February 23, 2024
Here’s why Pepe coin price has dropped 10% as traders switch to alternative meme coins

The price of meme coin Pepe (PEPE) has seen a massive 55% increase over the past week due to the hype surrounding altcoin season.

PEPE remains the world’s third-largest meme coin by market cap and looks to be closing in on Shiba Inu (SHIB) in the rankings.

Meanwhile, fellow meme coin Meme Kombat (MK) continues to gain popularity in its presale phase and introduces AI-powered PEPE battles to its flagship battle arena.

PEPE bounces back with 160% rise from October low

PEPE is trading around $0.00000162 at the time of writing after six consecutive daily bullish closes.

The token quickly cleared the strong resistance zone around $0.00000135, taking the price to its highest level since July 15.

PEPE is now up 160% from its October low, which is an impressive comeback for a token considered “dead” by many.

PEPE has seen an equally impressive increase in trading volume over the past week, with daily volume now exceeding $543 million – a 35% increase on the previous day.

This shows that interest in the previously abandoned meme coin is quickly returning.

Social metrics for PEPE also demonstrate its resurgence official twitter page Growing to over 358,000 members.

PEPE has also made it to CoinMarketCap’s list of top trending cryptocurrencies in the past.

Although the token still lacks a clear use case, investors are betting that the power of memes and hype alone can drive further price increases.

Speculators have started looking for bullish profits in Altcoin season

PEPE’s impressive surge has been driven primarily by the broader conditions of the altcoin season.

As Bitcoin (BTC) and Ethereum (ETH) continue to make gains, investors are looking for the next trending crypto that could deliver massive returns.

Meme coins and lower market cap tokens often benefit the most from these market cycles as speculators begin to take on more risk.

This dynamic was very impressive at the beginning of 2021 when Dogecoin (DOGE) caused an explosive rally due to extreme altcoin mania.

A similar situation is shaping up in the final months of 2023, with major altcoins like Solana (SOL) and Avalanche (AVX) experiencing huge gains.

Funds have moved out of Bitcoin and into higher-risk coins – like PEPE.

Given PEPE’s significant price potential, as evidenced by this week’s 50% surge, traders are eager to take advantage of the buzz around altcoins and meme coins.

AI-powered meme coin mascots fight for supremacy in the Meme Kombat gaming platform

As seen with the massive growth of PEPE, meme coins with social media support are some of the most popular projects in the market at the moment.

Another project capitalizing on this trend is the new GameFi platform, Meme Kombat (MK).

Meme Kombat has been making waves in recent weeks, as its token presale has now raised over $2.5 million from eager investors who want to get exposure to the next potential breakout star.

The platform features AI-powered battles between famous meme coin mascots like Doge, Shiba Inu and Pepe the Frog.

Players can bet on match outcomes using native MK tokens, with the chance to earn big prizes for picking the winner.

MK tokens can also be used for staking, giving holders the possibility of passive income in addition to staking rewards.

Additionally, with half of the total supply being reserved for pre-sale participants, early adopters will have a significant advantage if Meme Kombat picks up momentum.

The project is already gaining traction on social media, with Meme Kombat’s Telegram channel now boasting 5,100 members.

Meme Kombat has also been audited by blockchain security firm Coinsult, ensuring that its smart contracts are secure and stable.

For those looking to diversify into more speculative altcoins, Meme Kombat presents a high-risk, high-reward opportunity that could be ideal for meme coin enthusiasts.

Go to the Meme Kombat Presale

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