• PEPE surged 132% after its Binance listing on Friday, however it has since dropped by 50%.
• NFT artist Beeple’s new artwork featuring a giant Pepe eating Dogecoin sparked heated debate amongst crypto enthusiasts.
• Dogecoin is currently in a consolidation period, with bearish signals following, but still down less than rival coins SHIB and BABYDOGE.
PEPE Soars After Binance Listing
Newcomer memecoin PEPE soared 132% amid its Binance listing on Friday. However, things are not looking as easy for $PEPE now as the month-old memecoin plunged by 50%, leaving one recent investor down $500,000 according to Crypto Twitter. Currently, Pepe is changing hands at $0.00000228 with a 21% daily downturn according to CoinGecko and has already surpassed veteran projects like Chiliz (CHZ), Terra Luna Classic (LUNC) and Decentraland (MANA) by market cap in just three weeks since launch.
Beeple’s Artwork Sparks Heated Debate
The famous NFT artist Beeple took to Twitter to share his new work – a giant Pepe contentedly eating the Dogecoin mascot. The post-apocalyptic avant-garde art set off a fiery reaction from Crypto Twitter which was divided into two camps responding with their own AI-powered artwork. #Dogecoin Top 10 Crypto 🎤 pic.twitter.com/wvGNhy7v4I— TheÐogeGlory | ⬆️ (@GloryDoge) May 8, 2023
Memecoin Rivalry Gets Intense
The emergence of caecilian cryptocurrency Pepe (PEPE) alongside another popular memecoin Floki (FLOKI) caused an uproar in Crypto Twitter as both memecoins plunge while competing for attention and market capitalization.
More Setbacks For DOGE?
At press time, Dogecoin (DOGE) is in a consolidation phase trading at $0.074 according to CoinGecko while facing three bearish on-chain signals that could potentially cause further drops in the price of the leading canine coin.
Bitcoin Prices Drop Amid Market Turmoil
Bitcoin prices are declining across the board this morning resulting in market turmoil which affects all cryptocurrencies including DOGE, SHIB and PEPE causing additional losses for traders who invested heavily in these coins over the past few weeks..