Pepe is back on top of the ‘Hot Cryptos’ list – even outstripping Bitcoin.
The recent token burn worth 6.9 trillion Pepe coins fuelled the price to rocket. The fact that it paralleled the crypto bull market expedited the price action.
The frog-themed meme coin has recorded a 102.55% price jump over the last seven days with a 24-hour trading volume of $412 million. Bitcoin Minetrix and Meme Kombat, on the other hand, are predicted to pump next.
What you'll learn 👉
Does Pepe Have More Steam?
To understand whether Pepe can sustain the momentum, we must first examine the factors behind the recent price action.
The key element that fuelled the meteoric price action of Pepe is the token burn that reduced the number of tokens held by the team to 3.79 trillion. The action addresses concerns about multi-sig wallet holdings that have been plaguing the token for a while now.
At the heart of it, Pepe is a meme coin that prefers to stay true to its nature. As per the website, it is a useless, purposeless cryptocurrency built for entertainment purposes only.
The roadmap is a reflection of Pepe’s pure speculative nature.
Daring? Yes. Did it help Pepe attain unprecedented traction from the meme coin community this year? Yes.
But is it going to be enough? No.
It goes without saying that an asset can’t stay relevant in the long run without any robust technology or use case supporting its value. Pepe is just one of the participants in the overcrowded meme coin space. It may have managed to top the crowd with its popular theme and adventurous goal of remaining useless.
Pepe 1-year price action, 27 Oct 2023, CoinMarketCap
But as more meme coins with interesting themes arrive, Pepe must take the backseat. Long-term investors may hold on to the token hoping for a price reversal, but it will be hard for it to find new investors amid the competition.
After all, meme coins are a fleeting trend. And Pepe has done little to differentiate itself from the crowd.
Is it Too Late to Buy Pepe?
No. Investors can still take advantage of Pepe’s volatile movements from time to time.
That said, the token will descend the charts soon as the social momentum around the token burn sustains. A price correction is imminent. With no roadmap milestones lying ahead of the token, it will have a hard time grabbing the spotlight again.
The recent token burn is an appealing by-product of a problem that needs more looking into. Not a development or expansion milestone.
As a result, Pepe’s market relevance in 2024 and beyond remains obscure.
Investors Are Diversifying
If the crypto market has taught anything in the last two years, it is to diversify. It is never a good idea to hold onto just one token – especially if it has a high market cap.
A portfolio of promising cryptocurrencies across different niches is the key to maintaining a profitable portfolio even amid market catastrophes.
A healthy portfolio requires both young and mature cryptocurrencies to beat the market. To give you a better perspective, despite all the media noise, the fact remains that Bitcoin has managed to jump just 18.70% in the last seven days and 63.97% over the year.
Bitcoin 1-year price action, 27 Oct 2023, CoinMarketCap
The $664.32 billion market cap of the crypto captain renders it largely saturated.
Even in the wildly optimistic scenario of BTC touching $50K this year, the returns amount to just 30%. That’s an excellent deal when compared to bank FDs and mutual funds.
But it’s not enough when we factor in the notorious volatility of the crypto market. Investing in a concentrated Bitcoin portfolio made sense a decade back when it was selling for a few dollars.
In the current market conditions, we need younger cryptocurrencies to mitigate unexpected losses and earn attractive returns.
Here are two promising crypto investments with low entry points now.
1. Bitcoin Minetrix
“One Bitcoin mined in 2013 appreciated 27,300% in 10 years. Bitcoin Minetrix provides hassle-free BTC mining for the next 10 years. Buy $BTCMTX today for as little as $0.011.”
The caption briefly explains the concept behind the project. To elaborate, Bitcoin Minetrix is a new cloud mining project where you can stake $BTCMTX tokens to earn BTC mining credits. It makes BTC mining accessible to retail investors through an easy, beginner-friendly, and passive mechanism.
The resurgence of BTC has strengthened the traffic to the Bitcoin Minetrix presale this week. It is past the $2.4 million milestone already, hinting at a rapid sell-out in a few days.
2. Meme Kombat
If you’re looking for an alternative for your saturated meme coins, the utility-driven Meme Kombat ($MK) is a good choice. Powered by AI and GambleFi, Meme Kombat is an arena for AI-generated meme battles.
The doxxed project led by Matt Whiteman offers passive staking rewards with 112% APY for early investors. Meme Kombat Season 1 is set to go live soon after the presale, fueling the initial price action which can take the token 20X to 30X up the charts.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com