Pepe (PEPE), the popular cryptocurrency inspired by the Pepe the Frog meme, has lost more than half of its value since the year started as meme coins as this category continues to face multiple headwinds.
The past 30 days have not been kind to PEPE either, as the token has accumulated losses of 46.2%.
Politicians’ endorsement of meme coins like Official Trump (TRUMP) and Melania Meme Coin (MELANIA) may have had a counterintuitive impact on the entire sector.
Meme coins were born as internet jokes and they are considered a parody of how the financial markets work as these assets, many of which have no practical use case or produce cash flows, now be ranked right next to the most valuable company stocks in the world in terms of market value.
Using them to take advantage of a public figure’s influence is actually against the ethos of the entire category, and this could deter classic investors from participating in the sector until the dust settles.
In the case of LIBRA, over $4 billion in market value evaporated in just a few hours, leaving thousands of investors holding thousands of worthless coins. Meanwhile, TRUMP’s market cap is down nearly 80% from its peak of $15 billion back when the President was about to be sworn in.
PEPE is Down 10% Today – Can it Recover?
The price of PEPE’s peers including Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) are also falling sharply by 6.3%, 5.8%, and 10.9% respectively in the past day.
Meanwhile, the combined market cap of meme coins has dropped by 6.8% during this period and currently sits at $67 billion.
In the past 24 hours, PEPE’s value is down 9.9% as well as the collapse of LIBRA, a token promoted by the President of Argentina, Javier Milei, ended up affecting the reputation of other assets in this space.
The latest downtrend has pushed PEPE out of a falling wedge formation that has not yet resulted in the expected price spike that typically follows this kind of pattern.
However, momentum indicators continue to favor a bullish outcome as the Relative Strength Index (RSI) broke above the signal line while the MACD’s histogram shows that positive momentum is steadily rising.
For now, the price action is still not showing concrete signs that a trend reversal is unfolding. That confirmation would come if PEPE rises above the $0.0000108 level as that would result in a move above the token’s post-breakout high.
Although the OG Pepe has not performed as expected, this Pepe-inspired AI agent token called MIND of Pepe ($MIND) is attracting significant interest from investors as reflected by the success of its presale event.
MIND of Pepe ($MIND) Raises Over $6.5M to Launch the Most Powerful AI Agent that X Has Seen
MIND of Pepe ($MIND) leverages the success of AI agent tokens like AIXBT and CGPT to launch what could be the best crypto ICO of the year.
The success of its presale event is a testimony of investors’ interest in the project as MIND of Pepe has raised $6.5 million in just 35 days.
The AI agent is designed to build a large following on X by interacting with influential public figures and discussing topics related to the meme coin space.
Once it has solidified its reputation, the agent will have the ability to launch new meme coins that capture the public’s interest. $MIND investors will get exclusive early access to these opportunities and will position themselves favorably to reap the highest returns.
At its discounted price of $0.003454, $MIND offers significant upside potential to early buyers who understand its potential while the token is still flying below most investors’ radar.
To buy $MIND, visit the official website of MIND of Pepe and connect your wallet. You can get updates about the project’s progress by downloading the Best Wallet app.
The presale price will increase in 7 hours to compensate the most loyal supporters. You can buy $MIND by swapping USDT, ETH, or BNB or by using a bank card.
