Doge and its meme-inspired counterparts have welcomed a new member to their ranks – a frog, specifically Matt Furie’s Pepe the Frog. The coin, Pepe (PEPE), is a recent arrival, making its debut on April 18, 2023. Moreover, the excitement around Arbitrum’s ARB token hasn’t faded, as the token recently attracted a resurgence of investor interest, soaring past key price levels despite the market downturn. Consequently, investors are left speculating whether the performance of both Pepe token and ARB can help rekindle a bullish atmosphere in the market.
A New Hype In The Crypto Market
The Arbitrum and Pepe tokens have been sparking considerable excitement among investors as they have demonstrated remarkable growth in just a few days. However, such rapid price surges also carry the risk of potential collapses, so it’s crucial for investors to keep a close eye on the shifting price levels.
Pepe Price Analysis
Recent statistics reveal that PEPE has skyrocketed more than 400% from its all-time low on the day it commenced trading. Remarkably, just two days later, on April 20, PEPE’s market valuation had peaked at an impressive $165 million.
As of writing, Pepe token’s price trades at $0.0000002133, declining over 22% in the last 24 hours. The Pepe token has displayed intense volatility recently after falling from its high of $0.00000144, which is worrying meme investors. In addition, this particular activity has sparked concerns about the potential manipulation of the token’s price.
It is advised to avoid this token for investment as cautionary warnings have been issued by both coinmarketcap.com and Web3 security startup Gopluslabs. These warnings highlight that the contract owner may possess the power to alter the transaction tax and blacklist function, raising concerns amongst investors.
Arbitrum (ARB) Price Analysis
Though the Arbitrum token is showing signs of improvement as it has recently achieved a significant milestone by completing 200 million transactions, the ARB token’s price is failing to meet its expectations. Analysing the 4-hour price chart, the ARB token is attempting to surge above its 23.6% Fib level as bears pushed its price below the EMA-20 trend line. ARB token has formed support near $1.27, and bulls will gain confidence if Arbitrum tests that support level.
As of writing, ARB price trades at $1.31, with a minor uptick of 0.13% in the last 24 hours. The RSI-14 trend line has reached its bottom level of the selling region and is currently trading at 37, which signifies an upward correction for the token. If ARB breaks above its immediate resistance at $1.35, it may surge higher and try to break the resistance at $1.41.
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Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
The crypto markets have been in a bearish situation, recently, and the prices of many major digital currencies have been sliding sharply. However, some investors are hoping that the introduction of two new tokens, Arbitrum and Pepe, could help turn around the bearish sentiment in the crypto markets.
Arbitrum is a decentralized smart contract platform that allows for fast, privacy-protected, and secure execution of Ethereum transactions. The platform leverages the Ethereum Virtual Machine (EVM) and supports multiple public chains and sidechains. On the other hand, Pepe is a decentralized marketplace for virtual trading cards. Pepe is built upon the same principles as Non-Fungible Tokens (NFTs).
The introduction of these two tokens has sparked a lot of interest among traders and investors. Many believe that the introduction of Arbitrum and Pepe could give the crypto market the much-needed impetus to turn bullish. With the launch of these two tokens, investors are monitoring their prices closely to gauge the potential effects of their introduction.
The price of ARB has been rising steadily since its launch and many investors are hopeful that it will provide a strong bull run. Conversely, the price of Pepe token has remained relatively stable, but many investors are optimistic that it has the potential to appreciate over time as the platform develops.
Overall, the sentiment appears to be positive with many analysts anticipating that the introduction of these two tokens will lead to a positive sentiment in the crypto markets. The next level for the prices of ARB and Pepe tokens will likely be dictated by the market sentiment and their respective performances. For now, the focus is on how these tokens fare in the near to medium-term and their ability to draw new investors into the crypto markets.