Meme coins play a vital role in uplifting investor confidence amid market uncertainties, and the recently introduced “PEPE” coin has not gone unnoticed by enthusiasts. Since its launch in April 2023, PEPE has made a remarkable mark with an extraordinary surge of nearly 7,000%.
Following the trend of memecoins inspired by popular memes, Pepecoin takes inspiration from the iconic “Pepe the Frog” meme found in Matt Furie’s “Boy’s Club” comic. The initial dynamics of Pepecoin were shaped by the widespread sharing of frog-themed memes by its creators and supporters across social platforms.
Pepecoin exemplifies how crypto communities can rally around cultural symbols, often overlooking the asset’s economic fundamentals. It follows in the footsteps of dog-themed meme coins like Dogecoin, endorsed by Elon Musk and reaching a $10 billion market cap, and Shiba Inu, with a market cap surpassing $5 billion. In contrast, Pepecoin currently holds a more modest market cap of around $464 million, significantly below its peak value of $1.5 billion in May 2023.
After its impressive surge, the popular meme coin Pepe has encountered a slowdown. Despite this, significant investors continue to actively acquire PEPE, prompting the question: Is investing in Pepe a prudent choice, and can it outperform dominant meme coins like Shiba Inu and Dogecoin?
What is the Current Value of Pepe Coin?
As of today, Pepe Coin is priced at $0.0000014, with a 24-hour trading volume of $45.06M. Its market cap stands at $484.23M, holding a market dominance of 0.03%. Over the last 24 hours, PEPE has seen a 0.23% decrease.
Pepe Coin reached its peak on May 5, 2023, hitting the highest price of $0.000004408. The lowest specified price isn’t provided, but it reached a cycle low at $0.0000006088 after its all-time high. Conversely, the highest post-cycle low price for Pepe Coin was $0.051455. The current circulating supply is 417.5 trillion Pepe coins.
Pepe’s Price Analysis Indicates Ongoing Bearish Pressure, with Challenges Persisting Around the $0.0000013 Mark
TL; DR Breakdown
Pepe coin triggered selling demand in its price analysis, contending with the $0.0000013 challenge.
Resistance is evident at $0.000001317, while support for PEPE/USDT stands at $0.000001017.
On January 8, the PEPE price analysis affirms bearish pressure, marked by a decline from the $0.0000013 resistance. Presently, PEPE’s price exhibits a bearish sentiment, lingering within a crucial support range.
PEPE loses buyers’ support near $0.0000013
Examining Pepe coin’s daily price chart reveals slight selling pressure, marked by a rejection from the $0.0000013 peak. The current PEPE price raises bearish concerns, teetering on the brink of a significant decline around a crucial support line. The 24-hour volume has surged to $10.72 million, indicating heightened trading activity today. Pepe’s price stands at $0.000001085, reflecting a decrease of over 8.4% in the last 24 hours.
The RSI-14 trend line has dropped below the midline to 38, indicating bearish control. The SMA-14 level implies potential volatility in the upcoming hours.
On the 4-hour PEPE/USDT Price Chart, Bulls Target a Correction Above EMA20
The 4-hour Pepe price chart indicates growing bear dominance near the immediate support line, with the PEPE price declining around moving averages. Despite this, bulls are preventing a drop below the Fib channels and striving for a correction above EMA20.
The BoP indicator resides in a positive region at 0.92, indicating short-term buyers are seizing an opportunity to drive an upward trend. Nonetheless, the MACD trend line displays minor bearish candles beneath the signal line, maintaining a negative momentum that boosts the confidence of short-position holders.
What can be Anticipated in the Upcoming PEPE Price Analysis?
The hourly price chart verifies Pepe’s attempt to dip below the immediate support line, yet bulls are anticipating a recovery rally in the coming hours. A successful maintenance of momentum above $0.000001317 could ignite a bullish rally towards $0.000001601.
Should bulls be unable to trigger an upward momentum, Pepe’s price could dip below the immediate support line of $0.000001017, potentially initiating a bearish trend towards $0.000000826.
