Will Pepe Coin (PEPE) Price Recover in June 2024?
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As June progresses, the global cryptocurrency market is experiencing a downturn, as Bitcoin trades below $70,000. Amid the broader market decline, Pepe Coin (PEPE) has experienced significant price fluctuations as well.
The frog-themed cryptocurrency memecoin built on Ethereum experienced a decrease of 18.78% in the last week, despite a positive upward trend in the long run.
After dropping 32.27% from its peak on May 27, 2024, the inconsistent performance raises the question: can PEPE bounce back by the conclusion of June 2024?
The current Pepe Coin (PEPE) price is $0.00001169, showing a decrease of 7.76% in the last 24 hours and a larger drop of 18.78% over the previous week.
However, the meme coin saw a growth in its value by 35.23%, indicating resilience in the long-term.
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PEPE boasts a market cap of $4.92 billion, earning its position as 24th, among cryptocurrencies, according to CoinMarketCap.
The coin is experiencing heightened trading activity, with a surge of 30.16% in 24-hour trading volume, reaching $1.24 billion in just 24 hours.
The ratio of volume to market cap is 25.07%, showing a good level of liquidity in the market.
PEPE hit its highest point ever at $0.00001718 on May 27, 2024, a mere 15 days in the past. Afterwards, the price decreased by 32.27%, indicating a correction phase after reaching the all-time high.
This correction followed the heightened interest in the Ethereum ecosystem after the approval of the 19-4b ETF application forms. The subsequent decline aligns with Ethereum (ETH) moving into a consolidation phase.
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Technical Analysis of PEPE Coin (PEPE)
Moving averages analyze market trends by averaging price data over certain timeframes, offering a more balanced perspective. For PEPE, the current signals are mixed.
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