The GameStop frenzy is creating strong buying pressure on meme coins.
On-chain analysis platform Lookonchain reveals that a whale withdrew 202.4 billion Pepe tokens - worth $3.07 million - from Binance.
A fresh wallet withdrew 202.4B $PEPE($3.07M) from #Binance just now.https://t.co/hOcfYYMXPB pic.twitter.com/Nff6UlW5C2
— Lookonchain (@lookonchain) June 3, 2024
The PEPE price initially surged 10% from yesterday’s low and traded as high as $0.0000155. However, weakness in Bitcoin has resulted in a temporary pull back to $0.0000148.
Data from CoinGecko reveals that the Pepe market capitalization currently stands at $6.4 billion, down 12% from its all-time high valuation of $7.1 billion.
Despite the latest drop in its price, experts believe that the Pepe coin is now set for a new all-time high.
$PEPE is ready for a new ATH imo! 👀 pic.twitter.com/lkB1ncpWtN
— $SHIB KNIGHT (@army_shiba) June 3, 2024
Meanwhile, a new meme coin PlayDoge is also garnering significant attention, having already raised over $1.5 million in its ICO.
Why The Ongoing GameStop Rally Could Result In A New Pepe All-Time High?
Popular GameStop traded Roaring Kitty resurfaced on social media, sparking another GME bull run.
Keith Gill - known as DeepFuckingValue on Reddit - posted his GameStop holdings in the Superstonk subreddit. The trader claimed to be holding $116 million worth of GME common shares and $65 million worth of call options.
Notably, the aforementioned valuation of his positions was before the GameStop stock price rallied by 22% today on Monday.
Considering that GameStop is a meme stock, it stands to reason why meme coin prices show strong correlation with it. Indeed, the Dogecoin price started going parabolic after the GME stock price peaked in 2021.
However, Doge is no longer the leading meme coin in this bull cycle, despite having the largest market capitalization in the asset class. Pepe has been the top-performing meme coin over the past few weeks, a trend that experts believe will continue over the next few months.
Popular crypto analyst Ameba reveals that Pepe has breached its descending trend line today on Monday. If the meme coin manages to flip its monthly open of $0.0000154, a new all-time high would be imminent.
$PEPEBroke TL; reclaim MO and it would look good for a leg higher. pic.twitter.com/L1CF25prp6
— Ameba (@Ameba_NM) June 3, 2024
Another analyst Plazma reveals that PEPE’s 4-hour price chart is looking incredibly bullish.
Even as Pepe appears poised for new all-time highs, investors continue to eye new meme coins such as PlayDoge in hopes for 10x - 100x returns.
PlayDoge Raises $1.5 Million In ICO - Is It The Next Big Meme Coin?
The new play-to-earn meme coin PlayDoge continues its strong performance in its presale. In a span of a week, $PLAY has now raised over $1.5 million in its ICO.
The strong demand signals that PlayDoge’s strategy of combining Doge’s popularity with the nostalgia of Tamagotchi is working.
Indeed, the PlayDoge game allows players to own their own virtual Doge pets, similar to Tamagotchi. However, instead of purchasing a pocket toy, players will be able to engage with their pets through a smartphone application.
More importantly, gamers will have an added benefit of earning free crypto. By completing a series of classic, 2-D style games, they will earn lucrative $PLAY rewards and experience points. Players with the most XP will also earn additional bonuses.
Presale buyers will also have the option to stake their $PLAY holdings. According to the PlayDoge staking dashboard, stakers are currently receiving an APY of over 200%.
Experts have been quick to recognize $PLAY’s upside potential. Meme coins with additional GameFi utility typically end up being major hits, with Floki as an excellent example of this trend.
Consequently, analysts such as Crypto Boy back PlayDoge to potentially deliver up to 100x returns after its launch.
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