Pepe Price Plunges 7% As This Turbo-Charged Layer-2 PEPE Closes On $9 Million
Release: 2024/08/16 16:04 Reading: 391
Pepe Price Drops 7%, Market Cap Plunges to $37 Billion
In the past 24 hours, the price of Pepe has experienced a significant decline of 7%, currently trading at $0.000007419 as of 00:42 a.m. EST. This drop has been accompanied by a surge in trading volume of 29% to $902 million.
Among the top three meme coins by market capitalization, Pepe has emerged as the biggest loser, while DOGE and SHIB have only experienced a 1% decline each. According to Coingecko, this overall market downturn has resulted in a 2% decrease in the meme coin space, now standing at a market capitalization of $37 billion.
On-Chain Data Reveals Bearish Sentiment
Insights from IntoTheBlock's on-chain data suggest a shift towards bearish sentiment in the Pepe market, with only 50% of holders currently profiting at the current price.
Pepe Price Targets Breakout
Data from GeckoTerminal indicates a price trajectory for Pepe from July 29 to August 5, characterized by a drop from a resistance level of $0.00001216 to a support zone of $0.0000060.
Bullish efforts subsequently utilized this support to initiate a price increase, but faced resistance at $0.000008622. Pepe has since remained below this level, consolidating within a sideways pattern as investors anticipate a breakout either above or below this range.
Both the 50-day and 200-day Simple Moving Averages (SMAs) currently lie above Pepe's price, reinforcing the bearish trend. Furthermore, the Relative Strength Index (RSI) has declined towards an oversold level of 35, indicating significant selling pressure.
Pepe Bulls Aim for Breakout
Based on the technical analysis, Pepe price bulls are targeting a breakout above the sideways pattern. The oversold RSI suggests that PEPE is currently undervalued, providing a potential buying opportunity.
Pepe Unchained Gains Traction
While Pepe price bulls seek additional buying signals, investors are shifting their focus to Pepe Unchained (PEPU), a new meme coin that has garnered over $8.9 million in funding.
Pepe Unchained: A Promising PEPE Alternative
Launched in 2023, Pepe has delivered impressive returns to early investors and remains a top three meme coin by market capitalization. However, Pepe faces limitations due to its Ethereum blockchain foundation, leading to network delays and high gas fees.
Pepe Unchained emerges as an innovative alternative, aiming to break free from these constraints through its own dedicated Ethereum Layer 2 blockchain.
Key Features of Pepe Unchained
- High scalability, speed, and efficiency
- Staking system with a 220% annual percentage yield (APY)
- Potential for significant growth, as suggested by prominent crypto channels like 99Bitcoins
Investors can purchase PEPU tokens for $0.0090901 each. With a price increase expected within 7 hours, early participation is advised to secure the best price.
Presale Details
To partake in the presale, visit the official Pepe Unchained website and utilize ETH, USDT, or a bank card for your purchase.
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