Pepe Price Prediction Bearish After 5% Drop – Is $SPONGE a Better Buy?

The crypto ecosystem remains in the throes of a bear market. The global crypto market cap continues to fall and is currently at $1.14 trillion after slipping another 1.20%. Bitcoin shed close to 2% in the last 24 hours while ETH remains bearish as well.

Meme coins are taking the majority of the brunt, with Dogecoin falling more than 7% in the past week and Shiba Inu by 10% over the same period. The total market cap of meme coins has fallen by 3% in the last 24 hours. Even $PEPE, which recently saw huge gains of over 3,000%, is now showing signs of slowing down.

PepeCoin Tanks As The Crypto Market Plummets

Meme coin phenomenon $PEPE may be coming to the end of its bull run, dropping 5.8% over the last 24 hours. The token gained popularity due to its explosive price movement and excellent growth prospects.

Launched in April, the coin surged by as much as 8,000% to breach a $1 billion market capitalization. $PEPE re-sparked interest in the meme coin market, which was largely sidelined due to its volatility during the crypto winter. 

The token dominated the meme coin market as its trading volume surpassed that of Dogecoin and Shiba Inu.

$PEPE delivered an excellent return on investments for traders who were disappointed by the sluggishness of the crypto market. A few traders profited as much as 5,000,000% and earned returns worth tens of millions of dollars by investing just a couple of hundred dollars into PepeCoin.

However, the Pepe price is tumbling as the token’s recent rally loses steam. $PEPE is down over 45% from its all-time high and continues to shed value. 

Its market capitalization, once firmly above the $1.25 billion mark, has fallen below $750 million. It has also slipped from 42nd to the 57th largest crypto asset by market cap. The token is currently priced at $0.000001882.

Meme coins typically follow Bitcoin price movement, which has plummeted due to Binance pausing BTC withdrawals. Uncertainty over macroeconomic conditions is also weighing down on the meme coin market. 

PepeCoin Price Prediction – What’s Next for $PEPE?

The downturn in PepeCoin follows a familiar pattern for explosive meme coins. Dogecoin and Shiba Inu both pumped to a peak, then fell swiftly back to earth.

But most meme coins that pump still end up far higher than where they began. $PEPE is establishing support around $0.00000170, so that could serve as a short-term bottom for the token.

Over the longer term, whether $PEPE rises or falls depends on how sustained interest in the token is. Will investors keep pumping PepeCoin like they do Dogecoin and Shiba Inu, or will the token fall by the wayside?

If Pepe does have staying power, it could find long-term stability around the $0.00000220 price level. On the other hand, if traders largely abandon $PEPE, the token could fall further to its next support level at $0.00000090.

$SPONGE Continues To Rally As MEXC Lists Token

The token has shown incredible bullish strength and has skyrocketed 1,100% over the past week, making it the best-performing meme coin in that period. It also just achieved the major milestone of 10,000 holders within just 5 days. 

The token is getting a significant boost from various centralised exchanges that are listing the token on their platform. It is currently trading at $0.000884.

The Kickstarter campaign supports high-quality tokens with exciting unrealized potential. Users can stake MX tokens to participate in voting and can win a share of 52,630,000 $SPONGE tokens. 

Thanks to its explosive price movement, $SPONGE is quickly catching the eyes of whales and other key players. A whale recently invested over $388k to purchase a whooping 333 million $SPONGE tokens. Minutes later, another whale purchased over 16 million tokens. 

With a total supply of 40.40 billion tokens, the $SPONGE token provides ample opportunity for whales to maximise their profits.

Investors are also attracted to the high liquidity offered by $SPONGE. While PepeCoin has total locked liquidity of $17 million with a total market cap of $750 million, $SPONGE has $11 million in locked liquidity despite having a market cap of only $22 million. 

Social media followers of the project are also eligible for exciting awards. For example, the projects will reward $200 USDT to 5 TikTok followers and $500 to the winners of its $$SPONGE meme competition.

Buy $SPONGE Tokens