TLDR
Game Fox (GFOX) is a new meme coin launched in April with web3 gaming feature
PEPE and Floki Inu (FLOKI) face price declines as the broader meme sector slows down.
GFOX’s successful fundraising and utility might potentially be interesting for investors
Meme coins, once internet jokes, have grown into serious contenders in the crypto market. However, the meme coin market has had big shifts this month. Two top players, PEPE and Floki Inu (FLOKI), have seen their prices decline.
At the same time, a newcomer named Galaxy Fox (GFOX) is a new player in town.
Galaxy Fox’s approach is poised to potentially redefine the meme coin sector. But, how, you must wonder?
PEPE, the frog, and Floki, which draws inspiration from Elon Musk’s Shiba Inu, have both declined in value. In contrast to these established meme coins facing difficulties, Galaxy Fox is just stepping into the spotlight.
Meme Coin Price Action
As of the latest data from CoinGecko, the meme coin Pepe is valued at $0.00001211. Over the past day, Pepe’s price fell by 10.08%.
This decline extends to around 16% when we look at the last 6 days data.
Despite the price drop, Pepe has maintained trading activity, with a daily volume reaching $1,027,712,575.54.
Similarly, FLOKI was trading at $0.0002116 at press time. FLOKI has not been immune to market pressures, witnessing an 8.32% plunge. The weekly picture for FLOKI appears even more challenging, with a striking 32.40% depreciation. Nevertheless, FLOKI continues to see a high daily trading volume of $548,102,172.47.
However, considering their large market caps (both in multiple billions), high trading volume is expected, even with “red” price action.
Pepe Price Analysis
We’ve taken a look at Pepe’s technical indicators, which revealed a complex market situation. The PEPE chart shows the price hovering near $0.000011203, dropping from a daily high of $0.000013348.
The Bollinger Bands indicate that the Pepe price is approaching the lower band around $0.000004164, suggesting a potential oversold condition.
Despite the recent downturn, Pepe maintains its position above the 200-day Exponential Moving Average of $0.000008604, hinting at a potential bullish surge in the long-run trend.
However, for the shorter period, bearish signals are evident. The Moving Average Convergence Divergence sits in negative territory at 0.00000456,…