Pepe (PEPE) Price Predictions Remain Bearish
Pepe (PEPE) price predictions remain bearish with the meme coin having now dropped more than 16% in seven days. PEPE/USD was last changing hands on major centralized exchanges just under $0.0000009. The Pepe price has nearly halved since hitting fresh multi-month highs back in December near $0.00000175.
A New Competitor for Pepe
Pepe, which is trading substantially below its major moving averages, may have had its fate worsened by a new competitor. Last week, a pseudonymous crypto developer called Pauly0x launched a fork of Pepe called PepeFork (PORK). PORK has already been able to attain a market cap of $240 million. That’s around 65% of the market cap of Pepe, which was last around $370 million.
Dampening Demand for Pepe
Meanwhile, it has attracted over $16 million in liquidity in its WETH/PORK pair on Ethereum. That’s more than the equivalent WETH/PEPE pair has, at just under $10 million. Either way, PORK’s arrival on the scene is seemingly dampening demand for Pepe.
Is Pepe Price Going to Zero?
Pepe price bears are currently attempting to push the token below key support at $0.0000009. Should this level go, there is very little to stop the Pepe price from falling all the way back to last September/October’s lows in the $0.0000006 area, which could mark losses of over 30% from current levels.
But will the Pepe price go to zero? Well, it’s far too early to bet on Pepe’s death. As per DEXTools, Pepe coin is held in over 150,000 wallets, a decent proxy for the number of individual owners. Pepe’s official X account also has well over half a million followers. Meanwhile, the meme coin’s Telegram has near 60,000 members.
Big Pepe price drops are highly plausible, but for the price to go to zero, this massive community would likely need to evaporate. That doesn’t seem likely any time soon.
Hot Take: The Future of Pepe
While the current Pepe price predictions remain bearish and the introduction of PepeFork (PORK) has dampened demand for Pepe, it is too early to declare the demise of Pepe coin. The strong community support with over 150,000 wallets and a large following on social media platforms suggests that the price going to zero is unlikely in the near future. However, investors should exercise caution due to the volatile nature of meme coins and potential scams in the crypto space. It will be interesting to see how Pepe fares in the coming months and whether it can regain its previous highs.
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