Popular meme coin Pepe ($PEPE) is rebounding today, after some adverse overnight price action, adding 5% to its price overnight to change hands at $0.00001259 while 24-hour trading volume hit $1.5 billion.
This balances out a 5% dip in the early hours of the morning UTC.
Altogether, many Pepe holders are in profit, with those who have held the token for a week being up 5%. Pepe’s price is about 37% more than it was a fortnight ago, about 18% more than it was thirty days ago, and a staggering 822% more valuable than it was this time last year.
This means the frog-based meme coin that was inspired by the Max Furie webcomic character of the same name is currently outdoing the world’s biggest meme coin, Dogecoin ($DOGE).
$DOGE rallied only 0.7% over the week, and while its seven-day gains of 7.7% are larger than Pepe’s over the period, Dogecoin’s 14-day (23%), 30-day (14%) and 365-day (77%) are markedly lower than Pepe’s.
Pepe Price Analysis
In spite of today’s small rally, Pepe is still stuck in a trough relative to its price over the last three months.
At its current price it is within spitting distance of hitting a recent stubborn resistance level of $0.000013, as indicated by the red line below.
Source: TradingViewHowever, Pepe pulled back 27% over the last two months from an all-time high of $0.00001717 set on May 27. Whether Pepe can reach that price level again will depend on a favorable news cycle.
Many are hoping the possibility of the Federal Reserve reducing interest rates soon, the success of yesterday’s spot Ethereum ETF launches, and the likelihood of pro-crypto Republican Presidential candidate Donald Trump’s reelection in November will all have a positive catalytic effect across the market.
Pepe’s Volatility Sends Traders To Mega Dice
Pepe’s price is notoriously hard to predict as it has no underlying utility. Investors who want to support smaller crypto projects are better off looking into the native utility tokens underlying crypto’s emerging GambleFi sector.
One such token, Mega Dice ($DICE), has raked in $1.66 million so far in its ongoing presale.
Mega Dice launched last year as the world’s first licensed crypto casino accessible through the popular messaging app Telegram and has since attracted 50,000 players.
Then others followed suit and launched iGaming bots on Telegram, most notably TG Casino.
Mega Dice’s new $DICE turbocharges the online casino’s services to a whole new level. As the platform’s native utility token, players can use $DICE to fund games and receive payment, with some games requiring it.
Haven’t bought $DICE yet? Follow the link below to buy in a few easy steps – not convinced, view our reasons below
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Current Price: 1 $DICE = $0.0825
Here’s why $DICE is set to become the leading GameFi token, outpacing all… pic.twitter.com/wI2jy30ntr
— Mega Dice Casino (@megadice) June 28, 2024
$DICE is also integrated into the casino’s loyalty program, offering more generous rewards and exclusive competitions and experiences to users. It’s the only GambleFi coin that distributes a share of profits to its users on a daily basis through its novel staking system.
The casino’s buyback and burn program reduces the supply, increasing scarcity and helping stabilize value better than the unpredictable price swings of meme coins like Pepe.
In sum, $DICE is on a roll. Given the multiple ways investors can put their DICE to work, it’s obvious why GambleFi investors are stacking Mega Dice.
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The post PEPE Price Rebounds with 5% Surge as $1.2 Billion Flows In – Find Out Where Traders Are Moving Their Money Next appeared first on Cryptonews.
