Sentiment in the crypto market has turned bullish, with meme coin Pepe Coin (PEPE) riding the wave for nearly a 6% pump in price. Yet as PEPE sees flickers of its former glory days return, a new meme coin presale MK looms as competition.
- The price of Pepe Coin (PEPE) has pumped nearly 6% in the last day to around $0.000000656.
- PEPE broke above its 50-day moving average, signaling a potential trend reversal after tapping support at $0.00000062.
- Trading volumes are up 31% in the last 24 hours, hitting $48.4 million as interest in the meme coin grows.
- The gains follow Fed Chair Jerome Powell’s dovish stance, creating a favorable environment for crypto with reduced expectations of aggressive rate hikes.
- This dovish outlook has boosted broader crypto sentiment, with Bitcoin volatility declining as well.
- Some see PEPE trying to reclaim its former meme coin glory amid this positive backdrop. Whales hold 49% of the supply.
- But technicals remain bearish, with RSI below 50 and AO in negative territory. Upside is limited unless bulls can push past resistance.
- A break above $0.00000080 is needed to confirm uptrend. Alternatively, a drop below $0.00000060 would signal a 7% decline.
- As nostalgia persists for PEPE’s heyday, a new meme coin presale MK offers big staking rewards up to 112% APY as an alternative bet.
PEPE has broken its 50-day moving average as trading volumes jumped 31%, signaling a potential comeback for the beloved meme coin. Its community remains devout, with whales holding 49% of the supply.
However, technicals remain bearish in the near-term unless PEPE can push past stubborn resistance around $0.00000080. For now, upside appears limited despite growing interest.
Nonetheless, PEPE faithful remain hopeful this rally ignites a return to its heyday as a pillar of the meme coin sector. The positive backdrop with Bitcoin’s reduced volatility and a dovish Fed outlook has fueled enthusiasm.
But while PEPE traders feel the nostalgia, meme coin project MK has stormed onto the scene with its own presale. MK offers staking rewards up to a whopping 112% APY, presenting tempting yields for those looking beyond PEPE.
— Meme Kombat (@Meme_Kombat) October 7, 2023
As PEPE eyes reclaiming past meme fame, MK’s presale already crossing 60% of its $1 million target shows fresh competition is emerging. The two appear on a collision course to take the mantle as the next viral meme coin.
For PEPE investors, the hope is renewed hype and fundamentals like growing user wallets can restore it to glory days beyond just a fleeting pump. Yet MK’s buzz and appealing tokenomics pose a threat to wrest the meme coin crown.
The battle pits nostalgia against newcomer hype, with traders split on which side better favors explosive growth ahead. For now, both PEPE and MK seem poised to capitalize on hot meme coin appetite if broader optimism endures.