PEPE, a deflationary memecoin project built on Ethereum, was launched in April 2023. The project was created to honor an internet meme, Pepe the Frog.
Since the early stage of the meme project, it has garnered immense attention from crypto enthusiasts. It witnessed enormous success even in its presale stage. The project made waves just like the Dogecoin did in the recent past years.
Reports has it that a man who invested 27$ in PEPE earned $1 million in return, showing a tremendous percentage of its return on investment (ROI).
However, its market performance since its launch on centralized exchanges (CEX) will help to give a glimpse of it could outperform Dogecoin.
PEPE Past and Present Price Actions
PEPE has a market capitalization of $666,589,447 and is currently down by 1.05%. It also boasts a trading volume of $156,226,102 in the past 24 hours. The token is presently the number 64 cryptocurrency among all cryptocurrencies listed on CoinMarketCap as of the time of writing.
Between May 31 and June 4, 2023, PEPE traded in the bearish trend with a stable market price with slight changes and closed at $0.000001238 on June 4, 2023.
As of June 5, 2023, the PEPE’s market experienced a negative market sentiment, prompting selling pressure and making PEPE close at the price level of $0.0000009763.
The bears only maintained this selling pressure for 1 day as it also closed at $0.0000009764 on June 6, 2023. For the next 3 days, the bulls snatched control of the PEPE market as they increased buying pressure to reclaim their bullish trend.
As a result, PEPE closed at the price of $0.000001055, $0.000001038, and $0.000001062 on June 7, June 8, and June 9, 2023, respectively. But FEAR entered the PEPE’s market as the bears-maintained possession for 7 days, forcing it to trade within $0.0000008385 and $0.0000008925 price levels between June 10 and June 16, 2023.
As of June 17, 2023, the bulls increased their momentum to recover losses witnessed in these past 7 days, bringing PEPE to a price of $0.0000009503.
Notably, the bulls took PEPE off the $0.000000912 price level, making it gain on June 20, 2023, as it closed at the market price of $0.00000107.
Since June 20, 2023, the effort of the bulls has made PEPE remain trading above the $0.00000107 price level. Today, July 6, 2023, the market price of PEPE is currently at the price of $0.0000017550 as of the time of writing.
PEPE Could Hold Its Bullish Momentum in the Short-Term
A technical analysis done using some TradingView indicators revealed that PEPE could hold its bullish momentum.
The token, PEPE, trades above its 50-Day Simple Moving Average (SMA). This implies that the PEPE market is bullish and could maintain this momentum in the short term for some days in the future.
Also, PEPE has its Relative Strength Index (RSI) at 61.04, pointing upwards to the overbought zone (70).
This shows that PEPE’s value has increased and that buying pressure is building up, which could make it hold the bullish momentum before a trend reversal.
Furthermore, the meme-coin’s Moving Average Convergence/Divergence (MACD) is above its signal line. This shows that the market is bullish and could maintain this bullish trend.
Resistance and Support Price Level for PEPE
If the bulls increase the buying pressure on PEPE, the market price may reach a resistance price level (R1) of $0.0000018921.
When this happens, and the bullish momentum continues, PEPE could break the resistance price level (R1) and hit another resistance price level (R2) of $0.0000021334.
However, if negative market sentiment enters the PEPE’s market, the bears could increase selling pressure which may drop the market price of PEPE, making it reach the support price level (S1) of $0.0000013527.
If the bears hold firm on this bearish momentum, there is a tendency for the market value of PEPE to depreciate further to the support price level (S2) of $0.000009695.
Note the market nature of cryptocurrencies is associated with high volatility. The future market behavior of PEPE could change from the above prediction. So, ensure you have done an in-depth technical analysis before executing trades.
Factors That May Possible Influence PEPE’s Market Behavior
Numerous factors could affect the market behavior of PEPE meme-coin; these include market sentiments, macroeconomics, the principle of demand and supply, recent development within PEPE’s ecosystem, SEC lawsuits and crypto regulations, etc.
