Pepe Price Explodes As Altcoins Bounce Back, Which Meme Coins Are Next?

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The Pepe meme coin has made a strong recovery today on Wednesday after yesterday’s altcoin capitulation. 

The PEPE price is up by nearly 8% today, leading the altcoin recovery even as Bitcoin fails to display any considerable bullish strength. 

Pepe’s bounce-back reaffirms that meme coins would remain the top-performing asset class during this bull market. New meme tokens such as MAGA, Sealana and PeiPei are also in high demand amongst investors searching for 10x – 100x returns. 

Why is Pepe Price Rallying Today?

In line with the rest of the cryptocurrency market, the Pepe coin faced significant selling pressure, owing to the growing macroeconomic risks. 

Following the hawkish FOMC meeting last Wednesday, the PEPE price corrected by nearly 25%, trading as low as $0.000010 yesterday. 

However, the frog-themed meme coin survived 3 separate tests of the $0.00001 support level, printing a strong recovery after the final attempt. Pepe has rallied by nearly 8% since and is trading at $0.0000114 at press time with a market capitalization of $4.86 billion.

The Pepe coin has again benefitted from its strong correlation with Ethereum. Indeed, it has been acting as a leverage bet on ETH during this bull cycle. 

The meme coin exploded after the US Securities and Exchange Commission declined to recommend any enforcement action against Consensys as part of its ongoing investigation. This means that the SEC will no longer charge Consensys for violating the Securities Act for its sale of ETH. 

Industry insiders are viewing this as a major win for Ethereum and a possible indication that the SEC may altogether give up on its claims of ETH being a security. 

Unsurprisingly, the Ethereum price surged by 6% while Pepe – being a beta play on ETH – rallied by over 10%. 

Is a New All-Time High Next for Pepe?

Experts are backing Pepe to maintain its bullish trajectory over the coming days. For instance, UNKNOWN TRADER (@Learnernoearner) – a popular crypto analyst with over 53k X followers – has opened a long position on Pepe, with a final price target of $0.0000123. This would represent another 8% rally from the token’s current price. 

The Pepe coin’s weekly RSI has also declined back to the April lows, which could signal another impending push towards new highs. 

Furthermore, the Pepe/BTC trading pair is currently range-bound within a descending wedge. Experts believe that the pair may be poised for a bullish breakout, considering that BTC continues to show weakness while the altcoins are showing signs of a substantial recovery. 

Indeed, the spot Ethereum ETFs are expected to start trading on July 2nd, which could mark the start of the altcoin bull run. Owing to Pepe’s correlation with ETH, it could emerge as one of the top-performing cryptocurrencies in such a scenario and print a new all-time high. 

Which Meme Coins are Next to Explode?

While Dogecoin may be the largest meme token by size, Pepe has emerged as the market leader during this bull run. 

A bullish continuation in Pepe is bound to spark explosive price action in new meme coins. For instance, PeiPei – a meme coin dubbed as the Chinese Pepe – has already rallied by over 200% this month and is poised for a major upside move in the coming days. 

Investors who missed out on PeiPei are now eyeing Sealana, a new Solana meme coin that is currently in its presale and is set to launch by June end. With the Sealana presale coming to an end on June 25th, the FOMO surrounding the token is reaching a fever pitch.

$SEAL has already raised over $5 million in its presale and is being viewed by smart money traders as the next 100x meme coin. 

Similarly, investors believe that the MAGA meme coin – a relatively new token launched in support of Donald Trump – could see significant growth in the coming days, especially with the upcoming US presidential debate next week. The meme coin is already up by 15% today.

*Cryptonomist did not write the article or test the platform.