The crypto market is feeling the chill! The total market cap slipped 2 percent to $2.5 trillion on Thursday, and meme coins are feeling the squeeze.
Amidst this market correction, the frog-themed meme coin, Pepe (PEPE), experienced a significant decline in the past 24 hours. According to the latest crypto data, Pepe’s price has dropped more than 20 percent over the last three days, trading around $0.0000135 during the mid-London session on Thursday.
Despite this downturn, Pepe remains popular among crypto investors. The mid-cap meme coin has a fully diluted valuation (FDV) of about $5.6 billion and a daily average trading volume of around $1.5 billion. This year, Pepe’s price has surged over 1,000 percent, showing strong liquidity across several exchanges and DeFi protocols.
Pepe’s impressive performance this year has prompted large holders, known as whales, to take profits on various crypto exchanges. A market pullback was expected after Pepe outperformed Bitcoin and other altcoins in recent months.
Early investors are now reallocating their profits to other potentially promising meme coins, as the crypto bull run is still in its early stages.
An on-chain data analysis by Lookonchain revealed that a crypto investor recently deposited over 660 billion Pepes, worth over $9.5 million, into Binance. This investor realized a profit of about 52 percent after holding for the past month, showcasing substantial gains and strategic moves within the market.
From a technical perspective, Pepe’s price might continue to decline in the coming days, especially if Bitcoin bulls fail to defend the crucial support level around $67k. The weekly Relative Strength Index (RSI) for Pepe has already dipped below the 70 mark, indicating that bullish momentum is fading.
However, if buyers manage to uphold the current support level, there is potential for Pepe’s price to rally to a new all-time high. The coming days will be critical in determining the coin’s trajectory and whether it can sustain its impressive growth in the volatile cryptocurrency market.
Bulls or bears? Where do you see Pepe’s price going next? Join the conversation.
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