Despite the price drop, the coin still attracted considerable attention in the cryptocurrency space, especially in 2023, when its trading volume exceeded that of many altcoins.
This strong performance propelled Pepe into the top ten cryptocurrencies in both weekly and monthly trading activity reviews.
Currently, the price of Pepe is $0.000013, with a 24-hour trading volume of $1,966,755,000, having dropped nearly 10% in the past 24 hours.
Ranked 22nd by market capitalization, with a real-time market capitalization of $5,521,137,693, attention now turns to factors affecting its price, including speculation on whether the whales are buying on dips.
How U.S. Economic Data and Fed Rate Expectations Impacted Pepe’s Price Drop
Pepe's recent price decline can be attributed to several factors, including stronger-than-expected U.S. jobs data showing a strong labor market. The development may have delayed an expected rate cut by the Federal Reserve, leading to cautious investor sentiment and affecting riskier assets including Pepe.
Additionally, Bitcoin fell more than 2.5% to approximately $69,156, further dampening investor sentiment and impacting the broader cryptocurrency market, causing Pepe prices to fall. Despite strong performance in the past, Pepe has seen significant declines recently, reflecting the overall bearish trend in the crypto market.
key point:
Strong U.S. employment data delayed expectations of a rate cut by the Federal Reserve.
Investor caution has impacted risk assets including cryptocurrencies.
Bitcoin’s decline added to the negative sentiment in the crypto market.
Pepe’s price reflects these broader market trends and economic factors, highlighting the interconnectedness of economic data and cryptocurrency performance.
Internal indicators influencing Pepe’s price trajectory
In addition to external market factors, Pepe's price trajectory is also affected by internal indicators. In June, the profitable proportion of on-chain transaction volume declined, indicating a change in market sentiment. This reduction in bullish sentiment has led to a drop in social media engagement, showing less hype around Pepe.
Despite reaching significant market capitalization milestones and attracting major investors, concerns about Pepe's intrinsic value and regulatory challenges remain. These factors have heightened uncertainty about its long-term growth prospects.
key point:
The profitable proportion of on-chain transaction volume decreases.
Social media engagement is down, suggesting the hype is waning.
Ongoing intrinsic value and regulatory challenge concerns.
Pepe's price reflects these internal metrics, underscoring the importance of market sentiment and investor confidence in its future performance.
Pepe Price Prediction
Pepe (PEPE) is currently trading at $0.000013, with recent resistance levels at $0.00001417, $0.00001453, and $0.00001502, indicating that these areas may see greater selling pressure if the price attempts to move higher.
Conversely, support is found at $0.00001204, $0.00001103, and $0.00000988, which could serve as potential buying zones if the price continues to fall.
Pepe Coin Price Chart
Pepe coin price chart
The relative strength index (RSI) is at 29.80, indicating that the market is oversold and could hint at a potential reversal. However, the 50-day exponential moving average (EMA) at $0.00001471 remains a strong resistance level that PEPE needs to break above to change its bearish outlook.
The emergence of a bearish engulfing pattern is further indication that the downtrend may continue, underscoring the importance of monitoring these technical indicators closely.
Overall, market sentiment for Pepe remains bearish, especially as it trades below the $0.00001300 key point.
Alternative meme token with big upside potential
Traders looking for quick and significant gains can consider some of the newer alternatives, including tokens that are currently on pre-sale. One promising token is PlayDoge (PLAY), an Ethereum-based cryptocurrency that recently opened a presale and has raised $930,000 against a target of $1.38 million.
PlayDoge’s appeal lies in its Doge-themed Tamagotchi-style gameplay with a cryptocurrency-backed “play and earn” mechanic. Players can breed, trade virtual Shiba Inu dogs, and have them perform tasks to earn PLAY tokens, with a total supply of 9.4 billion. The current pre-sale price is $0.00501 per token.
Current status: $930,000 raised
Token supply: 9.4 billion PLAY
More game details will be announced soon, but interested users can participate in the pre-sale on the PlayDoge website. Since pre-sale prices rise at every stage, investing early is beneficial and may bring significant gains once the game goes live and is listed on exchanges.
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Original article: https://cn.cryptonews.com/news/pepe-price-prediction-as-1-3-billion-floods-in-are-whales-buying-the-dip.htm
