$PEPE

PEPE’s Rally Slows Down as Musk Effect Fades
The popular meme coin PEPE saw a brief price surge of 12% earlier this week, driven by Elon Musk’s attention-grabbing move on X. Musk changed his profile name to “Kekius Maximus” and adopted a warrior-themed Pepe the Frog avatar referencing the game Path of Exile. However, the excitement has proven to be short-lived, as PEPE has already begun to lose its momentum.
A Short-Lived Musk-Driven Boost
On Tuesday, Elon Musk’s profile transformation triggered a wave of optimism around PEPE, pushing the coin’s price up by 12% during the trading session. This hype, however, has not translated into sustained growth. Over the past 24 hours, PEPE’s price has declined by 4%, reflecting fading enthusiasm among traders.
Despite the price drop, PEPE’s trading volume surged by 31%, a phenomenon that often indicates increased selling pressure. When trading volumes rise as prices fall, it typically suggests that more participants are offloading their positions, signaling speculative rather than fundamental demand for the asset.
Spot Outflows Signal Weak Demand
Reinforcing the bearish sentiment, PEPE experienced significant spot outflows. According to Coinglass, $6.34 million worth of PEPE was withdrawn from the spot market in the last 24 hours, compared to $45 million in inflows earlier this week. Spot outflows occur when more assets are being sold or withdrawn than bought, reflecting declining interest from investors and traders.
Technical analysis further highlights the challenges ahead. PEPE’s Super Trend Indicator, a key metric for tracking market trends, sits above the current price at $0.000024, acting as a resistance level. This bearish signal suggests that breaking through this level will be difficult without renewed momentum.
What’s Next for PEPE?
If the downtrend continues, analysts predict that PEPE’s price could drop to $0.0000017, testing its lower support levels. Conversely, should the coin manage to overcome the $0.000024
resistance,

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