Pepe Price Prediction as PEPE Drops 7% Suddenly – What’s Happening?

Last updated: May 16, 2024 08:52 EDT | 3 minutes reading

The price of Pepe fell 7% in the last 24 hours, with its drop to $0.00001036 coming at a time when the cryptocurrency market as a whole gains 5% today.

PEPE is clearly correcting after a strong few days, with the meme token still up 30% in a week and 100% in a month, not to mention 500% in a year.

The fact that it is still largely in the green indicates how today’s loss mainly relates to traders taking some profits after a roaring start to the week, which followed the ‘Roaring Kitty’ meme stock trader’s return to X.

And with PEPE remaining one of the most popular vehicles for whales, it’s likely to bounce back soon.

Pepe Price Prediction as PEPE Drops 7% Suddenly – What’s Happening?

The PEPE chart shows that it has lost some strength compared to previous days, with its indicators signaling a loss of dynamism.

Its relative strength index (purple) fell from 85 on Monday to just under 50 today, and while it has shown small signs of improvement, it could still struggle in the near term.

Source: TradingView

Likewise, PEPE’s 30-day average (orange) is now declining again, after spending several days soaring well above the 200-day (blue), which is once again a sign that recent buyers have begun to make profits.

What is interesting, however, is that the coin’s trading volume remains high, at around $1.6 billion today.

This contrasts favorably with levels (e.g. below $500 million) observed just a few days ago, indicating that interest in PEPE remains and that it may soon recover.

In fact, some whales are still accumulating PEPE even now, suggesting the belief that the meme token will return to growth soon.

This certainly remains a possibility, given that meme coins – and particularly PEPE – have been on the rise since meme stock investor Keith Gill (aka Roaring Kitty) returned to posting on X for the first time in about three years.

However, it is important to highlight that GameStop – the Gill stock was fundamental for the pump in 2021 – fell by almost 20% close yesterday.

This suggests that the optimism his return instilled may already be waning.

However, PEPE remains a favorite among whales, so it is likely to return to winning ways in the coming weeks, or even days.

It could post sustained gains later in the year, especially if the Fed approves rate cuts and stimulates the broader market.

As such, Pepe price could reach $0.0000120 in a few weeks and $0.000020 in Q4 2024.

New Meme Tokens Could Outperform Older Coins

Traders may be concerned that PEPE may correct for a while longer, so they could potentially turn to newer meme tokens for bigger gains in the short term.

Now would be a good time to take this action, as there are several meme tokens carrying out their pre-sales at the moment, with many on track to recover once they are on the list.

A prime candidate for a grand opening is Sealana (SEAL)a Solana-based meme token that raised just over $1.2 million in its increasingly popular sale.

The reason investors are turning to SEAL is that it aims to become the latest in a long line of SOL-based meme tokens to outperform the market this year.

It adopted a clunky, Americanized label as a meme, and so far it has been successful in attracting supporters and growing its community.

Also optimistic is the fact that an Ethereum version of its token will now be available, making it a multi-chain cryptocurrency and thus giving it wider application.

Investors interested in joining its sale can do so at Sealana’s official websitewhere you can purchase the token by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.

It is available at a rate of 1 SOL per 6,900 SEAL, which converts to $0.023 per token.

This is a rock bottom price and one that SEAL should leave behind very quickly once it is listed on exchanges in the coming weeks.

Buy SEAL today

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.

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