Is Pepe Coin Frenzy Over? Consider Doge and Shiba as Next PEPE

Pepe Coin, the memecoin which made a lot of early investors millionaires is now fading as the memecoin frenzy is getting shifted towards other new coins. 

Pepe the frog meme coin, which erupted onto the scene in mid-April and went on to acquire a market valuation of about $1.8 billion at its peak, is on the down. Because of its tremendous volatility, the excitement surrounding Pepecoin has waned in recent days. 

PEPE was last trading in the mid-$0.0000014s, down almost 70% from its all-time high price of $0.000005 earlier this month.

The crypto coin is threatening to break below major resistance in the $0.0000012-13 range, which could lead to a dip back to earlier this month's important support levels around $0.0000009 and $0.00000076. Let's see how Pepe coin will progress amid these new challenges.

Pepe Coin Price Analysis

At the press time, Pepe (PEPE) price is trading at $0.00000146, with a 24-hour trading volume of $134,125,487. This reflects a 1.16% gain in the previous 24 hours and a -3.72% decrease in the last seven days. Pepe has a market valuation of $616,023,623 and a circulation supply of 420 Trillion PEPE.

On the 4-Hour chart, the price action is making a declining pennant pattern. This pattern indicates that the prices will move downwards until the price touches the pattern's roof and make a way through it to establish a bull run.

The RSI is at 46 which is considered a neutral zone. However, the RSI line can be seen making an upward movement and probably could rise above 60. If so happens, Pepe Coin will surely see a green candle the next morning.

Source: TradingView

As new memecoins are launching with more rigid technical infrastructure along with utility, the memecoins which surged previously like PEPE, Wojak, etc. are all now felled to much lower values as investors came and made a profit and took an exit from the project. Amid this, the old players are back again. Dogecoin and Shiba Inu regain market capture.

Dogecoin Boosted After Musk's Interview in WSJ

Elon Musk, CEO of Tesla and proponent of Dogecoin, recently openly promoted Dogecoin once more. During The Wall Street Journal's CEO Council Summit on Tuesday, Musk publicly declared Dogecoin his favourite and applauded its sense of humour. He also stated that he is not advocating anyone to invest in cryptocurrency or place all of their bets on Dogecoin.

Despite this warning, Musk's sponsorship has sparked excitement among Dogecoin supporters. Taking advantage of the sudden attention, Dogecoin is attempting to reclaim centre stage.

Dogecoin (DOGE) is currently trading at $0.071063 with a 24-hour trading volume of $202,959,514. This indicates a 0.98% gain in the previous 24 hours and a -3.89% decrease in the last seven days. Dogecoin has a market valuation of $9,907,046,520 with a circulation supply of 140 billion DOGE.

Shiba Inu Making Headlines for Shibarium

The much-anticipated Shibarium debut of Shiba Inu [SHIB] may occur sooner than predicted. According to the most recent information, the launch could happen in the next months.

On May 24, LUCIE, a Twitter handle that broadcasts updates about the Shiba Inu ecosystem, tweeted about the Shibarium launch. The Shiba team is confident about the launch, according to the tweet, and has numerous teams working on it, including AI integration. 

The team's forecast is for 2023, and the emphasis is on long-term growth. Before the launch, testing processes and security audits are critical. The launch is expected to take place between the second and third quarters of 2022. Indeed, the likelihood of Shibarium releasing in August is considerable. 

This Tweet grabbed investor's attention and as a result, SHIB made a green uptick on the day. Shiba Inu (SHIB) traded at $0.00000857 with a 24-hour trading volume of $124,103,012. This indicates a -0.13% drop in the last 24 hours and a -1.74% drop in the previous 7 days. Shiba Inu has a market valuation of $5,050,577,923.

Conclusion

Dogecoin and Shiba Inu have clearly left their marks on the cryptocurrency industry. Their surprising meteoric ascent illustrates the volatile and dynamic nature of the crypto sector. While these meme currencies have created a lot of hype and attracted a lot of new investors, DogeMiyagi has quickly emerged as a dominant participant in the meme coin market, attracting the interest of both crypto enthusiasts and investors.