Meme coins to watch: PEIPEI, WATER

Meme coins are broadly trading in the red on Friday but are still on track to post gains across the past 7 -days. The meme-coin market has been active since the start of the year, with new coins gaining interest quickly. According to CoinGecko, PEIPEI and WATER are among the meme coins trending today. Here, we take a look at these meme coins. 

PEIPEI 

In just over a month since its launch, PEIPEI has shown strong gains, establishing itself as a force to be reckoned with, even as the rest of the crypto market has experienced high levels of. 

Chinese PEPE, which has over 25,000 holders, has soared past $100 million in market capitalization, underscoring its appeal and resilience in an otherwise challenging market. 

PEIPEI 1-week chart (CoinGecko) 

PEIPEI’s growth metrics are impressive. The meme coin has surged 850% in the past 3-months and 66% this week alone. The strong growth points to a positive outlook for the meme coin as it continues to increase its market presence and cement its position. 

Trading volumes soared to $138 million, making PEIPEI the fifth most traded meme coin, overtaking FLOKI. The move comes despite the lack of any clear utility or use case for PEIPEI. Instead, speculation has been driving the rise in the coin, which means that the sustainability of the rally could be uncertain. But for now, momentum points to the coin being on a promising trajectory. 

Caution in the meme coin market and, more broadly, in the cryptocurrency market comes as Bitcoin continues to struggle below $60k. Factors such as concerns over supply from Mt Gox distributions and the German government’s ongoing liquidations of its Bitcoin holding have weighed on market sentiment, even as US stocks rose to record highs and US data supports the Federal Reserve cutting interest rates lower. 

WATER 

Another meme coin which has attracted plenty of attention this week, was WATER. The Solana meme coin jumped earlier in the week amid significant social media hype. The coin has received huge attention after endorsements on social media from high-profile football stars such as Messi and Ronaldinho. These endorsements played a crucial role in increasing the visibility of these coins, as well as their credibility.  Endorsement by such high-profile footballers, particularly when the Euro24 and Copa America are taking place, can help to attract a wider audience and contribute to its popularity. 

The community-driven excitement that WATER experienced following the Messi endorsement lifted the coin by 350%. Ronaldinho’s subsequent endorsement added to the traction and volume. However, the gains have proved to be short-lived.  

Despite briefly spiking higher earlier in the week, the WATER coin now trades down 37% over the past week. The wild fluctuations highlight the volatility that social hype and market sentiment bring. 

WATER 1-week chart (CoinGecko)