The Pepe (PEPE) price has been pulling lower since hitting fresh record highs earlier this week. Traders are wondering whether now might be the time to buy the recent dip, as PEPE has dropped 12% from its peak.
Pepe spiked up to new record highs above $0.000011 earlier this week following GameStop icon Roaring Kitty’s abrupt return.
The legendary retail investor was a leading figure in the 2021 meme stock rally.
And his return to X for the first time since 2021 on Monday injected momentum into meme stocks and meme coins.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
But the Pepe price has since dropped back to just over $0.00010.
Chart analysis suggests that it might be too soon to buy into PEPE’s latest pullback. Here’s why.
Pepe Price Prediction – Time to Buy the Dip?
Despite the latest pullback, the Pepe bulls are still in control of the market.
The meme coin continues to trade well above its major short-term moving averages, which have acted as support.
Pepe also broke out of an ascending triangle structure earlier this week.
Traders looking to go long might want to wait for the Pepe price to retest the upper bounds of this ascending triangle before placing their bets.
Indeed, $0.00000920 will likely offer very strong support for the price.
The Pepe price could rebound strongly from this key support level. Source: TradingView
Pepe’s market cap of just under $4.3 billion suggests that there is plenty of room left for the meme coin to run higher in this bull market as it grows in popularity.
Pepe bulls will hope the meme coin can one day rival Dogecoin (DOGE) and Shiba Inu (SHIB).
These top meme coins have respective $21.9 billion and $14.6 billion.
Dogecoin’s official Twitter has 3.9 million followers, and Shiba Inu has 3.8 million.
By contrast, Pepe has 650,000 followers, so it still lags by some distance in terms of popularity.
average memecoin doomer pic.twitter.com/5ft3GBGJl8
— Pepe (@pepecoineth) May 17, 2024
Crypto Alternative to Consider – Mega Dice (DICE)
Pepe has a lot of upside potential, but few would expect it to 10x or more.
Investors looking to make bigger profits in the 20-50x region should consider the often-overlooked investment strategy of presale investing.
Upstart Web3 projects often sell their tokens at a discount to early investors.
If presale investors can find high-potential projects, they can book huge profits.
One presale project that analysts at Cryptonews are a big fan of is the new GambleFi ICO Mega Dice Casino.
Mega Dice is a crypto casino that recently launched a presale of its utility token, DICE.
The casino already has over 10,000 active monthly players and over $50 million wagered monthly, which ensures that demand for DICE will be strong.
Indeed, strong demand is already evident in the success of the presale, which recently exceeded $1 million.
$DICE presale has raised $1 MILLION!
This #MillionDollarMilestone brings us closer to revolutionizing GameFi. What’s coming next?
Next tier price: 0.075
Next presale target: $2M
We’re implementing multiple tiered price increases, so make sure to secure your $DICE… pic.twitter.com/MDfn5lVhju
— Mega Dice Casino (@megadice) May 15, 2024
At $0.075 per token, DICE has a $30 million market cap. That’s relatively low, considering the real-world adoption Mega Dice’s platform is already garnering.
Mega Dice is already a market leader in GambleFi. As the sector grows, its coin could one day be worth over billions of dollars. DICE could easily be a 50-100x coin.
Check Out Mega Dice Casino’s Presale
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