PEPE, the frog-based memecoin, has experienced a significant price drop of 10.20% in the last 24 hours, with outflows totaling $3.96 million according to Coinglass data. This decline comes amidst a broader market crash in the cryptocurrency sector, with major currencies struggling to recover.
Among the memecoins, PEPE has stood out as one of the top losers, capturing investor attention with its notable price downfall. The token’s price has dropped by 10.20% in a single day, making it one of the worst performers in the market.
Last week, PEPE reached a weekly high of $0.00001193, but has since seen a downward trend, with a 29.62% decline in market price over the past seven days. Currently trading at $0.00000842, PEPE has experienced a significant decrease of 34.32% in price over the past month.
Technical indicators suggest a bearish trend for PEPE, with its short-term moving average below the long-term moving average. Despite this, the token has seen a year-to-date price increase of 546.15%. The Relative Strength Index (RSI) stands at 34.26, indicating strong selling sentiment.
Looking ahead, market analysts remain optimistic about PEPE’s future price movement, with some predicting a bullish price of $0.00004965 by 2024. Amidst the market crash, Bitcoin ETFs have seen inflows as investors seize the opportunity presented by the price dip.
In other news, a whale transfer of PENDLE tokens worth 3 million has increased selling pressure on the asset, highlighting the ongoing developments in the cryptocurrency market.