The price of Pepe Coin has dropped 2.5% over the past 24 hours to $0.00001016 as the crypto market fell 3.5% today.
PEPE is now down 4% in a week, while the meme token still holds a 23% gain in a month and an impressive 1,350% gain in a year.
These moves come as whales are accumulating PEPE, with some analysts starting to suggest the company could be aiming for a $25 billion market cap.
This may be the best-case scenario, but with PEPE outperforming most other major tokens this year, it could be one of the biggest beneficiaries of the upcoming bull market.
Pepe Coin About to Breakout? $25 Billion Market Cap and 60% Growth Expected According to Analysts
While today may be a disappointing day for Pepe fans, at least these setbacks will help them bounce back soon.
Indicators suggest that price is nearing a short-term bottom, with the 30-period moving average (orange) about to fall below the 200-period moving average today.
When this happens, we can see Pepe Coin recover quickly, with the relative strength index (purple) also nearing bottom.
And for a coin that is trending down in the near term, Pepe's trading volume remains steady at around $1.2 billion today.
This suggests that demand for the token remains high, with data showing that some whales have increased their holdings of Pepe in recent days.
One trader bought more than 33 billion PEPE in the past ten days, bringing their holdings to around 298 billion PEPE.
Pepe Coin's continued popularity among whales has some analysts predicting that the token could reach new heights in the coming months.
Popular crypto Twitter account Whale Insider suggested that Pepe was about to make a breakout as the mid-term price chart formed a pennant formation that often foreshadows a big move.
In fact, Whale Insider suggests that Pepe's market cap could soon hit $25 billion, which would imply an increase of nearly 500% (4x), or a price of around $0.00006.
While this target seems optimistic, at least in the short to medium term, we could see Pepe recover strongly by the end of the year.
For example, if pro-crypto presidential candidate Donald Trump wins the November 5 election, the entire crypto market could enter a bullish phase.
