Frog-shaped digital currency plunges to a two-year low: Will it make a come-back?
Pepe Coin experiences a steep sell-off, reaching its lowest point since May 9, amidst the ongoing crypto market downturn. The meme token, known as Pepe, plummeted to a low of $0.00001096, marking a 32% decline from its year's high.
On the brighter side, the Pepe coin supply on exchanges plummeted to 105.33 trillion, its lowest level since 2022. Concurrently, it has fallen from last year's high of 215 trillion, indicating that holders seem less inclined to sell their coins.
According to Nansen data, the number of Pepe coins held by whales has increased this month. These significant investors now possess 9.71 trillion coins, representing a 2.74% increase from April. Moreover, accounts labeled as smart money have persistently accumulated Pepe coins this month, with holdings jumping to 625 billion, a 145% increase compared to the previous month.
While market sentiments appear to be shifting, the positive funding rate for Pepe has been on an upward trajectory since May 8. A positive funding rate commonly indicates that investors anticipate the coin's future price to surpass the current spot rate.
Analysts assess the daily chart and predict more downside due to technical indicators. The price of Pepe peaked at $0.00001625 in May, only to retreat to $0.00001095, and now stands at approximately $0.00001370, a 3.16% drop in the last 24 hours. The Relative Strength Index and the Moving Average Convergence Divergence have pointed downwards, suggesting further declines. If this trend continues, the price may reach the 78.6% retracement level at $0.00001057 before rebounding. The bulls are targeting the 50% point at $0.000017.
Meanwhile, Ethereum prices are experiencing a downturn, with June's unfavorable track record looming. Further details on Elemental Data suggest that trading volume surged above $1.5 billion daily in May, driven by increased speculative interest and whale accumulation. The number of Pepe holders has grown, reaching 438,010, with most holding for 1–12 months, and there is a wide range of price predictions for the summer, from $0.00001974 to $0.00002803, depending on the model deemed most accurate.
- Despite the ongoing crypto market downturn and Pepe Coin's sell-off, the supply of Pepe coins on exchanges has reached its lowest level since 2022, suggesting that holders are less inclined to sell.
- Nansen data shows an increase in the number of Pepe coins held by whales this month, with significant investors now possessing 9.71 trillion coins.
- Accounts labeled as smart money have persistently accumulated Pepe coins this month, with holdings jumping to 625 billion, a 145% increase compared to the previous month.
- While the funding rate for Pepe is on an upward trajectory and analysts' technical indicators predict more downside, crypto finance experts are anticipating the price to reach the 50% point at $0.000017, demonstrating an overall interest in investing in Pepe token and the broader crypto market, including Ethereum, which is experiencing a downturn in June.
