The bearish momentum shows no signs of slowing for Pepe (PEPE), with the token’s price plummeting by 19% over the past four days.
$EPE is now trading 78% below its previous all-time high, with many in the trading community wondering whether the token could ever regain its peak value.
Simultaneously, traders are considering potential successors to PEPE, should its decline persist – with Wall Street Memes (WSM) and AiDoge (AI) emerging as prime contenders.
PEPE has now closed in the red for five straight weeks as the bears continue strengthening their grip on the token’s price.
This dramatic fall from grace came immediately after Pepe coin’s incredible ascent, which saw the token’s price soar over 2,100% in just three weeks.
After hitting an all-time high of $0.0000043 on May 5, many traders believed that the token’s price would keep rising – setting the stage for it to rival the likes of Dogecoin (DOGE) and Shiba Inu (SHIB).
However, this wasn’t to be, and PEPE immediately reversed from the $0.0000043 level, beginning a downtrend that has persisted until this day.
Per CoinMarketCap, Pepe coin’s market cap now stands at just $360 million – a far cry from its peak of $1.48 billion in early May.
Even more concerning is that the number of PEPE holders hasn’t been growing and has declined in recent weeks.
Data from Etherscan.io reveals that on two occasions in the past ten days, the number of wallet addresses holding PEPE has decreased from one day to the next – suggesting that many investors are choosing to sell their holdings instead of holding out for a possible recovery.
Etherscan.io also highlights that the number of unique receivers and senders is also falling daily, evidencing the lack of interest in PEPE from new investors.
These elements combine to paint a bleak picture of PEPE’s prospects, leading many to speculate that a short-term recovery for the token may not be on the cards.
With price now forming a bear flag on the 4H time frame and no major market catalysts surfacing that could potentially boost its value, PEPE holders seem to be in for some challenging times ahead.
As PEPE’s market performance wanes, traders are keenly watching for potential successors that could take the token’s throne.
Fortunately for meme coin enthusiasts, the market is constantly evolving, meaning new and exciting PEPE alternatives are emerging every week.
Coins like FLOKI and ELON have recently experienced minor price upticks but failed to sustain their bullish momentum.
Nevertheless, two coins that have successfully gained market traction are WSM and AI – leading many meme coin investors to believe they could replace PEPE soon.
First up is Wall Street Memes (WSM) – a brand-new meme coin that has been taking the market by storm.
Unlike Pepe coin, Wall Street Memes is still in its presale phase, yet this hasn’t stopped eager investors from coming in droves to purchase WSM, given that tokens are being offered at a low price point.
Due to this appealing setup, Wall Street Memes’ presale has now raised an incredible $6.8 million in a matter of weeks.
This highlights the tremendous demand for WSM tokens and showcases the power of the Wall Street Memes community, which comprises over 1.1 million people.
The community is built around the goal of standing up against Wall Street’s monopolization of the financial markets – a purpose that resonates strongly with many in the current economic climate.
As such, WSM appears well-positioned to capitalize on this collective sentiment, evidenced by the rapid growth of the project’s Telegram community.
Crypto influencer Crypto Jamie has also come on board as an ambassador for the project, highlighting WSM’s growing appeal.
Given its rapid presale success at wallstmemes.com and vibrant community, Wall Street Memes stands out as a meme coin that could replace PEPE in the future.
Visit Wall Street Memes Presale
Another coin that might have the potential to replicate (or exceed) PEPE’s success is AiDoge (AI).
AiDoge is a popular meme coin project that recently wrapped up a highly-successful presale phase, which saw the development team reach its funding goal of $14.9 million.
The response to AiDoge’s presale was enormous, with investors worldwide seeking to acquire AI tokens due to their unique blend of artificial intelligence concepts and meme coin styling.
This demand led to massive growth in AiDoge’s socials, with nearly 36,000 people following the project’s Twitter page.
Now, AiDoge’s team is gearing up for the token’s official launch on major exchanges, with the first scheduled for June 19.
Ahead of these listings, AiDoge’s team is offering one final chance for early investors to buy AI tokens at the launch price of $0.0000336.
With such a strong market response, the project’s prospects seem bright as it readies itself for the next chapter of its journey, making AiDoge one to watch in the coming weeks.
Visit AiDoge Presale
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