Pepe Holders Ditch for This Hot New Solana ICO, Chasing 1000% Gains

cryptonews.com:

An explosive ETF-fuelled rally by popular meme coin Pepe ($PEPE) appears to be rapidly losing momentum.

Pepe blew up 46% over the last seven days in a rally partly driven by news that the US SEC has approved exchange-traded funds (ETFs) for Ethereum ($ETH), the coin powering Pepe’s native blockchain.

Now, the momentum appears to be reversing quickly. An intraday loss of 4% has taken Pepe Coin’s price down to $0.00001605 as of this writing.

Pepe’s trading chart reflects a meme coin that traded in a fairly narrow range from late March to early May. This period resulted in relatively rigid crypto prices, as the market came down from early-to-mid March rallies that helped many cryptocurrencies to set new all-time highs, including market leader Bitcoin.

Throughout much of the aftermath, Pepe traded between $0.000005 and $0.00001, but two days before the US approval of Ethereum ETFs, the coin began to rally in anticipation of the news.

The SEC’s green light helped push the coin to set a new all-time high of $0.00001717 on May 27, however a falling relative strength index indicates a sell-off began on Sunday that has stabilized now.

In the short-to-mid term, Pepe Coin is unlikely to rally further.

Pepe Coin may be blowing up now, but for meme coin fans and investors, Ethereum is a bit road worn as a platform to launch meme coins. However, a new generation of meme coins on Solana are quickly hogging the limelight.

Names like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT) all rose to become top ten meme coins within a year of launch.

Another new Solana meme coin pitched at stoners—Slothana ($SLOTH)—raised an eye-watering $15 million in a recent one-month crypto presale.

Solana’s Sealana ($SEAL) is the chain’s