As tensions escalate in the Middle East, particularly following Iran’s response to Israel’s actions, meme coin markets are feeling the impact, with PEPE’s price notably affected.
The situation intensified after the Iranian regime retaliated for the killing of Hezbollah Leader Hassan Nasrallah in Beirut, launching over 180 missiles into Israel and Palestine, which sent global markets into turmoil.
This caused Bitcoin’s price to plummet by $4,000, wiping out as much as $1 billion in open interest. Some suggest this was a manipulated move by market makers to hit an overleveraged market. The meme coin sector, known for its volatility, is particularly amplified in this scenario.
As for PEPE, it is currently trading at $0.00000987, maintaining resilience with a 24-hour change of +2.04%. Despite a significant -12% drop due to Middle East tensions, PEPE is defending support above the 20DMA. The 200DMA’s continued rise, a favorable RSI, and a positive MACD divergence indicate potential bullish movements.
Amidst the fear, large investors remain calm, with Bitcoin still trading above $61k. Key reasons include Bitcoin’s reputation as a safe haven and the belief that Middle Eastern tensions might be exaggerated due to both Iran and Israel’s limited ability to project force over great distances.
Looking ahead, Pepe Unchained emerges as a promising project, offering a high-speed, low-cost layer-2 solution for meme coin developers. With plans for a DEX, block explorer, and development fund, Pepe Unchained aims to expand on the original PEPE token’s ecosystem.
Twitter: Imagine trying to hedge against war by selling #Bitcoin to buy paper gold that can’t be moved in an actual war scenario. – Samson Mow, October 2, 2024
Biggest Brain in the Game 🧠 – Pepe Unchained, October 1, 2024
