PEPE, the memecoin, has experienced a significant price drop of 10.20% in daily decline.
In the past 24 hours, the token has seen outflows totaling $3.96 million, as reported by Coinglass.
The cryptocurrency market continues to struggle amidst a market crash this week, with major currencies facing resistance in recovery efforts. Memecoins, including frog-based memecoin PEPE, have also felt the impact of price declines. PEPE has garnered attention from investors due to its notable drop in price over the last 24 hours, with a daily decline of 10.20%, making it one of the top losers of the day.
Just last week, PEPE was trading at a weekly high of $0.00001193, already experiencing price drops over the previous month. The overall market decline has contributed to a bearish trend in PEPE, with a 29.62% decrease in market price over the past seven days. At the time of writing, PEPE was trading at $0.00000842.
Looking back over the past month, PEPE has seen a significant 34.32% decrease in price. With the short-term 9-day MA below the long-term 21-day MA, the token is clearly indicating a bearish trend. Despite this, the year-to-date price increase remains strong at 546.15%.
In addition, the token’s RSI stands at 34.26, signaling a strong selling sentiment according to TradingView reports. Coinglass data shows that PEPE recorded approximately $3.96 million in outflows in the last 24 hours.
When analyzing the daily price chart for PEPE, it was trading at $0.0000090 on July 7, experiencing modest price declines throughout the day and reaching an intra-day low of $0.000009085. The daily trading volume saw a 15.40% increase.
On July 8, PEPE dropped to $0.0000089 levels early in the day, showing a continued bearish trend and eventually finding support at $0.0000083. It briefly hit a 7-week low of $0.00000775 within the last 24 hours.
Market analysts remain optimistic about a potential upward movement in PEPE’s price in the coming weeks. TheNewsCrypto analysts have even predicted a bullish price target of $0.00004965 for PEPE in 2024.
Despite the market crash, Bitcoin ETFs saw inflows as investors took advantage of the price downturn.
PEPE Price Plummets as Bears Seize Control During Market Crash
