- PEPE’s value dropped by over 15% in the last seven days.
Whales started to accumulate more, hinting at a trend reversal.
As an experienced analyst, I’ve closely monitored the recent price action of PEPE (Pepe the Frog coin), and it’s been a rollercoaster ride for investors in the last few days. The memecoin reached an all-time high (ATH) just a few weeks ago but saw a sharp reversal, dropping by over 15% within seven days.
As a researcher studying PEPE‘s market trends, I have observed significant volatility in its price movements recently. Notably, the previous week saw a bearish trend emerge after PEPE reached an all-time high (ATH). Consequently, the memecoin experienced a double-digit percentage drop in price.
However, a recent development suggested that the trend might change.
PEPE’s rollercoaster ride
A memcoin gained significant attention about two weeks ago when its price hit a record high. Yet, the market direction shifted since then. As per CoinMarketCap’s latest update, the PEPE coin has experienced a substantial decrease of over 155 units in value within the past week.
In the last 24 hours alone, the memecoin’s value dropped by over 4%.
Currently, the value of the memecoin is at $0.00001225 per unit in the markets, while its total market worth exceeds $5.15 billion.
At one point in PEPE‘s history, over 95% of its investors experienced a profitable return on their investment. However, this trend shifted as recent price decreases occurred.
At present, based on IntoTheBlock’s analysis as reported by AMBCrypto, approximately 85% of investors saw gains when considering the current market situation. However, this downturn in pricing has led to unfavorable shifts in the memcoin’s social media indicators.
The Weighted Sentiment shifted to the negative side, implying that pessimistic views on the memecoin prevailed. Despite this, its social activity stayed elevated, demonstrating its continued relevance within the cryptocurrency community.
Is a trend reversal around the corner?
On June 9th, a whale purchased approximately 231.6 billion PEPE tokens, valued at more than $2.9 million, according to a tweet from Lookonchain.
An in-depth examination of the data provided by Santiment revealed a notable surge in PEPE‘s exchange outflows over the past week. Simultaneously, there was a decrease in the amount of PEPE tokens held on exchanges, while the supply of these tokens outside of exchanges grew.
As a crypto investor, I’ve noticed some compelling signs suggesting an imminent increase in demand for this memecoin. Moreover, I’ve observed that the memecoin’s supply held by major wallets has grown significantly. This can be interpreted as whales actively accumulating the memecoin, with the expectation of a substantial price rise.
Previously, we examined PEPE‘s day-to-day price chart to determine if an uptrend was imminent. However, we noticed a decline in the Chaikin Money Flow (CMF) indicator’s value recently.
At present, the Relative Strength Index (RSI), which is an indicator used to measure the strength of price action, has recorded a decrease and currently hovers below the neutral threshold. Furthermore, based on the Most Recent Moving Average Convergence Divergence (MACD) analysis, there’s a bearish edge in the market, making it less likely for a trend reversal to occur.
Read Pepe’s [PEPE] Price Prediction 2024-25
Based on AMBCrypto’s interpretation of Hyblock Capital’s findings, if the memecoin maintains a downtrend, it could potentially reach as low as $0.0000109 for investors.
However, if a trend reversal happens, then the memecoin might touch $0.0000156 soon.
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2024-06-10 00:07