Following an explosive run, the Pepe meme coin has plummeted more than 60% from its May 5 all-time highs (ATH) to around $0.00000143.
Attention has shifted away from PEPE in recent weeks after its price soared following Binance announcing it would be listed in its “innovation zone.”
According to Lunar Crush, social engagement for Pepe is down 31.5% in the past week.
Moreover, relative to its price, social engagement has continued to fall below its price since reaching its ATH on May 5.
A decrease in interest should be expected following a parabolic run like what Pepe experienced, but will investors ever return their confidence in the coin, or is it destined to drop even further?
A recent technical analysis from crypto trader CryptoMichNL on Twitter examined Pepe’s recent price action and stated that “every block resistance is an opportunity to short.”
The final price target for Pepe, based on the analysis, was $0.00000085 – a further 40% sell-off from its current price.
However, Pepe has achieved notoriety in the crypto space, with 290k Twitter followers, 116k holders, and a $600 million market cap.
Therefore, we will likely see the price recover at some point – however, one newly launched meme coin could steal a lot of its glory in the coming days and weeks.
Wall Street Memes Launches with $100k Raised in 24 Hours
Wall Street Memes has just launched its WSM token presale and has already raised more than $100,000 in its first 24 hours since going live.
Another meme coin that could quickly gain mass popularity, Wall Street Memes is the token for the popular social media account that boasts more than 500,000 followers across its channels and already has a lot of name recognition in the community.
Previously, the developers brought the NFT collection Wall St Bulls to the market, with that collection selling out in just 32 minutes when it launched in 2021.
The project remains healthy and has seen more than 1,800 ETH in trading volume – more than $3.3 million based on prices today.
Hype is also rapidly building around their Wall Street Bulls Ordinals collection, which has a supply of just 420 to mint, which can be grabbed via whitelist on Discord and are expected to be taken up quickly.
The project already has a hyper-engaged community that has been around since the explosion of the Wall Street Bets Reddit, which shook the financial world when the likes of GameStop pumped exponentially.
Wall Street Memes is a community-based meme coin with no private sale or team allocation – 50% of the 2 billion supply will be available to all in the presale, with the remaining tokens split between exchange liquidity (20%) and community rewards (30%).
There is also a $50,000 airdrop running to help promote the presale campaign.
WSM Tokens currently cost $0.025 in stage 1 of the presale and will rise to $0.0337 in the final stage. However, analysts believe WSM could see at least 10x gains after its IEO.
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