Pepe Price Plunges 10% As Arthur Hayes Faces Steep Memecoin Losses – What’s Next?

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As a seasoned analyst with over two decades of experience navigating the tumultuous world of cryptocurrencies, I can’t help but feel a sense of deja vu observing the current plight of PEPE, the Ethereum-based meme coin. It seems that history has a habit of repeating itself in this dynamic market, with investors once again finding themselves on a rollercoaster ride of high hopes and harsh realities.

The Ethereum-backed meme coin, known as PEPE, is encountering substantial hurdles due to its steep drop in value. As more investors express worry, the feeling toward this token is noticeably changing, particularly amidst broader market adjustments. At present, it’s precariously close to important support points, struggling against continuous bearish influence in a setting of overall market instability.

Pepe Price Plunge Stirs Crypto Market Speculation

Pepe price fluctuations continue as Arthur Hayes, co-founder of BitMEX, engages heavily with memecoins. Recently, Hayes made headlines by shifting a significant amount of PEPE and MOG tokens to and from exchanges to mitigate his losses. Within six days, he faced a $47,000 shortfall from these investments. 

His recent activity includes depositing 24.39 billion Pepe, valued at approximately $230,000, and 167.5 billion MOG, worth around $223,000, back into Binance and Bybit.

Arthur Hayes already accepted a $47K loss from two memecoins $PEPE and $MOG after 6 days!
6 hours prior, the account @CryptoHayes transferred a total of 24.39 billion PEPE (approximately $230,000) and 167.5 billion MOG ($223,000) from Binance and Bybit.
Notably, he spent $500K in total on those tokens just on Sep 27, after…
— Spot On Chain (@spotonchain) October 3, 2024

After spending half a million dollars to buy those tokens on September 27, and promoting them on X post shortly afterward, this action was taken. But, due to the market decline, his investment’s state has deteriorated.

This afternoon, Hayes shifted a million US Dollars Coin (USDC) to Binance and returned 24.39 billion PEPE tokens, currently worth $252,000, into his personal wallet. His activities have sparked considerable interest in the unpredictable and high-risk aspects of the meme token market.

Can PEPE Price Survive Bearish Pressure?

Currently, the PEPE meme coin is showing a decline. At this moment, its value stands at approximately 0.0008575 US dollars, which represents an 8.95% decrease over the last day. The price of the coin has varied between a low of 0.0008389 USD and a high of 0.0009704 USD within this timeframe, demonstrating considerable volatility.

The price of Pepe may decrease due to ongoing bearish market conditions. If the current trend continues, it’s possible that the price could dip below the important support level of 0.000008 USD. A fall beneath this point might trigger additional decreases, with the price possibly dropping as low as 0.000007 USD.

For the meme coin price analysis, the 4-hour technical indicator signals a downward trend since the price keeps dropping. The Moving Average Convergence Divergence (MACD) indicates bearish momentum with the MACD line dipping below the signal line and both indicators showing negative values. Additionally, the Relative Strength Index (RSI) reads 33, suggesting that PEPE may be nearing oversold conditions.

Pepe Price Plunges 10% As Arthur Hayes Faces Steep Memecoin Losses – What’s Next?

The price of Pepe is seeing substantial decreases due to market turbulence, showing negative trends and signs from technical analysis suggesting more possible falls. As it approaches crucial support points, investors are becoming increasingly worried about potential bigger losses if the bearish trend continues.

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2024-10-03 22:58