The cryptocurrency market feels cold! The total market cap fell 2% to $2.5 trillion on Thursday, and meme coins are feeling the pressure.
Amid this market correction, the frog-themed meme coin, Pepe (PEPE), has seen a significant decline over the past 24 hours. According to the latest cryptocurrency data, Pepe’s price has fallen more than 20 percent over the past three days, trading at around $0.0000135 during the mid-London session on Thursday.
All hail my favorite coin
Despite this downturn, Pepe remains very popular among cryptocurrency investors. The mid-cap meme coin has a fully diluted valuation (FDV) of around $5.6 billion and an average daily trading volume of around $1.5 billion. This year, Pepe’s price has risen more than 1,000 percent, showing strong liquidity across multiple exchanges and DeFi protocols.
Whale activity and market decline
Pepe’s impressive performance this year has prompted major holders, known as whales, to take profits on several cryptocurrency exchanges. A market pullback was expected after Pepe outperformed Bitcoin and other altcoins in recent months.
Early investors are now reallocating their profits to other potentially promising memecoins, as the cryptocurrency bull trend is still in its early stages.
On-chain data analysis by Lookonchain revealed that a cryptocurrency investor recently deposited over 660 billion Pepes, worth over $9.5 million, into Binance. This investor made a profit of approximately 52% after holding for the past month, making significant gains and strategic moves within the market.
The future of PEPE coin
From a technical perspective, Pepe’s price may continue to decline in the coming days, especially if Bitcoin bulls fail to defend the crucial support level of around $67,000. Bebe’s weekly Relative Strength Index (RSI) has already fallen below the 70 level, indicating that the bullish momentum is fading.
However, if buyers can hold the current support level, the price of Pepe will likely rise to a new all-time high. The coming days will be crucial in determining the currency’s trajectory and whether it can maintain its impressive growth in the volatile cryptocurrency market.
SEE ALSO: Is Dogecoin (DOGE) Price Preparing for a Massive Move: Will the 20% Rally Be Affected by the Next Move?
Bulls or bears? Where do you see Pepe’s price going next? Join the conversation.