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After a difficult third quarter, Pepe started the month of October in style, with an increase of 2.41% in the last 24 hours and more than 17% this week.
The project has been a source of controversy in recent weeks as some of its alleged former team members stole $15 million from the project’s multi-sig wallet. The event caused a massive sell-off to a low of $0.0000006125 in mid-September.
However, the price has continued to rise since then, currently trading at $0.0000008087, a 32% increase from its lowest levels. This has led to expectations of a recovery and possible break in the long-term downward trend, given improving market conditions.
Meanwhile, new P2E staking coin Meme Kombat is also showing bullish momentum during its presale, raising over $220,000 in its first week.
Pepe pumps as crypto market turns bullish and social engagement rises 106%
Despite this scandal, market sentiment around Pepe is brewing. The team recently announced that it had ousted those involved in the theft, boosting investor confidence and propelling the recent rally. Yet that’s not the only driving factor behind Pepe’s recent optimism.
According to LunarCrush data, Pepe’s Social Mentions are up 106% over the past month. This illustrates renewed interest in the project, with market participants likely returning in anticipation of the Bitcoin halving in 2024.
Additionally, Pepe recently rose to the top of CoinMarketCap’s trending list, illustrating the community’s growing interest.
Meanwhile, a report from Matrixport recently revealed that Bitcoin could reach $37,000 in October since the crypto market has historically performed well in the fourth quarter. Since then, the price of Bitcoin has climbed more than 3.5% in the last 24 hours.
The bullish sentiment surrounding Bitcoin could be one of the main reasons for Pepe’s recent success, since altcoins generally follow Bitcoin.
It also appears that whales are buying Pepe again, with the Crypto Analytics X account Lookonchain pointing out that two wallets recently purchased over $800,000 worth of Pepe. Although these are just a few purchases, they indicate the growing interest in the bear market phenomenon.
The Pepe price chart below shows that it recently crossed the 200-day EMA and closed above its local resistance level from early September. This is the first sign of a trend reversal, but a retest of its $0.0000006125 low is also possible.
Provided there are no more debacles like the one it faced last month, Pepe’s price will likely move in the same direction as Bitcoin’s in the months to come.
Currently, Bitcoin is at its highest price since August and continues to show strength. This is an extremely bullish factor for Pepe. That said, its upside potential remains limited due to its market capitalization of $300 million.
On the other hand, a new emerging project, Meme Kombat, is blowing up after launching just a few days ago. It is already popular with the community and has even been touted by some top crypto analysts.
Another Meme Coin to Watch: P2E Meme Kombat Token Raises $220,000 by Attracting Investors with 112% APY Stake
Kombat meme is a new Play-to-Earn meme coin allowing investors to bet on the outcomes of battles between infamous meme characters. The project is currently in pre-sale, having raised $220,000 in just over a week.
Since its launch, it has been a hot topic in the coin community, with investors and analysts attracted to its staking mechanism offering a 112% annual percentage yield (APY) and utility one of a kind.
Among others, a prominent YouTube analyst Michael Wrubel (with over 300,000 subscribers) covered the project, hinting that its value could explode after its stock market launch.
The benefits of the staking mechanism are twofold. First, it encourages community participation and engagement. But another advantage is that it significantly strengthens the dynamics of supply and demand.
In addition to removing a large portion of the $MK supply from the market, the staking mechanism will boost demand as investors seek lucrative staking rewards.
Users also need to stake tokens to bet on battles on the platform. Players can bet on many game modes, including player versus player and player versus game. The platform also offers a mode called Side Bet Action, in which users can bet on dynamic events, like the first move or specific outcomes .
Ultimately, its strong supply and demand mechanisms, combined with its unique use case and coin appeal, mean that $MK could explode after its IPO. However, with pre-sales quickly selling out, potential investors should act now or risk missing out.