Gemini Foundation’s PEPE/GUSD Trading Pair on Perpetual Contract
On June 27, 2023, Gemini reported on its official blogging website that it is listing PEPE/GUSD trading pair on Perpetual Contract on its derivative trading platform.
From that day, June 27, 2023, PEPE/GUSD perpetual contract launched, and one could trade it with leverage reaching 100x.
This listing could have an impact on crypto enthusiasts and their reactions in the future. This could influence the market behavior of PEPE.
Following the Plummeting of the Lira, Crypto Traders in Turkey increased their interest in Bitcoin and PEPE
CNN Business reported on June 7, 2023, that the Turkish currency, Lira, crashed following the decision of a new government on its currency-stabilizing policies.
Normally, crypto investors mostly have more confidence in top coins such as Ethereum and Bitcoin as top cryptocurrencies.
However, according to CoinUnited.io, data from Binance showed that Lira holders have caused PEPE-lira trading volume to reach $ 41 million on June 21, 2023, with a 50% trading volume change.
This spike in the PEPE-lira volume reflects a 37% increase in PEPE’s trading volume globally. Blockworks also noted that on Binance, PEPE also reached another $61.5 million trading volume after the Central Bank of Turkey increased interest rates from 8.5% to 15%.
This is a big win for PEPE as a meme-coin, making tremendous progress like the big cryptos in situations like this.
This could trigger buying pressure in the PEPE market in the future as investors may perceive that the token’s value is increasing.
PEPE’s Market Sentiments
Following the PEPE’s perpetual contract on the PEPE/GUSD pair, and the trading behaviors of Turkish traders in the PEPE-lira market, there could be positive market sentiment in the PEPE market in the future.
This may increase the interests of investors as everyone would like to cash out when the token gains in market value.
Brief Overview of Thug Life
Thug Life is a social meme project built on the strength and doggedness of the street. It relies on humor, brotherhood, and the love to hustle in the internet space.
The team at Thug Life claimed that the token is a social token for all, a movement that will gather people to share in the internet’s love, comedy, memes, and humor. It wishes to facilitate the process by incorporating hip-hop culture into the blockchain industry.
The project’s official website displays the image of the notable Black American rapper Snoop Dogg and some other images. The project promised to relieve the pain that investors experienced during their past involvements in dishonest crypto projects.
To actualize this, the project team created $THUG to signify unlimited love, comedy, resilience, trolls, and dogged internet love. The team behind the Thug Life meme project presents Thug Life as a gangsta to disrupt normal processes and procedures in the crypto market.
They further claimed that with the backing of the street brotherhood and its relentlessness, the token, $THUG, will attain higher tops despite entering the market without utility.
How $THUG is Performing in Its Presale Stage
Thug Life is running only a single presale stage with a selling price of $0.0007. the presale stage is expected to raise $2,058,000. On July 2, 2023, Cryptonews shared that $THUG raised close to $150,000 just in a few days after the presale started.
Considering the selling price of the presale, Thug Life presale could be said to have attained success because just a few hours after the presale started, it hit $45,000.
There is no minimum and maximum number of $THUG an investor would purchase. The project team allotted 70% of the total token supply to its presale. Today, July 6, 2023, the presale is still live and has raised $502,349.94 as of the time of writing.
Notable Factors That Could Propel Thug Life
Locked Liquidity Pool
The project team at Thug Life has shown their commitment to the project to ensure it succeeds.
It designed the meme project to have locked liquidity; this could help create trading stability for the token when launched on exchanges.
Again, the locked liquidity will help prevent rug pulls in the market, creating a sense of security among investors and increasing their confidence in the project.
Thug Life’s Community
Thug Life presents itself as a project with a dogged street brotherhood. It claimed that its community members are willing to give all or even die to achieve the project’s goals.
This could draw many investors’ attention and make the project reach milestones as projected.
The 70% token Allocation to Its Community and Cheap Unit Price
This made the project interesting; investors’ confidence could also be caught here as a larger portion of the token is off the hands of the project team.
Its selling price could also contribute to attracting investments in the project as most investors could find it affordable to join the project early and cash out when it gains in market price.
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