PEPE Price Soars 5% as $900 Million Flows In – Is a $1 Target Realistic?

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Joel Frank

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Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

August 20, 2024 00:12 EDT

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The Pepe (PEPE) price has soured 5% in the past 24 hours per CoinMarketCap, as volumes pick up and cryptocurrency markets rally across the board.

The PEPE price was last just under $0.0000078, with trading volumes having exploded to nearly $800 million today.

That’s according to Yahoo Finance data. And the data shows that by the end of Tuesday trade, trading volume could have doubled Monday’s $490 million figure.

Still, that doesn’t mean the bulls have fully regained control of the market.

The Pepe price rejected resistance at its 200DMA at $0.0000084 earlier on Tuesday.

That could cut the rebound back from last week’s sub-$0.000070 lows short.

Looking at the meme coin over a longer time horizon, the Pepe price remains in a downtrend.

As long as the Pepe price remains stuck below its major moving averages, a retest of recent sub-$0.0000060 lows is more likely than a sustained rebound.

That’s why Pepe holders are checking out alternative investments that might stand a better chance of delivering quick gains.

One investment strategy worth considering is getting involved in meme coin presales.

Meme coin presales have major advantages over meme coins that are launched immediately on a DEX.

A presale allows time for hype surrounding a project to build up.

And funds raised via the presale can be spent on marketing a coin, raising the chance it goes viral.

Analysts at Cryptonews.com keep a close eye on the crypto presale market. Here are some of their top picks.

16 Best New Meme Coins to Buy in August 2024

Can the Pepe Price Reach $1 Someday?

In meme coin circles, investors are transfixed on the idea of erasing zeros from the price.

Dogecoin investors have long been waiting for DOGE to erase that final zero and hit $1.

So, could the Pepe price also reach $1 someday.

Well, unless there is a major change to the crypto’s tokenomics, that’s highly unlikely.

With a total token supply of 420 trillion, a price of $1 would mean Pepe reaching a market cap of $420 trillion.

That’s over 360x more than Bitcoin’s current market cap of just under $1.2 trillion. Not a likely outcome.

But if the PEPE community decides to artificially deflate the supply by removing zeros, then yes, its very feasible.

Pepe Alternative to Consider

One of analysts at Cryptonews.com’s favorite meme coin presales is a fun new coin called Pepe Unchained (PEPU).

The new meme coin is a meme coin-focused Ethereum layer-2 protocol and is currently in presale.

Here’s why popular crypto presale analyst ClayBro thinks Pepe Unchained could substantially outperform the Pepe price.

Check Out Pepe Unchained Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.