An explosive ETF-fuelled rally by popular meme coin Pepe ($PEPE) appears to be rapidly losing momentum.
Pepe blew up 46% over the last seven days in a rally partly driven by news that the US SEC has approved exchange-traded funds (ETFs) for Ethereum ($ETH), the coin powering Pepe’s native blockchain.
Now, the momentum appears to be reversing quickly. An intraday loss of 4% has taken Pepe Coin’s price down to $0.00001605 as of this writing.
Pepe’s trading chart reflects a meme coin that traded in a fairly narrow range from late March to early May. This period resulted in relatively rigid crypto prices, as the market came down from early-to-mid March rallies that helped many cryptocurrencies to set new all-time highs, including market leader Bitcoin.
Source: TradingView
Throughout much of the aftermath, Pepe traded between $0.000005 and $0.00001, but two days before the US approval of Ethereum ETFs, the coin began to rally in anticipation of the news.
The SEC’s green light helped push the coin to set a new all-time high of $0.00001717 on May 27, however a falling relative strength index indicates a sell-off began on Sunday that has stabilized now.
In the short-to-mid term, Pepe Coin is unlikely to rally further.
Ethereum ETFs Pumped Pepe; Is Sealana Next?
Pepe Coin may be blowing up now, but for meme coin fans and investors, Ethereum is a bit road worn as a platform to launch meme coins. However, a new generation of meme coins on Solana are quickly hogging the limelight.
Names like DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT) all rose to become top ten meme coins within a year of launch.
Another new Solana meme coin pitched at stoners—Slothana ($SLOTH)—raised an eye-watering $15 million in a recent one-month crypto presale.
Solana’s Sealana ($SEAL) is the chain’s next slacker star. The all-American hillbilly seal has already raised over a $3.2 million over the last month in a hilarious new presale.
Unlike Pepe Coin, Sealana is an original meme created by its developers. It is a spin on South Park’s viral Gamer Guy, aka Fat Computer Nerd.
Gamer Guy first appeared in South Park’s World of Warcraft episode and, thanks to his milk-bottle glasses, screen-locked stare, messy room and gravity-defying girth, he has since become a symbol of excessive screen use, from keyboard warriors to couch (or desk) potatoes.
#Sealana ain’t slowing down anytime soon! With his companions he’s out here finishing what @realDonaldTrump started!
Send $SOL to clean out the swamp and make #Memecoins great again.
Once the swamp’s clear, it’s Lambos , Massive Gains and Freedom all the way!!!… pic.twitter.com/vFMEaRZWKW
— Sealana (@Sealana_Token) May 27, 2024
Sealana is Solana’s number one degen, beached at his desk and ballooning by the day as is roving flippers reach for the sustenance of chips and tinned tuna between filthy trades.
The Ethereum ETF developments that pumped Pepe Coin could also catalyse heightened Solana meme coin demand.
Builders on Solana often boast their network is the number one “Ethereum-killer” and now it’s doubly likely that a spot Solana ETF can pass US approval.
If a Solana meme coin gold rush begin, Sealana could finally be leaving mom’s basement like a true patriot gone lookin’ for the ‘Merican dream.
Follow the latest developments on Sealana’s X account.
Buy Sealana at the official website here.
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