It’s been an incredible 3 months for $PEPE, the world’s 3rd-largest meme coin. Since the beginning of March, the token is up more than 1,100%, rising to a current price of $0.0000146.
Now, three months into the rally, traders and investors are asking themselves—does $PEPE have more gas left in the tank?
We’ll explore $PEPE’s potential trajectory in June and take a closer look at another new meme coin that could challenge its dominance.
$PEPE explodes 10x in spring, but summer could see rally fade
$PEPE’s success over the past few months follows on the heels of an explosion in Solana meme coins this winter. But it’s also noteworthy that the rally in $PEPE stands on its own—this is an Ethereum meme coin, so it didn’t benefit from the surge of activity on Solana.
On top of that, the $PEPE rally took the token to lofty heights that few analysts thought were possible. Each peak in the rally has been a new all-time high for $PEPE, and the token now has a market cap of more than $6 billion. Among meme coins, it sits behind only Dogecoin and Shiba Inu.
After 3 months of gains, though, there are cracks appearing in $PEPE’s armor. At the height of the rally this month, daily trading volume approached $4.5 billion. Heading into June, trading volume is at $2 billion and falling.
To be sure, that’s still a lot of action around this meme coin. But the decline in volume may presage a decline in demand, which could leave $PEPE traders who don’t get out soon holding the bag.
On top of that, demand is being juiced right now by a $PEPE airdrop. Traders must hold $PEPE in order to qualify, encouraging some in the community to not sell. However, the airdrop lands on June 2, and there could be a surge of $PEPE selling after that.
You loved PEPE learn so we’re launching a $PEPE airdrop.
— Robinhood Crypto EU (@RobinhoodCrypto) May 29, 2024
Sign up for an approved application and your account will be airdropped 500,000 #PEPE by us. Only valid starting today until June 2. See full terms for details.
Get started below. https://t.co/F0iFv5zOyY
The good news is that, unlike a lot of other meme coins, $PEPE has historically been able to establish new support after its rally and avoid dramatic price drops. The token appeared to consolidate in mid-May around a price of $0.000010. We think this could represent a new equilibrium price for $PEPE in the second half of June.
Could new meme coin PlayDoge be next to explode?
$PEPE traders who see the rally teetering could also be enticed to swap their tokens for an emerging meme coin, PlayDoge, that offers the possibility of even greater gains. PlayDoge just launched its ICO and has raised more than $600,000 within its first 72 hours.
Investors are bullish on PlayDoge thanks to its play-to-earn crypto game, which rewards users with $PLAY tokens for taking care of a virtual doge pet. The game resembles the 90s-era hit Tamagotchi, which sold more than 82 million units at its peak. With mobile apps for iOS and Android, PlayDoge could potentially reach hundreds of millions of users around the world.
In addition to being used for in-game transactions, including upgrades, the $PLAY token offers holders an opportunity for staking rewards. During the presale, early investors can earn 493% APY on their $PLAY tokens.
Traders and crypto analysts have already zeroed in on PlayDoge as the next explosive meme coin to watch. Jacob ‘Crypto’ Bury predicted to his 40,000 YouTube subscribers that $PLAY could rocket 10x or more after launch.
The PlayDoge presale is still in its first stage, but not for long. Traders who want to lock in the lowest possible price for $PLAY have less than a day to join the presale.
