Pepe has experienced a robust recovery of 10% today after enduring weeks of continuous selling pressure. Simultaneously, the newly introduced meme cryptocurrency, Base Dawgz, is also gaining traction as its presale approaches the $2 million mark.
The surge in Pepe’s price coincided with the SEC’s announcement to drop its investigation into Ethereum, resulting in a bullish sentiment across the Ethereum ecosystem. Pepe, known as the premier meme coin in this ecosystem, saw a significant 10% increase in value, drawing considerable investor interest.
Consensys, a prominent Ethereum developer, confirmed the SEC’s decision to cease its investigation into Ethereum 2.0. This move is hailed as a major victory by industry participants and technology providers, removing uncertainty and boosting market confidence.
Following a bearish trend in recent weeks, altcoin prices have shown signs of revival. The total crypto market cap rose by 0.7%, while the Ethereum ecosystem’s market cap increased by 2.99%, according to CoinMarketCap data.
Despite broader market movements, Pepe stood out today by reclaiming the $0.0000112 mark, marking a notable recovery. Although it remains down by 10% for the week, it has managed to recoup nearly half of its losses in the past 24 hours.
Analysts are optimistic about Pepe’s future, with predictions of a potential uptrend continuation if current support levels hold. Analyst Jameson highlighted the coin’s resilience above critical support, suggesting the possibility of new all-time highs in the near term.
Davie Satoshi, a popular commentator, pointed out that Pepe’s Relative Strength Indicator (RSI) indicates oversold conditions on the daily chart. Historically, such instances have preceded significant price rallies, prompting Davie to anticipate a similar outcome this time.
With regulatory concerns settled for Ethereum and Pepe showing promising technical signals, the conditions appear favorable for continued growth. Meanwhile, Base Dawgz, a newly launched meme coin, is gaining attention during its presale phase, having raised over $1.5 million.
Base Dawgz distinguishes itself by utilizing a multi-chain approach, operating on popular blockchain networks like Ethereum, Solana, BSC, and Avalanche, excluding Bitcoin. This strategy enhances its accessibility and potential for growth across different market conditions.
The project also features a refer-and-earn mechanism that incentivizes users with 10% commissions for referrals during the presale. Plans for a staking mechanism, with 20% of the token’s supply allocated for rewards, further strengthen Base Dawgz’s long-term sustainability and attractiveness to investors.
As the presale continues, analysts are optimistic about Base Dawgz’s prospects, positioning it favorably among the emerging meme coins in the market.