Pepe Coin (PEPE) Facing Bearish Trend as Interest Shifts to Other Meme Coins
Pepe Coin (PEPE) has been experiencing a bearish trend since early July, with lower highs and lower lows. This is in contrast to other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which have seen higher highs and lows during the same period.
- PEPE has been trading within a descending parallel channel, indicating a highly bearish technical formation.
- It appears that the capital has shifted from PEPE to more stable projects like SHIB and DOGE.
- Pepe’s official Twitter account was silent for most of July and had a series of events occurring in August, which influenced the price.
- The Pepe ecosystem saw changes in the token image on Etherscan and DexTools applications.
- A significant number of PEPE tokens were transferred to various crypto exchanges, worth around $15 million.
Internal Strife Leads to Theft of PEPE Tokens
In the second week of August, the Pepe ecosystem witnessed unexpected transactions involving the transfer of 16 trillion PEPE tokens to different exchanges. The team explained that this was due to internal strife and the actions of a portion of the team with “big egos and greed.”
- Around 60% of the entire multisig token bucket, which had 26 trillion PEPE, was stolen.
- The incident has inspired selling pressure from token holders and contributed to the slump in PEPE’s price.
Pepe Coin Price Forecast and On-Chain Metrics
Currently, PEPE’s price is still trapped within a bearish technical formation and has broken below its support floor at $0.00000083. Selling pressure could further push the price down, potentially hitting the range low at $0.00000075.
- On-chain metrics indicate that the majority of PEPE token holders are incurring losses, leading to a potential increase in selling pressure.
- The RSI is flattening out, suggesting possible bullish pressure and a potential pullback in the price.
- If bullish momentum increases, PEPE could break above resistance levels and target the 50- and 100-day Exponential Moving Averages (EMA).
Alternative Meme Coin to Watch: Wall Street Memes (WSM)
While Pepe Coin faces challenges, Wall Street Memes (WSM) is gaining attention in the meme coin market. WSM recently reached $26 million in presale sales and is set for a promising future.
- WSM will soon have its first exchange listing, providing an opportunity for interested investors.
- The project also offers staking options, which can provide an annual percentage yield (APY) of 84%.
Hot Take
Pepe Coin is currently facing a bearish trend and selling pressure due to internal strife and the theft of a significant number of tokens. While there is a possibility of a pullback and bullish pressure, the overall outlook for PEPE remains uncertain. Investors may want to consider alternative meme coins like Wall Street Memes (WSM), which has shown promising growth and offers attractive investment opportunities.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
