Pepe surged by a solid 10% today, marking a robust recovery following weeks of persistent selling pressure. Simultaneously, the newly introduced meme token, Base Dawgz, is also on the rise as its presale approaches $2 million in funding.
The surge in Pepe’s price came after the SEC announced the cessation of its investigation into Ethereum, triggering a rally in Ethereum ecosystem tokens. Pepe, known as a cornerstone meme coin in this ecosystem, saw a notable 10% increase in value, attracting significant investor interest.
Consensys, a prominent Ethereum development firm, disclosed the SEC’s decision, stating, “The SEC’s Enforcement Division has informed us of closing their Ethereum 2.0 investigation.” This decision implies that Ethereum transactions will not face securities charges, a development hailed as a major victory by industry participants and technology providers.
Market relief was palpable following recent bearish trends, with altcoins now showing signs of recovery. While the overall crypto market cap rose by 0.7%, the Ethereum ecosystem market cap surged by 2.99%, according to CoinMarketCap data.
Pepe emerged as a standout performer today, reclaiming the $0.0000112 threshold. Despite a 10% decline for the week, it managed to recover approximately 50% of its weekly losses within just 24 hours. Analysts, including Jameson, are optimistic, noting Pepe’s current trading position above crucial support levels, suggesting a potential uptrend continuation.
Meanwhile, Davie Satoshi highlighted Pepe’s oversold conditions based on its Relative Strength Indicator (RSI) on the daily timeframe, historically preceding significant price rallies and new all-time highs (ATH). Expectations are high for a similar outcome this time around.
With Ethereum’s regulatory clarity established and Pepe’s bullish signals evident, prospects for continued growth appear favorable. Similarly, Base Dawgz, leveraging a multi-chain strategy encompassing Ethereum, Solana, BSC, Avalanche, and others, is gaining traction during its presale phase, having already raised over $1.5 million.
Base Dawgz stands out with innovative features like a refer-and-earn program offering 10% commissions and plans for a staking mechanism, indicating strong community-building and long-term viability. Investors are advised to act promptly as the presale progresses, potentially influencing its price dynamics positively.
In conclusion, amidst evolving market dynamics, both Pepe and Base Dawgz present compelling opportunities within the crypto landscape, driven by distinct strategies and promising outlooks for future growth.