Pepe Price Faces Potential 50% Drop Amid Bearish Market Trends
The crypto market is experiencing bearish sentiment, with the total market cap declining by 2.5% to approximately $3.3 trillion. The memecoin sector also shrank by 2.4%, now valued at about $77.8 billion.
Pepe Price Outlook
- Pepe (PEPE) could face a decline of up to 50% after gains in 2024.
- Current fully diluted valuation stands at $4.1 billion with a 24-hour trading volume of $450 million.
- PEPE has broken below significant support levels, indicating further bearish sentiment.
- A support level around $0.0000066 is anticipated, aligning with the weekly Fibonacci Retracement.
- Analyst suggests a potential rebound if the price holds above $0.0000092.
Fundamentals and Market Position
- Pepe has over 404,000 on-chain holders and $44 million in liquidity via Ether smart contracts.
- Strong trading volume correlates Pepe's price with Ethereum movements.
Meme Coin Trends
- Celebrity tokens are increasing, leading to concerns over pump-and-dump schemes and rug pulls.
- Recent launches include $CAR, which lost over 97% of its value shortly after release, and Libra, promoted by Argentina’s President, which rugged immediately.
- In the Binance ecosystem, the frequency of rug pulls has risen due to democratized meme coin launches.