The current regulatory environment in the US has elicited a broad range of responses, with various altcoins doing so. Meme currencies like PEPE are experiencing an amazing price increase right now, bucking the general market’s unfavourable tendencies. The spot price of the frog-themed currency is currently $0.000001124, up 15% over the previous 24 hours.
Cardano (ADA), The Sandbox (SAND), Solana (SOL), and Polygon (MATIC), which were classified as investment contracts or securities by the United States Securities and Exchange Commission (SEC), have all experienced a difficult period recently. PEPE looks to be one of the main winners of this period.
Investors seem to be more biassed towards meme coins that have been exempted by the SEC in its recent regulatory crackdowns because of the ambiguity surrounding these alternative cryptocurrencies. The revival of PEPE depends on its expanding fan base, which favours the meme coin above its two main competitors, Dogecoin (DOGE) and Shiba Inu (SHIB).
Even though Elon Musk promoted his preferred coin, DOGE, in a chat on Twitter yesterday, PEPE is still in the lead of the meme coin rise today, demonstrating a more natural interest in the commodity.
Is worst over for PEPE?
As the emotion and the enthusiasm around its introduction temporarily vanished, PEPE has been trading in a downturn during the last few weeks.
Although PEPE has lost more than 10% over the previous week, it looks that the worst is over and a new bullish price trend will be documented as a result of the restored interest in the meme currency.
Milady Meme Coin (LADYS), whose debut was connected to a tweet from Twitter CEO Elon Musk, has soared by 2.81% over the previous 24 hours, along with other meme currencies, which are also seeing uneven growth patterns. Shiba Inu’s price has just slightly decreased by 0.87% in the last 24 hours, whereas DOGE has increased by 1.87%.
