A remarkable development in the cryptocurrency market is that the cryptocurrency called Pepe has attracted great attention, leaving many altcoins behind in terms of transaction volume, especially in 2023.
This impressive performance has placed Pepe among the top 10 cryptocurrencies based on weekly and monthly trading activity.
The current price of Pepe is $0.00001255 and the trading volume in the last 24 hours is recorded as $921,667,732.
This volatility in the price of Pepe, whose market value is 5,271,685,400 dollars and ranks 26th in the rankings, requires focusing on speculations, especially regarding the potential of whales to buy at market bottoms.
How Did US Economic Data and Fed Interest Rate Speculations Affect Pepe's Price?
Pepe's recent price drop can be attributed to several economic factors. In particular, stronger-than-expected US employment data points to a strong labor market. This situation delays expectations that the Federal Reserve may postpone its plans to reduce interest rates and negatively affects investor sentiment. These developments affect cryptocurrencies, including Pepe.
Additionally, Bitcoin's decline of 2.5% to $69,156 further weakens investor confidence and negatively affects the overall cryptocurrency market. Despite its strong performance in the past, Pepe has been experiencing significant declines, reflecting the downward trend in the overall crypto market.
The key points of this situation are:
Strong US employment data delays the Federal Reserve's interest rate cut expectations and directs investors to be more cautious towards risky assets.
Bitcoin's decline reinforces the overall negative sentiment in the cryptocurrency market and contributes to Pepe's price decline.
Factors Affecting Pepe's Price
Pepe's price movements are significantly affected by internal measurements as well as external market factors. The decrease in profits seen in daily on-chain transaction volume in June indicates a change in market sentiment. This decline causes interactions on social media to decrease and, as a result, the general excitement about Pepe to decrease.
Despite reaching major market capitalization milestones and attracting interest from major investors, concerns remain about Pepe's intrinsic value and regulatory challenges. This creates uncertainty around Pepe's long-term growth prospects.
Key points:
Daily on-chain transaction volume showing decrease in profit rate.
Decreasing social media engagement indicates a decrease in overall excitement.
Ongoing concerns about intrinsic value and regulatory challenges.
These internal and external factors shape Pepe's market sentiment and investors' confidence in future performance, which directly affects Pepe's price trajectory.
Pepe Price Prediction
Pepe (PEPE) is currently trading at a price level of $0.00001255, with immediate resistance levels set at $0.00001417, $0.00001453, and $0.00001502. These levels stand out as areas where selling pressure may increase if prices try to rise.
On the other hand, support levels are set at $0.00001204, $0.00001103 and $0.00000988. These levels can serve as potential buy zones if prices decline further.
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