The Pepe price has plunged 7% in the last 24 hours to trade at $0.000008919 as of 12:57 p.m. EST on a 55% surge in trading volume to $1.5 billion. The meme coin market has dipped 8% in the last 24 hours, bringing its total market capitalization to $58 million.
Despite this downturn, the frog-themed token remains one of the top three meme coins by market capitalization, alongside Dogecoin (DOGE) and Shiba Inu (SHIB).
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🚀 Top 5 Performing #Memecoins in 2024
🔥 $WIF: 1058%
🔥 $DOG: 960%
🔥 $PEPE: 617%
🔥 $BRETT: 614%
🔥 $FLOKI: 318%Which meme coin is in your long-term investment portfolio? 👀
More: https://t.co/wLxeCbA3sR pic.twitter.com/Oy1RtQIisA
— Gate.io (@gate_io) July 5, 2024
Whale Dump Triggers Bearish Sentiment for PEPE
On-chain data from ‘The Data Nerd,’ two whales collectively dumped $1.02 trillion PEPE onto a crypto exchange today. Whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, incurring a potential loss of $1.21 million if sold at the current price.
Meanwhile, market maker Wintermute deposited and sold 593.6 billion PEPE for $4.61 million, significantly increasing selling pressure. These massive transfers have triggered bearish market sentiments, highlighting a loss of confidence in PEPE’s future potential.
While this recent price drop coincides with the overall market trend, Pepe coin has shown unprecedented surges during this year’s bullish cycle, diverging from broader market sentiments. This suggests that Pepe coin’s overdue correction might be underway.
PEPE Price Statistics
- PEPE price: $0.000008919
- Market Cap: $3.79Billion
- Trading Volume: $1.51Billion
- Circulating Supply: 420.69Trillion
- Total Supply:420.69Trillion
Can The Bulls Regain Momentum Above the Bearish Channel?
Pepe’s price has surged significantly over the past month, reaching an all-time high of $0.00001725. However, the bulls have struggled to maintain this peak, causing the price to fluctuate within a range, forming a bearish channel pattern.
This comes after Pepe experienced a few days of decline from its recent all-time high. However, PEPE is now displaying signs of bouncing back. If the bulls break out on the upper boundary of the bullish pennant, PEPE could soon be on track to test its ATH again.
Pepe Price Prediction: Bearish Sentiment Persists, Bulls Eye Rebound
However, the technical indicators currently favor the bears. Pepe’s price has been recording lower highs, indicating bearish sentiment in the PEPE market. The Relative Strength Index (RSI) is below the mean level of 50, which is concerning and tilts the odds toward the bears.
Worsening the outlook, the Moving Average Convergence Divergence (MACD) is in negative territory and below the signal line (orange band). This indicates that the long-term moving average is above the short-term moving average, typically signaling bearish momentum. If the bears maintain their pressure, Pepe could breach the lower boundary of the pennant, potentially pushing the token’s price down to the next support zone around $0.00001120.
However, if the bulls manage to strengthen their grip, Pepe’s price could present another buying opportunity around the $0.00001400 level before the next leg up. In this scenario, the bulls might use the $0.00001400 support to push PEPE towards the upper boundary and potentially reach a new all-time high of $0.00002150 in the coming days.
As the popular meme coin struggles to reclaim its recent all-time high, $PEPE could become a leader in the crypto market once it rebounds. Investors are keeping a close eye on PEPE’s price, looking for prime entry points to secure significant returns on their investments.
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