Pepe price, an Ethereum-based meme coin, has experienced a notable price drop over the past 24 hours following a market correction. The altcoin is trading in descending patterns, indicating bearish momentum. At the time of writing, the Pepe price is trading at $0.00001036, a 10.14% decrease, during European trading hours.
The market cap for Pepe stands at $4.36 billion, ranking it as the 23rd largest cryptocurrency by market capitalisation. Trading volume within the past 24 hours surged to $660.07 million, marking a 26.66% increase, placing it at 13th in volume ranking, according to CoinMarketCap data.
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Pepe Price Plunge Amid Market Correction
Pepe Coin has significantly declined in the past week, dropping by 13%. This decline has contributed to a broader downward trend as the cryptocurrency struggles to maintain its position amid market volatility. The price-performance shows a low of $0.0000104 and a high of $0.00001155 within the past 24 hours.
PEPE’s all-time high was recorded on May 27, 2024, at $0.00001718, reflecting a drop of 39.3% since then. Conversely, the all-time low of $0.00002764 occurred on April 17, 2023, showcasing a massive increase of 37627.73% from that point. Looking at the monthly chart, the meme coin PEPE has decreased 11%, reflecting a broader trend in the altcoin market.
Most of the cryptocurrencies today have seen a market correction, with bearish trends dominating the landscape. Bitcoin, Ethereum, and other major digital currencies have experienced significant price drops.
BTC dropped below the critical $64,000 mark, losing over 5% in value within 24 hours. Ethereum also faced a downward spiral, plummeting below $3,200, as investors reacted to ongoing market volatility and regulatory concerns. Altcoins like Ripple, Cardano, and Solana followed suit, losing substantial ground as market sentiment remained negative.
Whale Activity Sparks Major Price Movements for Pepe
Pepe has recently seen significant activity as a large investor, a whale, made notable transactions on the Binance exchange. The whale deposited 400 billion $PEPE, valued at $4.22 million, into Binance to take profits within the past hour. Earlier this year, on March 1, the same whale withdrew 795.92 billion $PEPE from Binance, valued at $2.55 million.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
Currently, the whale holds 395.93 billion $PEPE, with a present value of $4.18 million. The investor’s total profit from these strategic transactions amounts to $5.85 million, achieving a staggering 230% return on investment. This remarkable ROI underscores the lucrative potential within the volatile cryptocurrency markets, where timing and strategic trading are crucial for success.
Pepe is currently navigating market volatility. If the current downward trend persists, it might reach a low support level of $0.00001, with the potential to dip further to $0.000009. Conversely, a shift in momentum could propel Pepe back to $0.000012, a notable resistance level. A successful stabilisation could pave the way for an increase to $0.000013. Moreover, breaking through the $0.000015 barrier may trigger a significant rally to even higher values.
The daily technical indicators for PEPE Coin show market fluctuations. The Moving Average Convergence Divergence (MACD) exhibits a downward trend, signalling potential bearish activity.
The blue MACD line has crossed below the orange signal line, indicating that selling pressures may increase. Additionally, the Awesome Oscillator (AO) is trending green, suggesting some buying interest could be entering the market.
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