In June, while the broader market experienced stagnation, PEPE Coin, a lesser-known meme coin, surged ahead. Unlike its more popular counterparts like DOGE and SHIB, PEPE Coin stood out with a significant rise, only to experience a sharp decline shortly after. This drop has seen the coin’s value plunge by nearly 50%, leaving investors eagerly searching for what might come next.
Current Status of PEPE Coin
Recently, PEPE Coin has exhibited notable price volatility. In the past three days alone, PEPE lost its support at $0.000009 following a 20% drop, reflecting a departure from its previous consolidation phase. Investors had anticipated a recovery, but the situation has instead taken a downturn.
As of the current data, PEPE’s price has dipped below the pivotal support level of $0.000009022. If the coin closes below this threshold, it could lead to further losses. Charts from Coinglass illustrate periods of intense inflows and outflows, coinciding with the recent price drop. This suggests that individual investors losing hope might be escalating the selling pressure.
Who is Profiting from PEPE?
Data from IntoTheBlock reveals that 72.85% of PEPE addresses are still in profit, mostly from purchases made below the current price at the time of writing. However, with 23.37% of investors currently at a loss, the selling pressure could increase, potentially leading to further declines for PEPE.
Investment Insights
- Monitor the $0.000009022 support level closely for potential further declines.
- Track Coinglass data for inflows and outflows to anticipate market movements.
- Watch BTC trends as broader market declines significantly impact PEPE Coin.
- Consider the high percentage of profitable addresses as potential selling pressure.
Considering PEPE’s decline aligns with market trends, a deeper drop in Bitcoin could further negatively impact the meme coin’s value.
