#meme板块关注热点
The Shiba Inu coin burning rate has soared, but PEPE coin has become a new hot spot in the market!
Despite the overall market correction, the world's third largest meme coin PEPE coin has bucked the trend and risen by 4%. At press time, PEPE's price is 0.0000114, with a market value of 4.8 billion. At the same time, PEPE's daily trading volume currently reaches $726 million. Judging from the technical charts, the meme coin is currently at a critical moment in trading, and the situation can be said to be make or break.
PEPE coin price - life and death
The technical chart shows that PEPE coin is retesting the key support level of $0.000011. The meme coin PEPE is currently one of the strongest performing coins in the market, and its relative strength even exceeds that of top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
After successfully retesting the 1-day 100-day exponential moving average (EMA), PEPE is turning its previous historical high into support. Analyst Crypto Scient noted that traders are keeping an eye out for a potential breakout of the 1-day downtrend, which would be an ideal opportunity to go long on PEPE.
Crypto Patel, another crypto analyst, highlighted a key moment for PEPE, noting that in order for the meme coin to continue its upward journey, it must hold the key support level of $0.000011.
However, Patel said that if PEPE fails to hold this support level, it could face a significant drop of up to 40%. As reported by CoinGape, the open interest of PEPE coin has also been declining, indicating a lack of bullish momentum ahead.
While PEPE coin is rising, its direct competitor Dogwifhat (WIF) has plummeted by a staggering 8%, all the way down to 1.77. The drop in WIF's price comes against the backdrop of massive whale selling over the past two days. Earlier today, a WIF whale deposited 12.66 million WIF coins worth 23.4 million into the cryptocurrency exchange Binance.
On the other hand, the burn rate of Shiba Inu coin has risen significantly, with the number of SHIB tokens burned increasing by 1,100% in a single day.
The bull market is coming. If you don’t know how to operate and are still confused, please like and follow us to view the introduction!
#PEPE
