As a crypto investor with some experience under my belt, I’ve seen my fair share of ups and downs in the market. And Pepe Coin is no exception. The past month has been a rollercoaster ride for this meme coin, experiencing significant gains during its rally in May, followed by a sharp decline that left many investors feeling jittery.
As a researcher studying the cryptocurrency market, I’ve observed that Pepe Coin experienced a significant surge in price about a month ago, reaching an all-time high of $0.00001718 following several consecutive peaks in May. However, since then, the PEPE price has decreased by approximately 44%, currently sitting at $0.000009662 on the market. The downward trend persists for this meme coin, as its value has dropped over 8% within the last 24 hours.
PEPE has made attempts at recovery throughout the month, but these efforts have not been successful and instead led the value to reach its lowest point. This occurrence is not particularly worrying for PEPE, as it has a history of such price fluctuations since its launch in April 2023. The meme coin has experienced significant peaks followed by crashes, with periods of consolidation in between.
As a researcher studying the cryptocurrency market, I’ve observed that following the peak of the Pepe Coin’s rally, investors held expectations for consistent growth. However, the recent downturn in the crypto market has led to a ripple effect on Pepe Coin as well.
PEPE Wallet Addresses Surge Despits Bearish Sentiments
On July 2, Santiment, an on-chain analytics provider, posted on Reddit an update showcasing the rising number of PEPE wallet addresses, in addition to those for two other cryptocurrencies. According to their post, the surging network activity for PEPE, FET, and ENS signals a strong fear of missing out (FOMO), which is typically a bullish indicator that can trigger significant price increases. The wealth distribution data for PEPE also points towards an expansion in token ownership. Specifically, the number of holders rose from 236,486 at the start of June to 246,639 by month’s end.
There are several potential explanations for the expansion of this network. One possibility is the relatively low cost of PEPE, making it an attractive option for new investors anticipating future price increases. Alternatively, it could be due to earlier investors re-entering the market following May’s sell-off.
The Santiment analysis showed that the PEPE token’s growth indicator stands at 4,196, while it is 1,598 for FET and 231 for ENS. Shortly following this disclosure, ENS experienced a slight price increase before experiencing a decline today due to prevailing market conditions. In contrast, FET faced challenges as it worked on its ASI partnership. If ENS experiences a surge in price, the same trend could potentially influence PEPE due to its strong adoption rate and subsequent upward pressure on its price.
What Is Coming Next For PEPE?
As a market analyst, I’ve closely observed PEPE‘s performance despite numerous predictions of recovery. Sadly, technical indicators continue to suggest a selling zone today. The MACD (12,26), momentum, and moving averages all signal the upper hand of sellers. However, there’s a glimmer of hope. The Exponential and Simple Moving Average (200) find support at $0.00000915. Furthermore, the Relative Strength Index and Bull Bear Power are neutral, hinting at the presence of both buyers and sellers in the market. If PEPE touches the pivot point at 0.00001246 in the upcoming candles, an uptrend could potentially begin for this meme coin.
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2024-07-04 15:30