Pepe has staged a robust recovery of 10% today, breaking free from weeks of persistent selling pressure. Concurrently, the newly launched meme token, Base Dawgz, is also seeing gains, nearing a presale total of $2 million.
Pepe’s surge follows the SEC’s decision to drop its investigation into Ethereum, which has sparked a rally across tokens within the Ethereum ecosystem. Particularly, Pepe, hailed as the premier meme token in the ecosystem, has soared by 10%, drawing considerable attention.
Consensys, an Ethereum development firm, disclosed the SEC’s move to halt its investigation into Ethereum 2.0, stating, “The SEC’s Enforcement Division has informed us of its decision to close the investigation into Ethereum.” They further clarified, “This means no charges will be filed alleging that ETH sales constitute securities transactions.” This development is celebrated as a significant victory by developers, tech providers, and industry players alike.
The market sentiment has turned positive following a bearish phase last week, with altcoin prices showing signs of revival. While the total crypto market cap has increased by 0.7%, the Ethereum ecosystem’s market cap has surged by 2.99%, as per CoinMarketCap data.
Despite a challenging week where Pepe’s price dropped by 10%, it has managed to reclaim the $0.0000112 mark, recovering nearly 50% of its losses within the past 24 hours. Analysts are optimistic about Pepe’s outlook, with Jameson highlighting its resilience above a crucial support level. He predicts a potential uptrend continuation if this level holds.
Meanwhile, market commentator Davie Satoshi notes that Pepe’s Relative Strength Index (RSI) indicates oversold conditions on the daily timeframe. Historically, such instances have preceded new all-time highs for Pepe, leading Davie to anticipate a similar outcome this time.
With Ethereum’s regulatory uncertainty resolved and Pepe demonstrating promising technical indicators, the stage seems set for sustained growth. Similarly, Base Dawgz, leveraging a multi-chain approach including Ethereum, Solana, BSC, and Avalanche but excluding Bitcoin, has garnered significant attention during its presale phase, surpassing $1.5 million raised.
Base Dawgz stands out due to its versatile market presence and innovative features like a referral program offering 10% commissions during presale referrals. This mechanism not only enhances community engagement but also bolsters the token’s market appeal. Additionally, plans for a staking mechanism could further strengthen $DAWGZ’s supply-demand dynamics and enhance its long-term viability.
Investors eyeing Base Dawgz should act swiftly, as the presale price is expected to escalate with the campaign’s progression.
