PEPE Coin Faces Sharp Decline Amidst Insider Dumping Scandal
PEPE coin has experienced a significant decrease in value, dropping by over 80% in recent weeks. This decline was triggered by scandals involving insider dumping scams by the creators of the meme coin. However, there are indications of a bullish trend emerging for PEPE, as its price surged to $0.000000000248 on September 13.
PEPE Still Struggling in a Bearish Trend
Currently trading at $0.0000000002436, PEPE has seen a 2% decrease in the past 24 hours and a 5% drop over the last seven days. The meme coin’s value started plummeting after reports of the creators selling around $16 million worth of tokens from a developer wallet surfaced.
Technical Indicators Point to Bullish Activities
The chart reveals that PEPE is trading below the 50-day Simple Moving Average (SMA), indicating short-term bearish momentum. However, the MACD is slightly above the signal line with green histogram bars, suggesting a potential bullish movement. The relative strength index value of 25 also indicates an oversold zone and a possible trend reversal.
PEPE Bulls Push for Price Rally on Daily Chart
On the daily chart, PEPE is trading within a channel that shows strength for a potential rally into its previous resistance zone. This could result in a 90% gain for traders who buy at this level. However, if PEPE fails to break through its resistance zone at $0.000001017, it may experience a price decline and retest the support level at $0.0000057.
Selling Pressure Continues for PEPE
Investors continue to sell off their PEPE holdings, leading to increased selling pressure. The coin’s trading volume has surged by 164% in the past 24 hours. The broader bearish trend in the crypto market has also contributed to the decline of PEPE. The current situation has raised concerns about the coin’s survival and longevity.
Consider Bitcoin BSC as an Alternative
Given the uncertainty surrounding PEPE, investors may consider Bitcoin BSC (BTCBSC) as a viable alternative. BTCBSC operates on the BNB Smart Chain as a Proof-of-Stake cryptocurrency and has gained traction with its presale, raising over $1.52 million. The project offers real-life utility through its staking program, allowing token holders to earn passive income of up to 500% APY.
Hot Take: PEPE Coin’s Future Hangs in the Balance
PEPE coin has suffered a significant decline in value due to insider dumping scandals by its creators. While there are signs of a potential bullish trend, it remains uncertain whether PEPE can recover from its recent losses. Investors should exercise caution when trading this meme coin and consider alternative options like Bitcoin BSC.
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