Crypto Whales Accumulate New Solana Meme Coin – Could It Be the Next Pepe?
Investors’ enthusiasm for popular meme coin Pepe ($PEPE) appears to be fading this week. The token has dropped 8.2% over the last seven days, taking the most losses of any of the other five biggest meme coins by market capitalization.
At its current price of $0.00001422, Pepe is 2.5% down from its price 24 hours ago, although it has pulled in the highest 24-hour trading volume of any meme coin at $754,126,106.
This is above market leader Dogecoin ($DOGE), which posted volume of $724,287,150, although the difference in scale between the projects is considerable.
Pepe currently has a market capitalization of around $6 billion while Dogecoin’s is closer to $23 billion.
Broadly speaking, many top meme coins are trading in the opposite direction to Bitcoin this week. The world’s favorite cryptocurrency actually grew 5% over the week and currently trades at $71,265.
Pepe’s trading chart shows a cryptocurrency that struggled to break out above the $0.00001 resistance until around mid-May, when a rapid ascent took the coin to a new all-time high (ATH) of $0.00001717, which it has since retreated from by about 18% as of this writing.
The gains appear to have been largely sustained as the token has now found support at $0.000014, as indicated by the horizontal green line. Any volatility implied by the token’s rapid late-May rally has been stabilized since the start of the month.
However, with a low relative strength index of 44, if the sell-off continues, Pepe could be in line for further losses over the weekend.
In any case, crypto-savvy investors right now are likely to be overlooking Pepe for a hilarious and patriotic new water dweller.
Solana’s Sealana ($SEAL) is a spin on South Park’s viral Gamer Guy, aka Fat Computer Nerd. The
