Last week, the Pepe community had a short surge of confidence as its price suggested a reversal of the decline.
However, it has started to crash once more. This is the result of weeks of selling pressure that drove the price down -85% from its all-time high (ATH), which is at $0.0000006359.
Pepe Coin Keeps Dropping Despite More Pessimistic Sentiment and Declining Volume
The ongoing geopolitical unrest in the Middle East has caused considerable volatility in the cryptocurrency markets in recent days. Pepe, however, has suffered as one of the worst hit tokens, along with XRP.
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Although the rationale for XRP’s dump is still unknown, Pepe has encountered a number of basic problems that have quickly eroded confidence in its idea.
Pepe’s market capitalization is $248 million, and it is now trading at $0.0000006359, down 11.06% over the last seven days. Its 24-hour trading volume, which is now only $57 million and has decreased 15% over the past 24 hours, depletes even more quickly than its price.
In light of this, traders choose ventures with greater potential that appear more attractive. One of these is Meme Kombat, which in just over two weeks of presale has soared beyond $450K.
Regretfully, Pepe is at the centre of a money laundering scandal involving “pump and dump.” An NFT-related news account, NFT Ethics, accused the former head of OpenSea Ventures of a “premeditated rug.”
According to the study, the alleged bad actor laundered $10 million that it had stolen from investors through PEPE. Even while it is unlikely to have an impact on Pepe’s long-term pricing, this week’s other project-related problems have surely damaged the company’s image.
Pepe Coin in Decline: 10% Price Drop as Whales Embrace New Meme Token,Pepe Coin in Decline: 10% Price Drop as Whales Embrace New Meme Token
The main worry among investors is that a gang purportedly consisting of former Pepe team members stole $15 million from Pepe’s multi-signature wallet lately. In an effort to allay investors’ concerns, the surviving Pepe team members subsequently said that the offenders had been kicked off the team and had their access to the wallet withdrawn.
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Since the incident on August 24, which occurred at a -42% reduction, Pepe’s price has been severely harmed.
Behdark, a well-known TradingView cryptocurrency analyst, recently posted a trade suggestion that projected a climb towards $0.0000003. The trader thinks there is a demand block that will show to be a good support level if this leads to a 50% dump to the downside.
KhaldHegazy agrees with Behdark’s pessimistic outlook. The trader’s most recent research suggests that Pepe may drop to lows of $0.00000025 and $0.0000002. This is the strongest support region, according to the study, and will most likely attract buyers’ attention.
But YouTuber Zack Ventura advises his fans to be patient, saying the Pepe price will see a significant long-term rebound.
Pepe Coin in Decline: 10% Price Drop as Whales Embrace New Meme Token,Pepe Coin in Decline: 10% Price Drop as Whales Embrace New Meme Token,Pepe Coin in Decline: 10% Price Drop as Whales Embrace New Meme Token