PEPE is stable but bullish, traders flow to Solana meme coins
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PepeCoin (PEPE) rallied in 2023, at one time commanding a market cap of $1.8 billion one month after listing on exchanges. But after a long consolidation period, is it finally time for PEPE to rise again?
Considering recent history, its greatest threat may be emerging Solana meme coins.
Analyst bullish On PEPE
FieryTrading on TradingView recently picked out a bullish “inverse head and shoulders” pattern on the PEPE price chart.
This might signal that the token is bottoming up.
PEPE is trading at $0.000000986, but the analyst expects the token to float to $0.0000044 in the long term.
Meanwhile, Ifiok-2sydes observes that PEPE has formed a bullish “cup and handle” pattern, which often precedes a bullish reversal.
According to the analyst, PEPE might climb to $0.00000309.
However, PEPE, being a token on Ethereum, depends on how ETH performs.
This is a concern considering the migration to Solana, a platform offering fast execution times and lower fees.
SOL is currently outperforming ETH as seen from the SOL/ETH price chart.
In recent weeks, Solana meme coins like Bonk, Dogwifhat, and Myro have been rallying.
As it is, Smog might continue rallying following its airdrop.
Smog surging after airdrop
Airdrops continue to drive activity on Solana.
Smog is up 186% as investors rush for its airdrop. For this reason, Smog now has a market cap of $43 million and could expand in the days ahead.
Per its website, Smog is the “one meme coin to rule them all.”
Smog sets its sights on “incinerating all his foes” with the “greatest airdrop of all time.”
35% of the 1.4 billion total supply is allocated to the airdrop.
50% is earmarked for marketing, 10% for CEX launches, and 5% for DEX liquidity.
Broken down into three phases, some of the key roadmap targets include 100,000 “chosen warriors,” social mastery, and burn opportunities.
The team announced the airdrop’s launch on Feb. 8.
Following this, SMOG prices spiked to its all-time high of $0.05639.
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