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It's been a wild week in the world of meme coins. Over the past week, PepeCoin ($PEPE) soared more than 8,000%, then crashed sharply back to earth as the initial enthusiasm around this meme coin waned.
Meanwhile, $SPONGE exploded more than 3,000% just 72 hours after launching. $SPONGE has also lost ground since its peak, but it shows signs of consolidation as it readies for another pump.
To top it all off, Elon Musk, the meme king himself, made a joke about the meme frenzy that itself spawned a new meme token called NoMeme ($NOMEME). $NOMEME skyrocketed 700% within hours of launching.
$PEPE Down 55% from Peak - What's Next for This Meme Coin?
$PEPE was an instant sensation when it launched as one of the first meme coins not based on the shiba inu meme to break through in crypto circles. The token gained more than 8,000% from launch to peak, with most of that gain coming in the span of less than a week.
At its peak, $PEPE had a market cap of $1.63 billion and a 24-hour trading volume of $1.67 billion. The token listed on major exchanges like Binance, OKX, and Bybit.
Now, just five days later, $PEPE is down 55% and the price is tracking sideways at around $0.0000020. Trading volume has fallen to $480 million.
Still, the end of the pump isn't all bad news for $PEPE holders. The token is still up more than 1,600% from where it started and PepeCoin appears here to stay.
After such volatile price action, it's hard to predict what's next for $PEPE. It appears unlikely that the token will pump again in the absence of a major catalyst. The overwhelming rise of the coin means that virtually every crypto influencer who could tote $PEPE already has.
The consolidation pattern $PEPE is forming now most likely foreshadows a further decline in the token's price. PepeCoin has no utility, so there's nothing to support the value of this token once it moves out of the spotlight.
Some analysts suggest a near-term price prediction for $PEPE of $0.0000016. That coincides with a strong support level for the token. The next support level is at $0.0000009.
$NOMEME Explodes 700%, Pump May Just Be Getting Started
In response to this week's meme frenzy, Twitter CEO and meme extraordinaire Elon Musk tweeted a photo of a Milady Maker NFT with the caption "There is no meme. I love you."
Within an hour, someone had launched NoMeme token ($NOMEME) on Uniswap. Within a few more hours, $NOMEME had skyrocketed more than 700%.
The newest meme coin now has a market cap of $3.4 million and trading volume of $20.7 million according to DEXTools. The total locked liquidity is $1.8 million, more than half of the token's market cap.
Traders and crypto influencers are already pointing to $NOMEME as the next token to 10x. The market cap is still very small compared to $PEPE's $753 million market cap, suggesting it has room to run.
In addition, $NOMEME trading is currently limited to Uniswap. A centralized exchange listing could be a significant bullish catalyst for the token. While there have not yet been any listing announcements, it seems likely that several major exchanges will list $NOMEME given the massive trading volume meme coins are generating right now.
Another factor weighing in favor of $NOMEME is the involvement of Elon Musk. Musk has enormous stature in the world of meme coins and has been known to pump tokens he likes, most famously Dogecoin.
Musk inspired $NOMEME, so it's possible he could pump the token as it gains traction. A nod from Musk would very likely send traders piling into this meme coin.
Traders can buy $NOMEME on the token's website using a Uniswap embed.
$SPONGE Earns Six CEX Listings, Readies for Move Higher
Spongebob Squarepants-themed $SPONGE is less than a week old, but has already listed on six of the largest centralized exchanges in the world.
That's an impressive feat for a new token, especially considering PepeCoin took three weeks to list on a centralized exchange. $SPONGE is now available for trading on MEXC, Poloniex, Toobit, LBank, CoinW, and BTCEX. The project team has hinted that additional listings are on the way.
The listings came in response to the explosive returns $SPONGE delivered for traders. The coin gained more than 3,000% within 72 hours of listing on Uniswap. Trading volume soared to more than $115 million.
$SPONGE has since dropped 75% from its peak, but many savvy traders see this as an opportunity to buy the dip ahead of the next price pump. $SPONGE is seeing a consolidation pattern that could precede an explosive move higher. Trading volume, currently at $16 million, is also climbing again.
Regardless of what happens to $SPONGE in the short-term, this token has solidified its status as a major meme coin with staying power. The token now has more than 10,000 holders and a Telegram group with more than 17,000 members.
$SPONGE has also built a Twitter account with more than 38,000 followers. One of the people following $SPONGE is Matt Wallace, a meme coin influencer and friend of Elon Musk.
Musk himself hasn't weighed in on $SPONGE, although there are rumors swirling that he may have had a hand in creating this meme coin.
Traders and investors can buy $SPONGE through the token's website or on any of the exchanges where the token is listed.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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