As Iran hits back at Israel’s aggression, Middle East tensions are sending a shockwave through meme coin markets, notably impacting the price of PEPE.
At the heart of the latest scare is a retaliatory move by the Iranian regime for the killing of Hezbollah Leader Hassan Nasrallah at his underground headquarters in Beirut.
Last night, the Iranian military launched more than 180 missiles into Israel and Palestine, sending global markets into a tailspin.
Imagine trying to hedge against war by selling #Bitcoin to buy paper gold that you can’t move anywhere in the event of actual war. https://t.co/KX6WDaBJiM
— Samson Mow (@Excellion) October 2, 2024
This panicked global markets, triggering a substantial $4,000 drop in Bitcoin’s price, knocking as much as $1bn off open interest.
Some have alleged that the FUD-fuelled move was manipulated by market makers seeking to punish an overleveraged ‘Uptober’ market.
But the picture is amplified, as ever, in the meme coin sector, which enjoys greater volatility than ‘blue chip’ coins such as BTC (evidently a double-edged sword).
How is Pepe (PEPE) Price Holding Up Against Red-Hot Middle East Tensions?
As Pepe struggles against an emerging rounded-top pattern on the hourly, PEPE is currently trading at a market price of $0.00000987 (representing a 24-hour change of +2.04%).
(PEPEUSDT)
This comes amid a surprisingly resilient price action, with PEPE defending support above the 20DMA at $0.00000938 despite the huge -12% drop fuelled by Middle East tensions.
With the 200DMA continuing its ascendance, further bullish confirmation comes from the RSI, which has cooled to a good signal at 58.45, and the MACD has a positive divergence at 0.0000007.
Beyond this, the PEPE price remains within a bullish pendant pattern, which bodes well for a return to upside movements when Bitcoin bounces.
Why Big Players Aren’t Panicking – Just Yet
Despite the widespread FUD across the crypto community on social media, big players aren’t panicking just yet – with overall confidence surprisingly resilient as Bitcoin continues to trade above $61k.
At the heart of this is the very same reason markets were bullish in the first place:
It’s been 165 days since the last halving event on April 20th, with Bitcoin miners under significant pressure due to the slashed rewards and increased difficulty.
Beyond this, contrary to the quick-fire sell-off, Bitcoin has a long-established reputation as a safe haven asset, with self-sovereignty at its core and a portable monetary-policy-free asset in your pocket.
Yet there’s also a broader feeling that the Middle East tensions are overblown, not least because both Iran and Israel lack the ability to project force in an expeditionary capacity over 1,000 miles away.
With that in mind, now is the perfect time for side-lined traders to take position in high-growth potential assets that could power-up 100x returns for your portfolio in 2024.
Pepe Unchained Is Analyst’s Pick For The Best Meme Coin to Buy in the Uptober Dip
As we look ahead to a recovery into Uptober, one of the most promising projects emerging in the summer market is Pepe Unchained.
But this project is so much more than a classic frog meme – this is about redoing the now legendary Pepe – but right.
What’s the problem with Pepe? The answer is simple: in an age of high-octane Solana markets – Ethereum is the old chain – it’s slow, it’s expensive, it’s clunky – it’s not cool.
Biggest Brain in the Game
pic.twitter.com/0XtVb3CnfB
— Pepe Unchained (@pepe_unchained) October 1, 2024
Yet, with PEPE originally launching as an ERC-20 token, this has stifled the development of a true PEPE ecosystem.
Luckily, PEPU is here to change the game – with the launch of a high-speed, low-cost layer-2 bespoke made for meme coin developers to expand on the original token.
Furthermore, as part of this layer-2 ecosystem Pepe Unchained will be launching its own DEX, block explorer, cross-chain bridge, and a huge new development fund offering builder’s grants (Frens with Benefits).
In this light, PEPU can be seen as PEPE 2.0 – the same original coin – but better.
So don’t miss out on this near $17M+ skyrocket presale.
Buy PEPU Here
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