Pepe Price Outlook: Whales Accumulate as Volume Hits $2.7B — Can PEPE Overtake Dogecoin?

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

October 8, 2024

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The Pepe price has declined by 6% in the past 24 hours, sliding to $0.000009616 as the crypto market as a whole loses 1.5% today.

PEPE is also down by 15% in a week, yet the meme token is still up by 38% in a month and by 1,275% in a year.

This means PEPE is the best-performing top-50 coin of the past 12 months, with its 24-hour volume suggesting that it continues to attract plenty of demand.

And such demand may help it continue its climb up the market cap leaderboard, with Shiba Inu (SHIB) and Dogecoin (DOGE) now the only other meme tokens above it.

Pepe Price Outlook: Whales Accumulate as Volume Hits $2.7B — Can PEPE Overtake Dogecoin?

Despite the fall today, it’s encouraging to see that the Pepe price has bounced off the coin’s support level (green), suggesting that a recovery may be very close.

The token’s relative strength index (purple) would certain agree that a rebound should be on its way, given that it had entered an oversold position this morning.

On other hand, we may have to wait until PEPE’s 30-period average (orange) sinks below the 200-period average (blue) and bottoms before we see a sustained recovery.

Either way, PEPE’s market remains in good health overall, especially when it continues to command trading volumes in excess of $2.5 billion.

This is big for a meme token, with SHIB and DOGE seeing volumes today of $700,000 and $880,000, respectively.

This would indicate that PEPE is by far and away the most popular meme token in the market right now, and gives credibility to anyone who might claim that it will overtake the two coins above.

And PEPE is certainly popular among whales, with the past month witnessing a big buy of the coin on Bybit.

Its current momentum comes at a difficult period for the cryptocurrency market, which has responded negatively to the escalating conflict in the Middle East and the SEC’s appeal against Ripple.

Yet things may settle in the event that tensions between Israel and Iran do not worsen, leaving the market free to resume the growth it began last month.

In such a context, the Pepe price is likely to return to $0.000012 by the end of the month, and reach $0.000015 by the end of November.

New Presale Meme Tokens Bring Big Potential

For traders looking to diversify beyond top-100 tokens, there are numerous smaller cap coins in the market that look very promising right now.

One of the newest and most interesting is Flockerz (FLOCK), an ERC-20 token that has raised $500,000 after launching its presale a few weeks ago.

Flockerz is exciting because it’s the market first ever vote-to-earn token, rewarding its holders for participating in governance votes.

Every decision related to its governance and development will be go to its community, with participants receiving greater rewards the more they get involved.

This will incentivize considerable engagement with the project, while ownership is also likely to find a boost in the fact that holders will be able to stake it for a passive income.

Demand could therefore be high for FLOCK, which will have a max supply of 50 billion.

20% of this will go the presale, while 25% will go to governance rewards and another 25% to staking.

Investors can join Flockerz presale by going to its official website and connecting their wallets.

They can currently buy FLOCK at a price of $0.005724 per token, although this will rise again in just under two days.

It will rise multiple more times before the sale ends, so interested buyers should act quickly, especially if FLOCK ends up mooning when it lists.

Join FLOCK Now