DEXTools’ Top Trending Cryptocurrencies – Pepe, Peapods, CRESO

adminDecember 17, 2023

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This week, a shift in investor sentiment sparked a trend favoring alternative cryptocurrencies, commonly known as altcoins. This has occurred as the spotlight has shifted away from major cryptocurrencies. This market behavior, called “capital rotation,” is familiar in the cryptocurrency world and has historically fueled gains for major altcoins.

Layer 1 blockchains, the foundation of various cryptocurrencies, have experienced notable gains amid this capital cycle. Cardano (ADA), Avalanche (AVAX), and Algorand (ALGO) were the beneficiaries, posting gains of 15%, 33%, and 11%, respectively, over the period, according to data analyzed by S&P Global Market Intelligence.

Bitcoin maintains its position as the leading cryptocurrency, but a temporary decline in interest has led to increased interest in these alternative digital assets.

Currently, the global cryptocurrency market capitalization is $1.6 trillion, down slightly by 0.32% from the previous day. At the same time, the total trading volume in the cryptocurrency sector over the past 24 hours decreased by 14.11% to $59.06 billion. Of this volume, the decentralized finance (DeFi) sector accounts for $8.08 billion, or 13.68% of the overall cryptocurrency market 24-hour volume. Stablecoins continue to dominate, contributing $52.92 billion, accounting for 89.61% of the total cryptocurrency market daily trading volume.

DEXTools’ most popular cryptocurrency coins

Bitcoin’s market dominance is now at 51.69%, down a slight 0.21% over the day. This decline represents a temporary retreat in Bitcoin’s influence compared to surging interest in alternative cryptocurrencies amid continued capital circulation.

1. Pepper (PEPE)

Pepe (PEPE) is currently gaining popularity as one of the most popular cryptocurrencies on DEXTools. The past three weeks have demonstrated remarkable resilience and commendable market performance. Despite the significant decline, PEPE has shown a consistently bullish trend on the long-term price chart.

Other analyzes have highlighted compelling reasons supporting PEPE’s long-term rally potential. However, some on-chain indicators raise doubts about the strength of the bullish trend.

Certain price levels on the daily price chart have played a pivotal role in PEPE’s recent movements. The $0.00000014 area, marked as a bearish order block since mid-August and highlighted by a turquoise box, has significant implications. Additionally, the $0.00000148 level has maintained its significance since July.

PEPE price chart

This month, PEPE broke above this resistance zone thanks to intense buying pressure, as evidenced by the volume bars. The price then went back to test this area again, which served as a support zone. This successful bounce reaffirmed the conversion of the bearish order block into a bullish block at $0.00000148.

The 50% and 61.8% Fibonacci retracement levels (light yellow) have been tested and defended so far. Combined with a bullish block, this scenario indicates the likelihood that PEPE will continue its upward trajectory.

Looking at on-chain indicators, PEPE supply on exchanges has decreased relative to total trading volume since the end of October. This trend indicates that market participants have been hoarding PEPE instead of moving it to centralized exchanges for selling purposes.

🐸🎄🎅🏼🎁🐸🎄🎅🏼🎁🐸🎄🎅🏼🎁
𝗜𝗧’𝗦 𝗧𝗛𝗔𝗧 𝗧𝗜𝗠𝗘 𝗢𝗙 𝗧𝗛𝗘 𝗬𝗘𝗔𝗥.
We’re excited to spread the holiday spirit. $PEPE An art competition with friends from the RarePepe community of artists and collectors @pepe__wtf
The 500 artists whose works were selected are… pic.twitter.com/f9HlgEi5ig
— Pepe (@pepecoineth) December 13, 2023

Conversely, the average coin age shows a downward trend, suggesting significant movement in PEPE between addresses, indicating imminent selling pressure.

Despite experiencing sporadic spikes in recent weeks, social volumes have failed to reflect an upward trend along with prices. Moreover, the Market Value to Realized Value (MVRV) ratio is noticeably positive, suggesting that PEPE may be overvalued. This situation may lead holders to consider liquidating some of their holdings to leverage profits.

