Bulls vs Bears: Pepe Coin (PEPE) Price Facing 25% Crash?

The frog-themed crypto project Pepe (PEPE) remains the most sought-after meme coin. The mid-cap altcoin, with a market capitalization of about $5.795 billion, had the highest daily traded volume of about $2.624 billion in the meme coin industry. The prior spot Ethereum ETF hype triggered a notable rise in Ether-based altcoins.

However, the approval of eight spot Ether ETFs in the United States on Thursday has turned out to be a classical sell-the-news event. Moreover, the total crypto market cap has since dropped around 4 percent in the last 24 hours to about $2.63 trillion. 

Pepe’s Price Takes a Dip

According to the latest crypto data, Pepe’s price dropped around 6 percent in the last 24 hours of trading at about $0.0000136 on Friday during the mid-London session. Consequently, Pepe’s price against the US dollar must defend the lower bottom of a bullish flag to avoid further capitulation over the weekend.

According to a popular crypto analyst alias Crypto Patel, Pepe’s price could drop as much as 25 percent if the bulls do not establish dominance now.  In case of a sustained crypto bearish outlook, the analyst has set the next major support levels for Pepe at around $0.000010.

On the other hand, Pepe’s price could rally as much as 25 percent towards $0.000017, which coincides with the 2.618 1-hour Fibonacci Extension.

Why Bet on Pepe?

Despite the rollercoaster, meme coins continue to steal the show. Pepe, with support from big names like Coinbase and Binance, boasts approximately 227k holders. As the dust settles, one thing’s clear: in crypto, expect the unexpected.

Also Check Out: Top 19 Altcoins to Stack Now For Higher Return 

Is the meme coin industry here to stay? Weigh in with your take on the future of meme coins!