Pepe price is in a bear market; true believers remain optimistic
Release: 2024/07/03 22:11 Reading: 304
Pepe Price Decline Amid Market Volatility
Pepe's price has experienced a significant downturn, declining by approximately 40% from its peak in June. This has resulted in a market capitalization of $4.5 billion, down from $7.1 billion earlier this year.
The downturn coincides with bearish sentiment permeating the cryptocurrency industry. Bitcoin has retreated from $72,000 to $60,000, while other meme coins, including MOTHER, JASON, and Dogwifhat, have also declined.
Despite the overall market weakness, Pepe's price action exhibits some positive indicators. Open interest in its futures market has remained steady, averaging $131 million in recent days. Additionally, its daily volume exceeds $500,000, making it the most popular meme coin among investors.
Furthermore, Pepe has a wider distribution than most meme tokens, with over 254,577 holders. The largest holder possesses over $967 million worth of tokens, while the second-largest holds approximately $207 million.
Sentiments among Pepe holders remain bullish, as evidenced by a recent transfer of $14.7 million worth of tokens from Binance to an unknown wallet. Historical patterns suggest that Pepe has previously experienced bear markets before rebounding to new highs.
Technically, Pepe's price has found support at its 100-day Exponential Moving Average. A breach below this level could indicate further declines in the short term before an eventual recovery.
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