Its been an eventful month for meme coins. From Pepe launching in April to Spongebob pumping 1000% within 24 hours of launch at the beginning of May, traders are constantly seeking the next meme coin to explode.
However, many meme coins have taken a nose dive in recent days. Does this mean meme coin season is over, or is this a pullback before the next rally?
Recently, a new meme coin has captured the crypto community’s attention. The coin is called “Copium” and aims to connect those “coping” with meme coin season regrets. Many traders missed opportunities, bought the top, or got the rug pulled, and Copium aims to make light of this through humor and community.
That said, the $PSYOP token has received bad press recently, which has shifted the narrative against meme coins.
So the question is, can Copium prevail and restart the meme coin bull run?
Copium Price History
Copium’s presale offered a 1 billion token supply, with 300 million sold during the presale. After its launch on Uniswap in May 2023, it experienced an impressive 1000% surge within the first three hours. The current $COPIUM price is $0.00001499.
Its all-time high was in May 2023, worth $0.005161. Over time, the price has significantly dropped, starting in mid-2023 and continuing until now. After the steep fall, the price remains relatively low and volatile, fluctuating slightly but staying under 0.001 for most of the second half of 2023.
Throughout early 2024, the price shows a period of near-stability, remaining flat with minimal movement. By the mid-point of 2024, the price remains consistently low, with no major spikes or increases visible.
The current one-hour candle shows signs of bullish momentum. If it breaks the line, the next step will be creating a higher high, at which point an uptrend will be confirmed.
Crypto analyst Jacob Bury recently issued a video about Copium, claiming it could 100X.
Despite the coin already climbing 900%, its recent sell of means it has room to grow 195% to reclaim its ATH. Considering the coin is just two days old, it will likely have another leg up, propelling it to its ATH or higher.
Looking at the chart below, we can see Pepe faced a similar sell-off after its initial ATH, losing over 50% of its value.
What Is Causing Traders’ Hype Surrounding the Copium Token?
It seems there are two main factors affecting the Copium token. With meme coin season slowing down, traders are searching for the next meme coin to explode. With Pepe still up over 2,700% from its launch and other meme coins up over 1,000%, many traders are seeking to snowball their gains.
Secondly, and most importantly, the Copium team have created a project that the crypto community can resonate with deeply. From the coin’s core philosophy to its website, social media posts and influencer collaborations, Copium has executed its marketing strategy perfectly.
The Copium Twitter account has gained 17.8K followers and has already had numerous memes go viral with over 5K likes. To put this into perspective, even Dogecoin rarely receives that level of Twitter engagement.
Moreover, Copium started with a private sale which released 30% of its tokens to 200 high-profile influencers like DeeZee and FaZe Banks. The private sale aimed to foster project ambassadors to help the project grow.
Each private sale member had a maximum purchase amount of 1 ETH to ensure the project was a fair launch.
It is likely the incorporation of influencers into the project, combined with the team’s other marketing efforts, caused the hype the project has experienced so far.
Copium Price Prediction – Could $COPIUM Be the Next Meme Coin to Explode?
Although it is difficult to predict whether Copium will surpass its ATH, its recent bullish momentum tells us it could be ready to break its downtrend and begin climbing. If this occurs, we could see Copium reclaim its ATH of $0.0163
When it reaches that level, it remains to be seen whether the ATH will act as resistance or whether Copium will easily surpass it. However, with 2,330 holders in two days and over 17.8K Twitter followers, it seems traders are using the current low prices to accumulate $COPIUM in anticipation of the next leg up.
Looking ahead to the end of 2023, if Copium continues to generate hype and the influencers who invested in its private sale continue to promote the token, we could see it head toward the $0.1 mark.
Nonetheless, meme coins are high–risk assets, with traders who buy and sell them often referred to as “degens” due to their volatile nature. Therefore, it is essential to consider the risks before investing, as with every crypto.
Check out the Copium Telegram to stay updated on the latest news regarding the project.