Pepe coin, one of the staple meme coins in the crypto market, is currently experiencing a significant decline, dropping 21% over the past seven days. This weakness is happening amid a broader market downturn, with Bitcoin dropping below the $60,000 level.
Inspired by the iconic ‘Pepe the Frog’ character, $PEPE has quickly gained traction among a wide range of investors. This Ethereum-based meme coin has rapidly risen to become the third-largest in its category, with a market capitalization of approximately $3.3 billion.
Despite its early success, $PEPE has faced challenges as its price has come under considerable downward pressure. Although market sentiment remains cautious due to reduced retail interest, optimism persists for a potential rebound.
$PEPE Crypto Price Prediction
Pepe coin is now priced at $0.00000756, having fallen more than 55% from its peak. It has seen a 24-hour trading volume of $354.08 million and a slight increase of 0.58% in the past day. The 14-day relative strength index (RSI) for $PEPE is 43.34, suggesting a neutral position.
Despite a significant drop from its all-time high market cap of $7 billion, Pepe coin has room for growth, unlike other established meme coins like Doge and Shiba.
The possibility of a 2x to 3x return is realistic if market conditions improve, particularly with the historically bullish month of October approaching. However, if $PEPE fails to hold its current support levels, it could lead to further declines.
For a thorough forecast of Pepe coin’s price movements, watch the video above and follow his YouTube channel. Additionally, join the Jacob Crypto Bury Discord server for trading tips and the latest news on upcoming crypto presales.
Whale Activity Surges as Major Investors Accumulate $PEPE Amid Market Challenges
Despite recent declines in profitability and a tough market environment, significant whale activity has been noted, indicating large investors are buying Pepe coins at lower prices.
A wallet related to #Ceffu withdrew 1.48T $PEPE($11.6M) from #Binance just now.https://t.co/H9anq20RUY pic.twitter.com/TTq3BVtVoo
— Lookonchain (@lookonchain) August 29, 2024
Lookonchain reported that an address linked to Ceffu acquired 1.48 trillion $PEPE worth over $11.6 million from Binance. Additionally, another whale, who previously earned $1.77 million from $PEPE, spent $1.34 million in $USDC to purchase more Pepe coins.
This activity underscores rising interest in $PEPE from institutional investors preparing for a potential altcoin season and reflects ongoing enthusiasm among experienced traders despite the cautious broader market.
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