Pepe's Price Outlook Amidst a 14% Decline in 7 Days – Is PEPE Coin Facing Extinction?
The Pepe (PEPE) price forecast remains bleak as the meme coin experiences a notable 16% drop within a week. PEPE/USD is currently trading just below $0.0000009 on major centralized exchanges, representing a nearly 50% decrease from its recent highs near $0.00000175 recorded back in December.
Trailing significantly below its major moving averages, Pepe's trajectory may have been further complicated by the emergence of a new competitor. Last week saw the introduction of PepeFork (PORK), a fork of Pepe created by a pseudonymous crypto developer named Pauly0x. PORK has swiftly garnered a market cap of $240 million, capturing approximately 65% of Pepe's market cap, which stands at around $370 million. Liquidity for PORK's WETH/PORK pair on Ethereum exceeds $16 million, surpassing the WETH/PEPE pair by almost $10 million.
Since its inception last April, the original Pepe coin has been mired in controversy, facing accusations of being a rug pull. While PORK may have emerged to address such concerns, investors are urged to exercise caution, as PORK itself may pose risks.
The arrival of PORK appears to be dampening demand for Pepe, with short-term price forecasts likely to remain pessimistic, particularly if it breaches a critical support level. However, the question of whether Pepe's price will plummet to zero remains uncertain.
Although significant drops in Pepe's price are conceivable, the complete demise of the coin would necessitate the dissipation of its substantial community. Presently, Pepe coin is held in over 150,000 wallets, with its official X account boasting well over half a million followers and its Telegram channel nearing 60,000 members. While substantial price declines are possible, the obliteration of Pepe's community would be a prerequisite for its price to hit zero.
