The meme coin market is showing signs of cooling off, with Pepe dropping 8% after posting a new record high.
Meanwhile, the early-stage meme project Wall Street Pepe continues to gain traction - with its presale passing the $3 million milestone over the weekend.
PEPE pulls back from new record high despite strong trading volumes
PEPE has retreated from its all-time high of $0.000027 reached just hours ago.
This pullback has brought PEPE down to $0.000025, erasing the past day’s gains and returning the token to Sunday morning’s level.
However, despite the dip, trading activity remains strong.
PEPE currently ranks as the eighth most traded cryptocurrency globally and the second most traded meme coin, with spot trading volume hitting $6.8 billion in the past 24 hours.
The sustained trading interest is also reflected in the derivatives market, where open interest is above $187 million.
Popular crypto trader Plazma remains optimistic about PEPE, even after the coin’s drop.
He tweeted that this could just be the start of PEPE’s run, pointing out that it appears to be holding support at its previous all-time high.
Plazma believes this sets PEPE up for another leg higher.
Meme coin market cools off after weekend rally
The entire meme coin market is taking a breather after Saturday’s rally.
Almost all coins have experienced a pullback, with Dogecoin and Shiba Inu both down around 9% from their weekend highs, settling at $0.43 and $17.87 respectively.
These dips haven’t been limited to the top two meme coins – DogWifHat, Bonk, and Brett have all seen similar price drops as traders lock in profits.
This trend has seen the overall meme coin sector shed 2.5% of its value in the past 24 hours.
Spot trading volumes have also contracted by 25%.
The meme coin sector’s pullback appears to be taking cues from Bitcoin’s struggles to maintain ground above $100,000, with the OG cryptocurrency currently hovering around $98,500.
However, market sentiment remains positive.
The Crypto Fear & Greed Index is still above 70, indicating “Extreme Greed.”
Meanwhile, influential trader TheoTrader maintains that these price dips are perfectly normal, predicting a strong Christmas rally.
Wall Street Pepe raises $3m in presale as trading tools draw attention
While most meme coins cool off, Wall Street Pepe continues to draw attention in its presale phase – crossing the $3 million funding milestone.
The project offers a fresh take on the iconic Pepe the Frog meme and has been seeing strong interest despite the broader market dip.
Currently, WEPE tokens are available in presale for $0.000206.
Prospective investors can buy in using crypto (e.g., ETH, USDT, BNB) or a bank card.
Wepe army just smashed through $3M. Big green energy. Bigger green bags. 🐸⚔️ pic.twitter.com/f4id36erfJ
— Wall Street Pepe (@WEPEToken) December 9, 2024
Those who decide to invest early can also stake their WEPE - with annual yields estimated at 167%.
Since going live, over 4.7 billion tokens have been locked up in the project’s staking protocol.
Most of the interest in Wall Street Pepe is down to its utility-focused ecosystem.
This ecosystem offers a suite of trading tools for everyday crypto investors.
The centerpiece is Wall Street Pepe’s private insider group, where traders can share market insights and collaborate on strategies.
https://youtu.be/_Cxf8xu0J2g?si=J6hjtiACySfJtj3P
Crypto YouTuber ClayBro believes this group could free up access to trading intelligence typically reserved for larger players.
Wall Street Pepe’s ecosystem will also include real-time market signals and actionable trading tips, helping smaller investors navigate the market effectively.
With the “WEPE Army” growing on Twitter, this setup appears to be attracting attention from retail investors.
Many are monitoring Wall Street Pepe as the team builds its trading-focused ecosystem.