- Dogecoin and PEPE’s prices dropped by 2% in the last 24 hours.
Market sentiment continued to remain bearish on both memecoins.
As an experienced market analyst, I believe that the recent price drops of Dogecoin and PEPE, with only a 2% decrease for each in the last 24 hours, can be attributed to their unique market dynamics. Although the overall sentiment towards memecoins has been bearish, these two tokens have managed to hold their ground.
With the market showing signs of turning bearish, many memcoins experienced significant price declines. Nevertheless, PEPE and Dogecoin [DOGE] were relatively unaffected. To better understand why these two coins fared better, let’s delve deeper into their current situations.
PEPE, DOGE hold their ground
Shiba Inu (SHIB) and Dogecoin (WIF) experienced declines in price, with SHIB seeing a drop of over 6% and WIF experiencing a drop of approximately 8%.
In contrast, the values of DOGE and PEPE experienced minimal fluctuations, decreasing by fewer than 2% according to current reports.
Based on current data from CoinMarketCap, PEPE is priced at $0.00001457 per unit, while DOGE has a value of $0.1592.
Last week, PEPE drew significant attention as its price surged, hitting a new record high. In contrast, DOGE‘s price remained fairly consistent, but the overall sentiment towards it took a turn for the worse. This shift suggests that pessimistic views outweighed optimistic ones among investors.
PEPE’s trajectory mirrored that of the other token, as their graphs exhibited identical trends. Furthermore, following a surge in popularity last week, the social buzz surrounding both digital currencies has waned.
Recently, Lookonchain drew attention to a possible factor that may have contributed to PEPE‘s stability with a tweet.
According to the recent tweet, upon a decline in PEPE‘s price, I noticed two significant investors, referred to as “whales,” purchasing approximately 500 billion PEPE tokens. The value of their purchases exceeded $7.5 million.
Last week, Santiment’s data analyzed by AMBCrypto indicated a persistent buying interest in the memecoin, coinciding with an increase in exchange outflows.
High buying pressure might have allowed PEPE to hold its ground better than the rest.
What to expect next?
According to AMBCrypto’s examination of PEPE‘s day-to-day price chart, the meme token presently hovered slightly above its 20-day Simple Moving Average (SMA).
As a researcher studying the market trends, I’ve noticed that if the bear trend persists, the price of this asset could potentially dip down to touch its 20-day Simple Moving Average (SMA) before regaining bullish momentum. Additionally, a bullish signal emerged from the Chaikin Money Flow (CMF) indicator, which I closely monitor.
The situation with Dogecoin appeared less favorable based on certain indicators. For instance, its Moving Average Convergence Divergence (MACD) signaled a bullish crossover taking place on May 31st.
As a crypto investor observing the market, I noticed that both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) showed signs of weakening. Specifically, the RSI dipped down and hit the neutral level. Based on these readings, it seemed plausible to me that DOGE‘s price downturn might persist.
Despite a minor uptick, the Chaikin Money Flow (CMF) stayed optimistic for DOGE. However, if the trend deteriorates further, Dogecoin could potentially drop down to its backing at $0.148.
As a researcher studying the memecoin market, I have identified that a slight dip below its current price level could potentially cause the price of the world’s largest memecoin to decline to approximately $0.129 in the upcoming days.
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2024-05-31 22:15