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.