Pepe (PEPE) has been one of the most talked-about cryptocurrencies of 2023, showcasing the power of retail traders on social media.
However, with PEPE now trading 83% below its all-time high, pundits are debating whether the coin can ever experience another bull run.
Meanwhile, some meme coin traders are turning to the brand-new presale project Meme Kombat (MK) as an alternative – believing it could be primed for big things in the remaining months of the year.
Pepe’s Price Movements Hint at Potential Bullish Reversal
According to CoinMarketCap, PEPE is currently hovering around $0.00000071, with a 24-hour trading volume of $40.8 million.
This makes PEPE the world’s third-largest meme coin, ahead of more established coins like Bone ShibaSwap (BONE) and FLOKI (FLOKI).
Although PEPE is down markedly from May’s peak, the coin has seen a slight uptick in the past five days – with the price rising 17%.
This price increase has helped PEPE break out of the descending wedge pattern it had been trapped in since late August, signaling a potential reversal and reigniting interest from the trading community.
At the time of writing, PEPE appears to be testing the 20-day Exponential Moving Average (EMA) as resistance on the daily chart – and looks to be in the process of breaching above it.
Should PEPE close above this EMA, it could indicate renewed bullish momentum, potentially setting the stage for a more sustained push.
Lack of Utility & Slowdown in Engagement Hint That PEPE Bull Run is Unlikely
Even though the technicals appear to be flipping positive, PEPE still suffers from a clear lack of a use case.
PEPE’s long-term viability remains questionable without a use case since traders have no reason to hold the coin other than speculation.
Until the developers present clear utility for PEPE, the price will likely remain volatile and primarily driven by hype from social media channels.
According to Pepe Coin’s official website, the developers have laid out plans for PEPE merchandise, PEPE tools, and even a “Pepe Academy.”
However, these promises have yet to materialize into tangible products or services, leaving investors to wonder whether they’ll ever come to fruition.
Moreover, PEPE’s X (formerly Twitter) account hasn’t tweeted since September 9, raising questions about whether the developers are still engaged with the project.
These elements have combined to paint an unclear picture regarding PEPE’s future, indicating that another explosive bull run is unlikely in the near term.
Meme Kombat Aims to Dethrone PEPE with Unique Wagering & Staking Rewards
As PEPE continues to struggle with its lack of utility, many meme coin traders are turning their attention to a new contender instead – Meme Kombat (MK).
Still in its presale phase, this innovative platform combines blockchain gaming and memes in a manner that hasn’t been seen before in the crypto market.
Meme Kombat allows users to actively bet or passively stake to earn rewards in the form of MK, the platform’s native token.
This active betting component is Meme Kombat’s flagship feature, allowing users to bet on “battles” between legendary meme characters like Pepe the Frog and DOGE.
As noted in Meme Kombat’s whitepaper, users can stake their MK holdings at the same time, thereby providing two possible income streams.
Meme Kombat’s unique features have already piqued the interest of many within the crypto influencer community, including Crypto Cat, who described it as a “100x potential meme coin” in a recent video.
Fellow YouTuber Jacob Bury also endorsed Meme Kombat, highlighting the fact that stakers can obtain yields of 112% per year using MK.
Unlike PEPE, which has yet to deliver on its promises of merchandise and tools, Meme Kombat’s team has laid out a clear roadmap for the future.
This roadmap includes plans to launch the Meme Kombat platform in late Q3 of this year, with Season 1 of the battle mechanic to begin immediately after.
These exciting plans have helped create an early buzz around the MK token presale, which has raised over $100,000 in less than a week.
Prospective investors can buy MK tokens through this presale for $1.667, with the token set to debut on a leading decentralized exchange (DEX) once it has concluded.
Ultimately, Meme Kombat seems to be positioning itself as a potential PEPE contender – and with hundreds of people joining the project’s Telegram channel in the past day, it’s clear the crypto community is taking notice.
Visit Meme Kombat Presale
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