These mixed on-chain indicators provide a nuanced view of PEPE’s market dynamics, which represents a tug-of-war between bullish and bearish sentiments among investors and traders.

2. Creso (CRE)

The value of Creso (CRE) has also surged, up 4.56% in the last 24 hours. This represents an increase of 1.60% over the past seven days. According to DEXTools, it has a market capitalization of $39.49 million and the token is actively traded on decentralized and centralized exchanges. Among these exchanges, Uniswap V2 (Ethereum) stands out as an excellent platform for CRE trading, with the CRE/WETH trading pair reflecting significant activity. This impressive activity presents Creso as one of the most trending cryptocurrencies on the market.

CRE price chart

Known as the next generation of smart wallets, Creso leverages ERC-4337 technology to introduce a variety of pioneering features aimed at simplifying and securing user experience within the Web3 realm. Hassle-free login via popular social media accounts like Google, Twitter or Apple is included, eliminating the need for complicated mnemonic phrases. The wallet also streamlines transaction gas fees, ensuring a smooth process by managing fees across a variety of tokens or facilitating support for applications.

Another notable aspect of Creso is its focus on security and recovery. Users can conveniently secure their wallet through a familiar login, can add multiple guardians for added security, and provide social backup options in case their account is lost. Additionally, the wallet integrates two-factor authentication (2FA) to enhance security measures within Zonan Wallet.

I pray that everyone in the cryptocurrency industry is not severely affected by cryptocurrencies. @ledger exploit If anything, times like these solidify the need for change in the web3 security space.
Creso aims to challenge the currently failing safety measures with upgraded technologies such as social rehabilitation.
— Creso (@cresowallet) December 14, 2023

Creso’s innovation focuses on user-centricity and prioritizing accessibility and security within an ever-evolving decentralized ecosystem. Creso aims to differentiate itself as a versatile and secure smart wallet solution in the competitive cryptocurrency landscape by offering user-friendly features and strong security measures.

3. Peas (PEAS)

Peapods, a newly minted cryptocurrency introduced to the Binance network, debuted on popular exchanges such as PancakeSwap, ParaSwap, and 1Inch (BSC). The token’s current value is $0.0000000000000000000001070 and its market capitalization is $1. This rapidly growing market cap signals promising traction within the cryptocurrency space.

PEAS price chart

The PEAS token has gained notable traction across decentralized exchanges (DEXs) and centralized exchanges (CEXs). In the last 24 hours, the token recorded 12 transactions, with a cumulative trading volume of $13,080. Meanwhile, the total supply of tokens initially reached a massive figure of 420.69 trillion tokens, a significant portion of which was burned.

Although it is a newly released token, you could potentially encounter beginner’s luck. With most new cryptocurrency assets hitting the moon these days, investors should pay equal attention to PEAS as it is well on its way to becoming a top cryptocurrency.

DEXTools’ most popular cryptocurrency coins

Amid a surge in product launches within the gaming-focused memecoin niche, the WSM token has surged 27% since November 21. Currently valued at $0.02422, this price rise is expected to continue rising due to news of ongoing buybacks and project repercussions. Within the burgeoning meme coins and gambling sector.

WSM price chart

While recent market surges have garnered attention, with Pepe surging 2,400% since its launch in April, based on CoinMarketCap data, utility-rich tokens like WSM make a compelling case. Analysts suggest that WSM could generate significant returns at its current entry price, perhaps reaching 10 times its valuation.

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Read here ➡️ https://t.co/kigY0Jrv2I pic.twitter.com/DBdNBMXljN
— Wall Street Memes (@wallstmemes) December 15, 2023

As the anticipated altcoin season begins and the cryptocurrency market environment gradually unwinds, astute traders and investors are looking beyond temporary viral trends to assets that offer real business models.

Visit Wall Street Memes.