Hi Guys,
It's Big & Big #alert About $PEPE Price At Risk !!!
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PEPE prices at risk?
Here’s what the week holds for the memecoin
PEPE has plunged. Are traders at fault or did the hype just run its course?
Everyone’s favorite memecoin is currently in a bit of a bind. PEPE, the Solana-based memecoin that made a lot of people millionaires last week, has been dropping, not so slowly for about three days now.
At press time, it has tumbled by over 8% in the last twenty-four hours just as the community was starting to cheer for memecoin season. What is going on? Why is PEPE backsliding?
Reasons for PEPE’s descent
PEPE rallied by over 500% at some point last week. But it wasn’t an isolated trend. Meme stock legend Keith Gill made a comeback on social media, sending both meme stock markets and memecoin markets into a frenzy.
Traders lost it. Investors jumped in. But just as it came, the hype went away, along with Gill. Now the coins and the stocks have cooled down by a mile, with PEPE’s daily chart painted in red.
The PEPE/USDT chart shows a notable bearish trend throughout the session, with price action marked by a series of red candles. Such a sharp decrease, supported by high volume, typically indicates that bears are in control.
This could potentially drive the price down further unless there is a significant change in market dynamics or external influences that could encourage the bulls to flip the script.
Data from Coinglass showed that the trading volume for PEPE has increased by 14.02% to $697.64 million, suggesting a heightened trading activity and possibly a growing interest in PEPE among traders.
However, the open interest has seen a decrease of 10.09%, standing at $105.29 million, which might indicate that some traders are closing their positions, focused solely on taking profits.
