Popular meme coin PEPE has mooned 53.7% in the last 24 hours to hit $0.053315 as of this writing, according to data by CoinGecko.
More impressive still, the token has added almost 200% to its price since last weekend. It rallied 50% in 24 hours just yesterday, too.
This explosive price action has carried PEPE just 20% short of its former all-time high (ATH) of $0.054307, set on May 5, 2023.
The meme coin’s stats are huge right across the board today. Its 24-hour trading volume currently stands at over $1.8 billion, which is around double yesterday’s volume.
It’s also about $500 million more than it’s current market cap of just under $1.4 billion.
A glance at the trading chart shows that PEPE is a little overbought right now. Its Relative Strength Index (RSI) is a few points over 70. The market considers assets “overbought” above this threshold.
Similarly, the meme coin, which is driven primarily by viral appeal like typical meme stock, and not by underlying utility, is currently trading at prices about 30% higher than its 30-day moving average.
Taken together, these metrics indicate that a cooling off period is due soon.
Less Volatile Meme Alternatives To Pepe
For anyone who has been watching the space long enough, PEPE’s rallies are like a throwback to crypto’s halcyon days, when faddish excitement over tokens would drive eye-popping return.
Thankfully, those days are largely behind us.
PEPE’s blistering run is anchored by the fact that crypto is, broadly speaking, doing very well. Market leader Bitcoin is trading above $59k, while its closest contender Ethereum changes hands at above $3,300 having both mostly risen throughout the last month.
Both posted 24-hour gains of 5% an 2.6% respectively. This range is roughly what crypto holders have come to expect from a good day.
One meme coin that is tracking the market very well is SPONGE. SPONGE added 2.1% in the last 24 hours and currently trades at $0.001467.
Sometimes you just need to shut up and absorb the damp 🧽💦$SPONGE #Crypto #Staking #Bullish pic.twitter.com/iTehifHMZj
— $SPONGE (@spongeoneth) February 26, 2024
SPONGE’s more conventional price performance than PEPE is down to the fact that it’s not just a meme coin. It can be considered a safer and more conventional alternative to PEPE because it serves as the native token to an ecosystem with utility.
SPONGE recently upgraded to V2. Alongside the token’s migration from Ethereum’s layer 1 to Polygon’s layer 2, the team also introduced a couple of key improvements, including a new staking model that offers a minimum yield of 40% APY.
This yield is currently sitting at just under 1,000%. This figure varies according to the number of stakers and tokens locked up.
SPONGE V2 also powers an upcoming P2E racing game, which will let players compete against each other and earn SPONGE rewards.
Interested?
Soak Up Some Sponge On The Website
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.