3,245.

PEPE’s trading chart outlines the rollercoaster ride that many meme coins have been on over the last three months. The end of February began a rally that saw PEPE reaching a new high watermark of $0.00001064 on March 14. Today’s price represents a 26% pullback from that.

PEPE is currently in recovery mode.

Its value is going up, but its Relative Strength Index is 65 and falling, indicating that the latest spate of buying (prompted by the Coinbase announcement) is cooling off. Still, PEPE is not likely to lose much from this downturn in the short-term.

The token is currently hovering at a strong psychological support threshold, but should further losses occur, it could find safety at $0.000007.

Pepe the Frog, or Slothana the Sloth?.

Pepe is a massively successful meme coin because, like its rivals Dogecoin, Bonk and DogWifHat, the underlying meme that inspired it has oodles of cultural capital.

However, dog coins and Pepe are beginning to feel like meme coins from a different era. Crypto has changed very rapidly over the last few months, thanks largely to pivotal market narratives such as the launch of eleven spot Bitcoin ETFs in January and Bitcoin’s fourth...

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