The recent drop in PEPE Coin's price has raised interest among analysts and investors. Despite the decline, a significant number of holders remain loyal to their asset.
Reasons for PEPE Coin Price Decline
The decrease in PEPE Coin's price by 7% is linked to increased political risks associated with memecoins following an event held by U.S. President Donald Trump. Protests at the event and renewed discussions on the regulation of the USD1 stablecoin supported by Trump heightened uncertainty. The suspension of stablecoin regulation proposals by U.S. policymakers caused investors to withdraw from memecoins.
Wallet Data Holding PEPE
According to IntoTheBlock, 113,690 addresses (about 25.71% of the total) are holding PEPE at a loss, yet investors are refraining from selling. Historically, such resilience reflects long-term investor faith in the asset and expectations for a sudden recovery. Notably, 66,590 wallets acquiring 58.5 trillion PEPE at the $0.000011 level create robust support at these low prices.
Technical Analysis and Forecasts
In technical analysis, a developing Elliott Wave pattern on the daily chart suggests a fifth-wave ascent targeting $0.00001632. PEPE's current consolidation at $0.00001395, along with Ethereum's retention above $2,600, may enhance recovery chances. Nevertheless, if the $0.000013 support breaks, there is a risk of prices retreating to $0.000010.
Despite the current decline, there is ongoing interest in PEPE Coin from investors, many of whom continue to hold their assets in anticipation of market improvements.
