The crypto market continues to batter Pepe ($PEPE), with the token’s price down over 10% in the past week and closing lower for five straight days.
$PEPE holders have watched their investments continue to sink, with no sign of a reversal in the meme coin’s negative momentum.
However, new meme coin entrant Cowabunga Coin ($COWABUNGA) has shown impressive early momentum during its ongoing presale – offering a glimmer of hope for meme coin investors.
No End in Sight for $PEPE’s Downward Spiral
At the time of writing, the $PEPE price hovers around $0.00000115 and has fallen over 10% over the past seven days.
The token’s price has been on a sharp downtrend since mid-July, following a rejection of the resistance zone at $0.00000188.
Since that rejection, $PEPE has dropped by over 37% – and the token is now trading 73% below May’s all-time high.
$PEPE is trading well below the 20-day and 50-day Exponential Moving Averages (EMAs), a sign that bears are firmly in control.
Additionally, CoinMarketCap data reveals that only $58.1 million worth of $PEPE was traded in the past 24 hours – a far cry from what it was just one month ago.
Finally, analytics from Etherscan.io show that the number of unique buyers/sellers has stagnated in the past month, indicative of weakening interest and participation from crypto investors.
$PEPE Falls Victim to Post-Hype Sell-Off
Unfortunately, for $PEPE holders, there isn’t a specific catalyst for the token’s demise.
Like many successful meme coins, $PEPE has suffered from a significant sell-off following its previous bullish momentum.
Without any major developments or new use cases to reignite interest, $PEPE has been unable to recover and continues to drift lower.
Adding to the bearish momentum is the fact that sentiment in the wider crypto market has taken a hit recently.
The Crypto Fear & Greed Index, commonly used as a barometer for overall market sentiment, has fallen to 49 – indicating investors are “Neutral.”
For context, the index was at 58 this time last month, indicating that “Greed” prevailed.
This deterioration in market-wide sentiment has contributed to heavy selling pressure across many cryptocurrencies, especially meme coins.
Until market optimism returns, it could be difficult for $PEPE to regain momentum, hinting that holders may be in for further pain.
Cowabunga Coin Channels Nostalgia to Produce Early Presale Momentum – Could it be the Next Pepe?
While more established meme coins like $PEPE continue to struggle, several newly launched projects are garnering attention, one example being Cowabunga coin.
Cowabunga Coin ($COWABUNGA) is a brand-new meme coin project that seeks to offer a radical new crypto experience inspired by the beloved Teenage Mutant Ninja Turtles franchise.
True to its TMNT roots, $COWABUNGA’s team seeks to build an energetic community united by nostalgia.
Cowabunga Coin’s tokenomics distribution references characters from the Teenage Mutant Ninja Turtles franchise, with allocations for presale, liquidity, community rewards, exchange listings, and partnerships.
Cowabunga Coin’s unique design has helped the presale gain impressive early momentum, raising over $23,000 as of August 7.
Contributing to the momentum is discounted pricing for early investors – $COWABUNGA tokens are currently priced at $0.000357, expected to be below the eventual DEX listing price.
As outlined in the project’s whitepaper, the developers have laid a clear roadmap highlighting their long-term commitment to the project.
This roadmap outlines plans to boost trading volumes, secure major exchange listings, and execute an aggressive marketing strategy to increase publicity for $COWABUNGA.
According to cryptocurrency analyst Jacob Bury, Cowabunga Coin has “10x potential” for gains based on his recent video analysis of the project.
All in all, the coin’s unique tokenomics and branding have generated substantial hype, meaning $COWABUNGA has the potential to gain popularity among the vibrant meme coin investor community.
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