Pepe Holders Abandon Ship for Exciting New Solana ICO, Pursuing 1000% Profits
Tim Hakki
Last updated:
May 28, 2024 12:54 EDT
|
2 min read
The explosive surge in the value of the popular meme coin Pepe ($PEPE) appears to be losing steam at a rapid pace. Over the past seven days, Pepe experienced a staggering 46% increase, partly fueled by the news of the approval of exchange-traded funds (ETFs) for Ethereum ($ETH), the cryptocurrency that powers Pepe’s native blockchain. However, the momentum seems to be reversing quickly, with a 4% intraday loss pushing Pepe’s price down to $0.00001605 at the time of writing.
Pepe’s trading chart depicts a meme coin that traded within a relatively narrow range from late March to early May. During this period, crypto prices remained relatively stable after the market cooled down from the rallies in early-to-mid March that propelled several cryptocurrencies, including the market leader Bitcoin, to new all-time highs.
Source: TradingView
For the most part, Pepe traded between $0.000005 and $0.00001 during this time. However, two days before the approval of Ethereum ETFs in the US, the coin began to rally in anticipation of the news. The SEC’s green light pushed Pepe to reach a new all-time high of $0.00001717 on May 27. Nevertheless, a declining relative strength index indicates that a sell-off began on Sunday, which has now stabilized.
In the short-to-mid term, it is unlikely that Pepe Coin will experience further rallies.
Ethereum ETFs Pushed Pepe’s Rise; Is Solana the Next Big Thing?
While Pepe Coin may be making waves now, Ethereum has become a somewhat exhausted platform for launching meme coins. However, a new generation of meme coins on Solana is quickly stealing the spotlight.
Coins like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME), and Popcat ($POPCAT) all rose to become top ten meme coins within a year of their launch. Another new Solana meme coin targeted at stoners, Slothana ($SLOTH), recently raised an astounding $15 million in a one-month crypto presale.
Solana’s upcoming star is Sealana ($SEAL). This all-American hillbilly seal has already raised over $3.2 million in a hilarious presale campaign over the past month.
Unlike Pepe Coin, Sealana is an original meme created by its developers. It is a spin on South Park’s viral Gamer Guy, also known as Fat Computer Nerd. Gamer Guy first appeared in South Park’s World of Warcraft episode and has since become a symbol of excessive screen use, from keyboard warriors to couch (or desk) potatoes, thanks to his milk-bottle glasses, screen-locked stare, messy room, and gravity-defying girth.
Sealana is Solana’s number one degenerate, stuck at his desk and growing larger every day as he reaches for chips and tinned tuna between filthy trades.
The Ethereum ETF developments that fueled Pepe Coin’s rise could also generate increased demand for Solana meme coins. Builders on Solana often boast that their network is the number one “Ethereum-killer,” and now it is even more likely that a Solana ETF will receive approval in the US.
If a gold rush for Solana meme coins begins, Sealana could finally leave his mom’s basement and embark on a true American dream adventure.
Stay updated on the latest developments by following Sealana’s X account.
Buy Sealana at the official website here.
Follow Us on Google News
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. You could potentially lose all of your capital.
