Pepe Coin (PEPE)— the Ethereum frog meme that delivered altcoin investors outstanding returns in 2023 and this year— is on a bit of a downtrend since last week.
Meanwhile, crypto exchange market analysts have suggested the coin’s technical signals are matching up with a previous run-up to a sudden 40% correction this past January.
But real quick first— there’s a potentially important opportunity on the Ethereum network to be a big fish in a small pond again with Kai Cat Coin (KAI), a cat meme currency in pre-sale in June. Okay back to Pepe…
So why did the Pepe Coin price fall over the past week? Furthermore, are Pepe Coin bag holders safe to hold— or should they sell off or buy even more Pepe Coin?
Also, should meme coin gem hunters who are looking for outstanding returns on investment for their principal sums ventured make an entry into PEPE in Q2?
Finally, are there any other new projects going on in Q2 on Ethereum that have the look and potential makings of another dark horse/blackswan like Pepe Coin was in 2023?
Here are some brief answers to all of these questions:
Why Did Pepe Coin Price Fall Over The Past Week?
Pepe Coin price fell over the 7-day window ending on Sunday, June 2, from the $0.0000165 handle to $0.000015, with support above the $0.000014 level.
That 11% price correction downward knocked hundreds of millions of dollars worth of PEPE coin from its $6.25 billion market cap this week.
So why did PEPE price capitulate on the seven-day window, leading losses among several cryptocurrencies, along with Lido DAO (LDO), Ethereum Classic (ETC), and Bonk (BONK)?
Mostly because its price is up 80% on the one month window, even with the 11% decline over the most recent seven days. So the price took a cooldown along with other Ethereum-related currencies that pumped after the SEC green lighted Ethereum ETF applications in May.
That doesn’t mean the coin is going to reverse to a bearish trend, although it is possible it could.
Are Pepe Coin Bag Holders Safe To Hold?
A recent article in Cointelegraph warned that the current technical patterns on Pepe’s price and market data charts mirror their behavior preceding a 40% Pepe price crash in January.
That trend was mostly a price that continued to climb higher while the relative strength index (RSI) for PEPE increased by a significantly smaller amount with each rally until the price crash.
There’s no guaranteeing what markets will do in the future for any asset, but if Pepe were to crash 40% again it could also rise again by hundreds of percent soon afterward just like it did the last time it corrected by that much in January. The following March and May were even more successful months for PEPE tokens than its outstanding bull runs last year.
Should Meme Coin Gem Hunters Buy PEPE In Q2?
There’s no telling for any individual investor what is best based on their relevant sums, timeframes, goals, and strategies. But after its price has cooled some is usually a good time to make an entry into a popular and volatile liquid asset in a long-term uptrend.
What Will Be The Next Pepe Coin In 2024?
The next Pepe Coin may not be a Pepe coin or any kind of frog-inspired meme currency. After all, PEPE built itself on the slogan: The Dog Days Are Over. That doesn’t mean the frog days are forever. It might even imply the cat days are coming up next in cryptocurrency to knock the doges off their throne. There’s no telling for certain, but one candidate for the next Pepe Coin is Kai Cat Coin— an Ethereum ERC20 currency with a solid roadmap in presale in Q2 2024.
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