The memecoin market is going through a challenging period, with PEPE being a case in point. Despite short-term fluctuations, PEPE has been one of the top performers over the past week.
A Drop for PEPE in 24 Hours
In the last 24 hours, the price of PEPE fell by 4%, settling around $0.000007. Amidst a declining interest in the crypto market and losing trades in Bitcoin, PEPE's decline contrasts with its weekly dynamics, where this memecoin recorded a 6% increase.
Investor Discussions and Technical Indicators
On Binance Square, trader opinions are divided. Some see the current drop as a buying opportunity, anticipating a recovery above $0.00000665, while others predict a fall to $0.00000500. Technical indicators are not reassuring: MACD is negative, trading volume is decreasing, and liquidations are increasing. However, the withdrawal of tokens from exchanges could indicate a phase of discreet accumulation.
Future of Memecoins: Can PEPE Survive?
Since December 2024, the memecoin market has lost $87.5 billion, representing a 63% decline. PEPE shows a 75% correction from its highs, placing it among the most impacted assets. The future of PEPE will largely depend on the dynamics of the global crypto market. Between accumulation and capitulation, caution is advised.
The future of memecoins like PEPE remains uncertain. A potential rise of Bitcoin to $90,000 could revive the market, whereas a prolonged correction in BTC may continue to accentuate PEPE's decline.
