Aaryamann Shrivastava
FXStreet
- PEPE price has risen by merely 25% in the past month due to the correction noted in the last week.
- Solana-based meme coin BONK surpassed PEPE to become the third biggest meme coin in the world.
- BONK’s market capitalization more than tripled from $500 million to $1.6 billion in the last two days.
PEPE price rallied considerably in Q2 when the meme coin was all the hype. However, the emergence of BONK has diminished all the growth the former witnessed. Furthermore, PEPE is witnessing an increase in the bearish sentiment, which would pull the price lower.
PEPE loses to BONK
PEPE was ruling as the third biggest meme coin in the world after Dogecoin and Shiba Inu up until 48 hours ago; however, Solana-based meme asset BONK is emerging as a fan favorite following potential listing on Coinbase.
In the past two days, the market capitalization of BONK more than tripled from $500 million to $1.6 billion. All the while, PEPE’s market capitalization has not managed to increase beyond $600 million.
BONK market capitalization
BONK price has rallied by more than 65% in the last 24 hours, and while the rally is due to a crucial external factor, it still eclipses PEPE. The reason behind this is that the latter meme coin did not witness such support at the time when it was at its peak in Q2 and Q3, owing to the weak fundamentals.
PEPE price fails to witness growth
PEPE price has not only lost the bullish momentum in December but also failed to note any significant increase in the past 30 days. Trading at $0.000001437, the altcoin has noted a meager 25% increase, while many other cryptocurrencies have risen significantly more in the same period.
Even though PEPE price thrives on broader market cues, it would need support from the market in order to maintain bullishness. As visible on the Moving Average Convergence Divergence (MACD), PEPE is witnessing increasing bearishness, as evidenced by the appearance of a red bar on the indicator.
The altcoin is presently hovering above the crucial support line of $0.000001371 and is vulnerable to falling through it to test $0.000001222 or $0.000001076.
PEPE/USD 1-day chart
But if the PEPE meme enthusiasts decide to imbue the cryptocurrency with bullishness again by buying, PEPE price could rise to $0.000001570. Breaching through this barrier would invalidate the bearish thesis and push PEPE toward $0.000001715
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