DOGE and PEPE prices dip as meme coin ICO raises $25M in record time – crypto.news

Dogecoin (DOGE) and Pepe (PEPE) prices dip as Wall Street Pepe (WEPE) storms the stage with a record-breaking $25M presale.

Throughout 2024, crypto enthusiasts have been speculating and passionately debating about the meme coin supercycle and how long it could last. 

While many meme coins saw price growth as Bitcoin broke past $100,000, the likes of Dogecoin and Pepe have since dipped, with DOGE down 10% on the weekly chart and PEPE down 14%.

However, a brand-new meme coin – Wall Street Pepe (WEPE) – has raised $25m in a very short period. This is an incredible achievement that marks WEPE as one of the fastest-growing presales, a clear sign that the meme coin supercycle still has a lot of staying power.

DOGE progress stalls

From the chart below, DOGE bulls will be keeping an eye on DOGE’s ascending triangle. However, at this point, DOGE has spent over a week dipping towards the green diagonal trend line – and if the price breaks through it, traders and investors will turn their attention to the support levels below.

Two psychological price levels stand out due to high wicks emerging from a couple of past daily candles. These are $0.30 and $0.22 – and if the DOGE price falls to $0.22 from its current value, that will be a dip of approximately 44%. 

Even though we are in a bull market and the meme coin supercycle theory remains plausible, all market cycles involve dips and corrections as well as pumps and other bullish movements. So, although $0.30 might prove a sufficiently strong support level to enable a bounce and bullish continuation, $0.22 is a good level to look at for investors who want to buy DOGE at a heavy discount.

In the event of a dip, it’s likely to take some time – perhaps several weeks or a few months – before the DOGE price recovers and goes beyond $0.485.

PEPE hopping into trouble

PEPE followed Dogecoin’s pump with a delay of a couple of days. Since that time, PEPE traders and investors have shown a lot less confidence in this token’s ability to sustain its higher price – and this is reflected in the high degree of chop in the chart below, as well as a notable tendency for dips to form and activate very quickly.

Since DOGE dipped, PEPE has chopped with even more intensity, rather than falling too far down. Looking at Pepe’s trading volume, a much sharper drop-off in volume is seen over the last few days. This means that this intense chop is being driven by very little trading volume – which could be a sign of manipulation driven by algorithms and trading AIs.

Taking a bullish perspective, just like DOGE, PEPE is located within an ascending triangle. However, the trendline that forms the support level for that triangle is quite steep – and that generally indicates weaker support and a high likelihood of a large dip if the support level is broken.

From there, it’s quite a long way down (almost -35%) to the next strongest support level at $0.000015. Because of the high degree of recent chop, such a bearish move might take some time to reach its target – but it could easily get there before bouncing and moving into a new bullish phase.

Overall, DOGE and PEPE are currently showing significant weakness, with a strong possibility of large dips ahead.  

Fortunately, it’s not all doom and gloom for meme coin traders as a new presale project is showing huge potential.

Next 100x meme coin: Wall Street Pepe hits $25M in presale 

With so much potentially bearish uncertainty swirling through the crypto markets, projects that are achieving massive success under these conditions really stand out. Wall Street Pepe is one such project, and has already raised $25m in the first two weeks of its presale stage.

Wall Street Pepe was created to empower degens across the crypto space with the skills and tools they need to get ahead. From alpha calls to key trading insights and strategic advantages, the WEPE army is already one of the fastest-growing meme coin communities.

The token also offers staking – and can be staked during the presale stage, with current estimated rewards of 47% PA.

Over at 99Bitcoins, a crypto analyst has completed a deep dive into Wall Street Pepe, and found it to be incredibly promising:

Very few meme coins are designed to provide their community members with any utility at all – let alone actionable trading advice and the knowledge required to make money from crypto.

Another frog meme coin, Pepe Unchained, saw gains of over 600% after its launch last week following a $60M+ presale, and Wall Street Pepe could be set for similar gains.

For more information on WEPE, visit their website.