Jumping into the #PEPE price chart, it can be seen that the coin is currently trading at a market price of $0.000007 (representing a 24-hour change of -1.55%).
This comes as Pepe continues to track the broader market decline, which has left the price at a miserable -9.5% month-on-month, and an even worse -45% decline over the past 3 months.
Yet, despite this downturn in price, PEPE remains poised, with a market cap defiant above $2.9Bn.
Localized price action paints a bleak view; while still trading above the lower support level at $0.000006, the meme coin has been in serial decline over the past month, with high volatility, as shown in the Bollinger bands.
Worse still, price action remains on its 11th day, below topside resistance from a descendant 20DMA, which leaves PEPE vulnerable to further losses.
Some positivity can be found in our key indicator – the RSI – which depicts oversold price action and bullish capacity at 39.3.
However, fundamental market conditions will need a face-lift if the coin is to resume the upside in the coming weeks.
It’s also worth considering whether Pepe offers much allure at its $2.9Bn market cap, which significantly limits upside returns.
Let’s imagine for a second that the top frog overtook DOGE – to become the top meme coin in the space.
This would mean a market cap of $13.6Bn – an insane influx of over $10Bn in capital (similar to the entire GDP of Tajikistan) – yet only resulting in a 4.6x return for holders.
Sure, that’s nothing to be sniffed at, but when we consider an emerging popular alternative – Pepe Unchained – an influx of $10Bn would give holders a magnificent 833X return!
