The PEPE Meme Coin Surges 12%, Then Retreats
The price of popular meme coin PEPE rose 12% on Tuesday following Elon Musk’s move on X. He changed his display name to “Kekius Maximus” and adopted a Pepe the Frog avatar, a reference to the online game Path of Exile.
However, this initial excitement was short-lived. PEPE has begun to give back some of its recent gains as the hype surrounding Musk’s move begins to fade.
PEPE’s brief rally: No thanks to Elon Musk
On Tuesday, tech billionaire Elon Musk Gives his X profile A new makeover was given, adopting the nickname “Kekius Maximus”. Musk replaced his profile picture with a “Pepe the Frog” meme and a new name, reimagining the character as an armor-clad warrior wielding a video game joystick.
The move sparked a surge of optimism around PEPE Meme coin, its value increased by 12% during the trading period. However, this initial excitement seemed to be short-lived as the meme coin has already started to decline. Its value has fallen by 4% in the past 24 hours.
During that period, PEPE trading volume Soared 31%. When an asset price falls and trading volume surges, it may indicate increasing selling pressure as more participants seek to close positions. It suggests that price growth is driven solely by market speculation rather than actual demand for the asset and is therefore unsustainable.
In addition, the surge PEPE spot outflow Further reinforcing this bearish outlook. According to Coinglass, $6.34 million has been withdrawn from the spot market in the past 24 hours. This contrasts with the $45 million in PEPE inflows recorded on Tuesday.
When an asset experiences outflows, it means that more of the asset is being sold or taken out of the market than is being purchased. This indicates a drop in demand as investors or traders move their holdings out of the asset.
PEPE Price Prediction: Meme Coin Price May Fall to $0.0000017
On the daily chart, PEPE’s Super Trend Indicator The price is higher than its price, confirming the decline in demand. This indicator tracks the direction and strength of an asset’s price trend. It appears as a line on a price chart that changes color to indicate a trend: green indicates an uptrend and red indicates a downtrend.
When an asset price falls below a supertrend line, it signals bearish momentum in the market. This line acts as a resistance level, making it difficult for the price to break above.
For PEPE, this resistance level is $0.000024. If the downward trend continues, the price of PEPE meme coin may drop to $0.0000017.
On the other hand, the price of PEPE may try to break above the $0.000024 resistance level. If successful, it could return to its all-time high of $0.000028.
Disclaimer
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