- Popular analyst Michael van de Poppe, on May 8th, shared on his Twitter account that there is still a strong demand in the crypto market for trading meme coins, with a particular emphasis on PEPE.
- Despite PEPE’s downturn, the coin has experienced a lot of trading activity.
When it comes to memecoins, investors frequently take into account renowned memecoins like Dogecoin or Shiba Inu, which have in the past seen an increase in market value and price increase. However, a new meme token has emerged and is causing a stir. Barely over a month after its release, Pepe Coin has quickly risen to rank among the top 100 tokens based on of market valuation.
This rapid ascent has made PEPE crypto one of the fastest-growing projects in the market. PEPE has done better than DOGE and SHIB suggesting that it might be the industry’s next big thing.
Renowned Cryptocurrency analyst Michael van de Poppe, on May 8th, shared on his Twitter account that there is still a strong demand in the crypto market for trading meme coins, with a particular emphasis on PEPE. Despite PEPE’s downturn, the coin has experienced a lot of trading activity.
After experiencing a 35% surge at the first level, PEPE is now beginning to decline, and it is predicted that it will reach lower levels in the next one to three days, followed by a potential 50-80% increase. He added that It could be wise to consider opening a long position if the asset’s value exceeds $0.00000230 but proceed cautiously.
Still mostly interested in trading $PEPE.
First level gave a 35% bounce, that’s great.
Now starting to roll over and I’m expecting to see the lower levels in the next 1-3 days and provide a 50-80% bounce.
If 230000 flips, might want to take another long, but cautious. pic.twitter.com/AECFOpBKBQ
— Michaël van de Poppe (@CryptoMichNL) May 8, 2023
In another tweet, Poppe said he has no plans to include memecoins in his long-term investing holdings. He acknowledged that memecoins like $PEPE are great for trading but clarified that they are unsuitable for long-term investments. He wants to increase his BTC, ETH, and LINK holdings instead.
I’m not interested in buying memecoins for my long-term investment portfolio.
They are great for trading, especially $PEPE as it’s quite organic price movements, respecting all levels.
However, investment-wise, not really.
Just accumulating more $BTC, $ETH & $LINK.
— Michaël van de Poppe (@CryptoMichNL) May 8, 2023
PEPE’s worth plummets amidst market fluctuations
As of the press time, PEPE is trading at $0.00000194, with an 11.41% decline in the past 24 hours. The trading volume of PEPE increased by 34% during the same period as its price fell. It is worth noting that Since it was officially released, the coin has recorded an increase of 536.6%; over the past five days, there has been a decline of 6.3%. This increase in PEPE’s trading volume during declining prices indicates a continued interest among traders.
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Based on the information provided by Santiment, an on-chain data platform, since May 4th, more than 3000% more PEPE tokens are available on cryptocurrency exchanges. Currently, 106.46 trillion PEPE tokens are available on exchanges, a considerable increase from the 3.12 trillion tokens recorded just five days ago. On the other hand, the number of tokens owned outside cryptocurrency exchanges fell by 18% over the same time.
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