Crypto Whales Buy Pepe As GameStop Stock Rises, This New Meme Coin Also In High Demand

GameStop Frenzy Sparks Surge in Meme Coin Purchases

The recent surge in GameStop stock has ignited significant buying pressure on meme coins.

Whale Withdraws Billions in Pepe Tokens

Data from Lookonchain shows that a whale withdrew 202.4 billion Pepe tokens from Binance. This withdrawal, worth $3.07 million, initially pushed the PEPE price up by 10%.

Pepe Price Fluctuates Amidst Bitcoin Weakness

Despite its initial surge, PEPE has faced temporary resistance due to weakness in Bitcoin. The price has settled at around $0.0000148.

Market Cap Declines After All-Time High

According to CoinGecko, Pepe's market capitalization has dropped to $6.4 billion, marking a 12% decline from its previous all-time high of $7.1 billion.

Analysts Predict New All-Time High for Pepe

Despite the dip, experts predict that PEPE is positioned for a new all-time high. Its price action has broken a descending trend line, and a flip above its monthly open of $0.0000154 could trigger a bullish rally.

New Meme Coin PlayDoge Gains Traction

Another meme coin, PlayDoge, has emerged and has raised over $1.5 million in its ICO. Its unique play-to-earn game allows players to care for virtual Doge pets and earn crypto rewards.

GameStop's Impact on Meme Coins

The ongoing GameStop rally has a strong correlation with meme coin prices. As GameStop is a meme stock, it influences investor sentiment towards similar assets.

PlayDoge's Potential for Growth

Experts believe that PlayDoge has significant upside potential. It combines the popularity of Doge with nostalgia for Tamagotchi and offers additional gaming and earning opportunities. Analysts predict that it could deliver up to 100x returns after launch.

Disclaimer: This article is provided for informational purposes only and should not be taken as financial advice. Consult with a qualified financial advisor before making any investment decisions.