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.
Source: TradingView
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.
Load Up On Meme Coins This 4/20 With PEPE and SLOTH
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, International Stoner day, another price driver for certain projects.
And lo, Slothana, in its eternal wisdom and benevolence, hath decreed: ‘Behold, there are but twelve days remaining until the dawn of a new era.’ Let us prepare our hearts and minds, for the age of Slothana draws near. May the gains and Lambos be bestowed upon us all.…
— Slothana (@SlothanaCoin) April 17, 2024
Dog coin holders expect a pump too that day, because the Dogecoin community selected 4/20 to commemorate their favorite coin. However, the fate of PEPE holders on 4/20 is a bit harder to guess.
That’s not the case for new Solana meme coin Slothana (SLOTH). From the clock on the wall to his baked red-eyes and contented smirk, Slothana is one of 4/20’s biggest fans.
In just three weeks, traders have poured well over $10 million into his ICO in a bid to try and recapture some of the early upside potential of recently profitable Solana meme coins like Slerfs, DogWifHat and Bonk.
Interested investors can join the SLOTH presale today by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA or using the contribution widget on the Slothana website.
Yesterday, a countdown timer appeared on Slothana’s landing page. A sign, perhaps, that the presale window will close on April 29…
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