Pepe Holders Shift to Exciting New Solana ICO, Targeting 100x Gains
Holders of Pepe (PEPE) felt their bags get 24% lighter in the last seven days as meme coins took some of the hardest hits amidst a market-wide downturn.
PEPE trades at $0.0553 as of the morning (UTC) of April 17, 2024.
Other leading meme coins posted similar 7-day depreciation, including Dogecoin (DOGE) and Shiba Inu (SHIB), which fell 16% and 18%, respectively, over the aforementioned period.
Meanwhile, market leaders Bitcoin (BTC) and Ethereum (ETH) also fell, but not as much as the meme coins. Bitcoin is down 8% over the week to trade at $63,458, with the bulk of its losses occurring over the weekend.
That’s because the market-wide crypto dump began on Friday, after Iran attacked Israel and created conditions of global uncertainty, causing people to exit riskier assets like Bitcoin.
According to PEPE’s trading chart, the token has been finding support at its current price since Saturday. As with Bitcoin, this is when the bulk of PEPE’s 7-day losses occurred between Friday afternoon and Saturday morning.
As with many leading coins, the month of March catalyzed a rally that culminated in mid-March with Pepe setting a new all-time high (ATH) of $0.00001064. Today’s price represents a pullback of nearly 50%, although the losses appear to have stopped ahead of Bitcoin’s halving on Saturday.
The industry is holding out for a bull run after Bitcoin’s halving on April 20.
It’s happened in the previous three halvings and analysts expect this time will be no different. That’s because in halving BTC mining rewards, the issuance of new Bitcoin gets cut in half. Where there’s a supply squeeze, prices rally.
But meme coins have an edge on every other crypto category on Saturday because the halving coincidentally falls on 4/20,
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