The cryptocurrency market experienced significant volatility over the past week. One notable development was the rise of meme coins, with PEPE coin reaching a market cap of $500 million, almost doubling its value. This surge was influenced by events such as a large token burn by the PEPE team and a shift in market focus from Bitcoin Spot ETFs.
However, as the excitement faded, PEPE and other meme coins like Dogecoin and Shiba Inu saw sharp declines. With Bitcoin regaining its status as a trusted store of value amid geopolitical tensions, many are wondering what the future holds for meme coins like PEPE. Factors driving the surge in meme coins include PEPE’s token burn and Elon Musk’s announcement about incorporating Dogecoin as a payment option on his platform. While meme coins outperformed industry giants like Bitcoin and Ether in the past week, they experienced a sell-off as the market adjusted.
Bitcoin, on the other hand, saw a resurgence in price due to geopolitical unrest. Currently, PEPE has a market cap of $506 million and is priced at $0.00000112. Its immediate resistance levels are at $0.000001371, $0.000001594, and $0.000001792, while support levels are at $0.000000905, $0.000000764, and $0.000000602. The overall trend for PEPE is bullish, and it may soon test the resistance at $0.00000137. It’s important to note that cryptocurrency investments are high-risk, and this article should not be taken as investment advice.