PEPE Price Drops Over 22% This Week, Market Cap Falls by $1.3 Billion
PEPE is trading at $0.00001008, down 22% over the past week, losing $1.3 billion in market cap to $4.24 billion. This decline coincides with a broader crypto market pullback as investors reduce risk exposure amidst geopolitical tensions.
Key Developments
- Whale 0x6ea4 deposited 600 billion PEPE tokens (approximately $6.04 million) onto Binance, following prior withdrawals totaling 2.2 trillion tokens ($27.64 million).
- The whale's trading activity has resulted in an estimated loss of $3.5 million.
- A new wallet withdrew 500.6 billion PEPE (about $5.2 million) from Binance, indicating ongoing interest from long-term investors.
- PEPE open interest increased by 7% to $526 million, reflecting significant futures trading activity.
Market Analysis
- The RSI is at 37.76, nearing oversold conditions, suggesting potential for a price reversal if buying occurs.
- Bollinger Bands indicate support around $0.00000980; a bounce towards $0.00001300 could happen if this level holds.
- A breakdown below $0.00000950 may lead to further declines.
- PEPE is forming a descending broadening wedge pattern, which could result in a bullish breakout and target a price of up to $0.00002123.
PEPE chart with RSI and Bollinger Bands | Source: Trading View
PEPE chart with MACD and descending broadening wedge pattern | Source: Trading View