Pepe’s Rapid Ascent
The rollercoaster journey of Pepe (PEPE) is nothing short of wild. Just weeks after its launch, the meme coin saw an eye-popping increase of over 2,000%. Yes, you read that right—two thousand percent! Investors were probably dreaming of Lamborghinis and early retirements as PEPE peaked at $0.00000138 on May 1. However, just like that friend who leaves a party too early, it didn’t last long.
Down, Down, Baby
Unfortunately for PEPE enthusiasts, reality struck hard when the price plummeted to $0.00000089 on May 3—a staggering drop of about 35%. With this nosedive, its market cap took a hit, sinking nearly $80 million and pushing it out of the top 100 cryptocurrency rankings. So much for that party!
The Shift in Retail Interest
The trend in daily trading volumes followed suit, dwindling across both centralized and decentralized exchanges. Retail interest in PEPE seems to have fizzled out faster than a soda left open on a hot day. In fact, the “Pepe Coin” keyword saw its Google Trends interest score plummet from 100 to a somber 7 in just 24 hours. Talk about a fall from grace!
Whales in the Water
If you thought the wild tanking of PEPE was concerning, wait until you hear about the whales. These heavy-hitting players control 45% of the token’s circulating supply. It makes one wonder if there’s a secret whale club where they all sit around plotting their next move. Multiple wallets potentially belonging to one entity can drastically influence PEPE’s price—making it feel like the market is at their whim.
Profit-Taking Anxiety
Amidst the excitement, some whale addresses linked to the Pepe team made a cool $1.23 million profit in what some may call a more-than-slightly dubious move. They purchased a massive 8.87 trillion PEPE tokens and offloaded over 90% of their holdings in a thin market. Seems like they were cashing in their chips while the getting was good!
The Future: A Potential 20% Correction?
PEPE’s tremendous speculative rise lacks the fundamentals to sustain itself long-term. The charts show a bearish divergence forming, and the four-hour chart indicates a potential correction ahead. Analysts are pointing to a scenario in which PEPE could drop another 20%, putting it in the $0.00000020-$0.00000017 range. Sounds like it might be time for the investors to hold their breath!
The Volatility of Memecoins
We can’t forget to mention the mercurial nature of memecoins. Just look at Dogecoin! Since 2020, it skyrocketed by 7,000%—largely due to the Twitter musings of billionaire Elon Musk. So for those betting on PEPE, remember: it’s all fun and games until it’s not.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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