Pepe Price Tanks: Can This $4 Million Solana Upstart Revive The Market?

Pepe Coin Suffers Heavy Losses, While Sealana Emerges as a Rising Star

Amongst the eight largest meme coins by market cap, Solana-based Pepe ($PEPE) has experienced the most significant intraday price decline. At press time, the token has lost 4.4% overnight, trading at $0.00001178.

Pepe Price Chart | Source: Coinstats

Over the past seven days, Pepe's price has dropped by approximately 17%, outpacing the losses of sector leader Dogecoin ($DOGE), which fell 1.6% overnight and 11.3% weekly, currently trading at $0.1416.

The broader meme coin market has faced a market-wide downturn, with even Bitcoin ($BTC) losing 1% overnight. BTC's intraweek losses reach about 6%, with the asset trading around $66,935 on Friday afternoon UTC.

Despite a strong rally to an all-time high of $0.00001717 on May 27th, Pepe has encountered resistance, driving the token down by 30%. However, it has largely maintained its gains.

Pepe's falling relative strength index (RSI) of 32 approaches the oversold threshold of 30. This suggests the price correction post-all-time high might continue, although Pepe's performance over the past week indicates strong support at its current level.

Investors Shift Focus to Next Viral Crypto: Sealana

Amidst Pepe's price decline, analysts question its potential for further growth. Emerging Solana meme coins have gained significant traction, such as DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME), and Popcat ($POPCAT), quickly entering the top ten by market cap within a year of launch.

Sealana ($SEAL) has emerged as a strong contender, raising over $4 million since its presale launch two months ago. This semi-aquatic character pays homage to "Gamer Guy" from South Park's World of Warcraft episode and has struck a chord with investors.

As the Solana meme coin surge continues, Sealana has the potential to challenge Pepe's dominance. Investors have until June 25th to participate in the presale at a fixed price of $0.022. With potential returns of over 20,000%, Sealana is attracting investors seeking high-yield opportunities.

Disclaimer: This article does not constitute investment advice. Conduct independent research and consult with qualified professionals before making any investment decisions.