We are currently seeing a slight recovery in the broader market. PEPE can also increase by around 2%. Nevertheless, the price losses continue to add up to around 7% in the past seven days. The past month is still relatively bullish with a price increase of 65%. Nevertheless, there are increasing signs that the hype about PEPE is waning and that the meme coin is tending to be bearish. Furthermore, short-selling hyped meme coins is associated with risks. Because a passionate community often pumps their beloved token for no fundamental reason and ignores technical features when sentiment in the social networks becomes more positive again.
The Pepe Coin (PEPE) starts a slight countermovement after significant losses on yesterday's trading day. Here, Pepe Coin is stuck at prominent support around $0.0000015. The bearish trend line is also depressing the price while a death cross is currently forming on the 4-hour chart - another sell signal. Meanwhile, the RSI is trending neutral. However, volume continues to plummet, according to aggregated data from CoinMarketCap, falling by around 28% in the last 24 hours alone. Long gone are the days when around $1 billion was traded daily in PEPE. Now the trading volume was still $78 million. The trend is even clearer here.
Attention to meme coins is crucial as it is fundamental to success. In the dynamic market segment, meme coins are extremely fast-moving. They are highly dependent on investor sentiment and interest. Attention can have a powerful impact on price, leading to quick gains, but the opposite is also true. If the attention falls, the course collapses. This is because the fast-moving nature of these coins means that popularity can fall off quickly if interest wanes or shifts to other meme coins. It is therefore important to always keep an eye on the dynamics of the market and to react attentively to new trends. Most recently, it was the meme tokens 2.0 such as PEPE2.0 that drew attention to the Pepe Coin. With a market capitalization of over $600 million, Pepe Coin will also have a hard time attracting further interest. At least at the moment there is a lack of imagination. But this could offer the chance for new projects.
