Frog flops as Pepe coin supply crashes to a two-year low: But is it setting up for a leap?

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Oh, What a Toad-ally Tumultuous Tale of Pepe Coin! 🐸💰

On this rather peculiar Saturday, the Pepe coin price decided to take a nosedive, plummeting to its lowest point since the fateful day of May 9. It seems our froggy friend is having a bit of a meltdown as the crypto sell-off gathers speed like a runaway train! 🚂💨

Pepe (PEPE) has dropped to a staggering low of $0.00001096, which is a whopping 32% less than its highest point this year. Talk about a slippery slope! 🐸💸

But wait! Don’t hop away just yet! On the bright side, the supply of Pepe coins on exchanges has crashed to a mere 105.33 trillion—its lowest level since 2022! It’s like watching a frog try to jump but only managing a little hop! 🐸💔

According to the wise folks at Nansen, the number of Pepe coins held by those big, blubbery whales has increased this month. These hefty investors now clutch a staggering 9.71 trillion coins, which is a 2.74% increase from April. They must be feeling quite chubby! 🐋💰

And let’s not forget the clever clogs labeled as “smart money.” They’ve been gobbling up Pepe coins like they’re the last chocolate in the box! Their holdings have jumped to 625 billion, a jaw-dropping 145% increase month-on-month. Who knew investing could be so delicious? 🍫📈

Now, here’s a twist in our froggy fable: the positive funding rate for Pepe has been rising since May 8! A positive funding rate means investors are feeling optimistic, believing that our little coin’s future price will leap higher than its current spot rate. Hop, hop, hooray! 🎉📈

Pepe Coin Price Analysis: The Rollercoaster Ride 🎢

The daily chart reveals that Pepe’s price peaked at $0.00001625 in May, only to tumble back down to $0.00001095. It’s like watching a frog jump high only to land in a puddle! Splish splash! 💦

This week’s low is quite the spectacle, aligning perfectly with the 100-day Exponential Moving Average and the highest swing from last September. It’s as if the universe is playing a game of hopscotch! 🎮

Alas, Pepe has slipped below the lower side of the bullish flag pattern, while the Relative Strength Index and the MACD are pointing downwards like a sad little frog. 🐸😢

So, what does this mean? Well, the technicals suggest more downside, potentially to the 78.6% retracement level at $0.00001057. But fear not! Our froggy friend may bounce back as bulls target the 50% point at $0.000017. It’s a tale of ups and downs, just like a good old-fashioned rollercoaster! 🎢🐸

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2025-05-31 21:06