PEPE Price Plummets 5.11% in 24 Hours Amidst Broader Market Decline, Meme Coins Down 4.01% on Average
Over the past 24 hours, PEPE has suffered a sharp decline of 5.11%, mirroring a broader downturn in the market, where meme coins have collectively dropped by an average of 4.01%. A notable factor in this decline appears to be a significant whale transfer that occurred on August 1st, involving 400 billion PEPE tokens valued at $4.22 million, which has seemingly unsettled investors.
Today’s downturn has driven PEPE even further into the red, now standing 15.52% below last Friday’s prices. This decline is in line with similar losses seen across most prominent altcoins.
The impact of the whale transfer has clearly reverberated through the market, as evidenced by a surge in trading activity. PEPE’s trading volume has spiked by 34.50% over the past 24 hours, reaching 820.88 million.
PEPE Price Recovery Falters Post Whale Transfer – Further Decline Expected?
The whale transfer yesterday appears to have been the catalyst for PEPE’s steep decline over the past day. Despite attempts at a recovery, PEPE seems poised for continued downward movement.
A key indicator of this bearish sentiment is PEPE’s relative strength index (RSI) (purple), which has remained below the 50 mark since the transfer, currently sitting at 40. Although this isn’t in the oversold territory, it does indicate a neutral-to-bearish outlook, suggesting waning investor confidence as buying pressure fails to lift the RSI above this level.
Looking ahead, broader market trends are also pointing towards a sustained downtrend. The 20-day moving average (20DMA) (yellow) is on a steep decline and sits well below the 200-day moving average (200DMA) (blue), reinforcing the bearish outlook.
With both short-term and long-term indicators signaling further downside, traders should keep a close eye on the key support level at $0.00000918, which could be the next critical point to watch.
It’s worth noting that, given PEPE lacks intrinsic fundamentals, its price movement often follows broader market trends. The recent decision by the US Federal Reserve to maintain interest rates in August may have contributed to the sluggish price performance.
Whales Shift Focus to a New PEPE Coin Offering Real Utility
While some traders may still be holding out for gains with PEPE, the meme coin landscape has evolved, with the most promising opportunities now offering real utility alongside strong community backing.
As leading hype-driven coins reach multi-billion-dollar market caps, their potential for explosive growth diminishes, leaving traders on the hunt for the next big thing in the meme coin space.
Enter Pepe Unchained ($PEPU), a new meme coin that goes beyond traditional utility. It addresses two of the most pressing issues in the current crypto landscape: transaction speeds and fees.
Operating on its own Layer 2 chain, Pepe Unchained breaks free from Ethereum’s limitations, offering significantly lower fees and transaction speeds up to 100 times faster.
More than just a meme coin, Pepe Unchained is a “memechain,” a concept that has driven its rapid success, with nearly $6.5 million raised in its presale so far.
Investor confidence in Pepe Unchained is bolstered by its commitment to transparency, evidenced by two independent audits and the inclusion of a block explorer that allows users to track all transactions on its unique chain.
Currently, the presale price is temporarily fixed at $0.0082596, offering early adopters the chance to maximize returns. Investors are also earning an impressive 284% APY, presenting a lucrative passive income opportunity even amid recent market volatility.
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