By The Pepe price has fallen by 7% in the past 24 hours, with its drop to $0.00001036 coming as the cryptocurrency market as a whole gains by 5% today.
PEPE is clearly correcting after a strong couple of days, with the meme token still up by 30% in a week and by 100% in a month, not to mention by 500% in a year.
That it is still largely in the green indicates how today’s loss mostly relates to traders taking some profits after a rip-roaring start to the week, which followed from the return of meme-stock trader ‘Roaring Kitty’ to X.
And with PEPE remaining one of the most popular vehicles for whales, it’s likely to rebound soon enough.
Pepe Price Prediction as PEPE Drops 7% Suddenly – What’s Going On?
PEPE’s chart shows that it has run out of a little steam relative to the previous few days, with its indicators signalling a loss of momentum.
Its relative strength index (purple) has declined from 85 on Monday to just under 50 today, and while it has shown tiny signs of improvement it may still struggle in the near term.
Source: TradingView
Likewise, PEPE’s 30-day average (orange) is now declining again after spending several days shooting well above the 200-day (blue), which is again a sign that recent buyers have begun taking profits.
What’s interesting, however, is that the coin’s trading volume remains elevated, at around $1.6 billion today.
This contrasts favorably with the levels (e.g. sub-$500 million) seen only a few days ago, indicating that interest remains in PEPE and that it could rebound soon enough.
A whale withdrew 520B $PEPE($5.28M) from #Binance 30 minutes ago.
It is worth noting that this whale is not smart.
He bought a total of 10 tokens and never sold them.
According to the current price, he lost a total of $6.1M, 5 tokens were profitable, and the win rate is 50%.… pic.twitter.com/fC4drHO7ZP
— Lookonchain (@lookonchain) May 15, 2024
Indeed, some whales are still accumulating PEPE even now, suggesting a belief that the meme token will return to growth pretty soon.
This certainly remains a possibility, given that meme coins – and particularly PEPE – have been hot ever since meme-stock investor Keith Gill (AKA Roaring Kitty) returned to posting on X for the first time in roughly three years.
However, it should be noted that GameStop – the stock Gill was instrumental in pumping in 2021 – declined by nearly 20% on close yesterday.
This suggests that the bullishness his return instigated may already be ebbing away.
Nonetheless, PEPE remains a favorite among whales, so it’s likely to return to winning ways in the next few weeks, if not days.
There is very high short interest on $PEPE right now. Funding rates are negative and shorts are paying longs daily.
The longer price stays up, the more they pay. They can’t all close at current levels, price will shoot up and they will get liquidated if we hold. pic.twitter.com/rfTzlvTa9g
— Plazma (@Plazma0x) May 16, 2024
It could see sustained gains later in the year, particularly if the Fed comes through with rate cuts and boosts the wider market.
As such, the Pepe price could hit $0.0000120 in a couple of weeks and $0.000020 by Q4 2024.
New Meme Tokens Could Outperform Older Coins
Traders may be worried that PEPE could correct for a while longer yet, so they could potentially turn to newer meme tokens to make bigger gains in the near term.
Now would be a good time to make such a move, since there are various meme tokens holding their presales at the moment, with many on course to rally big once they list.
A prime candidate for a big opening is Sealana (SEAL), a Solana-based meme token that has raised just over $1.2 million in its increasingly popular sale.
Even an honourable discharge won’t stop #Sealana from spreading FREEDOM with his fellow special forces $SEALs.
Putting his battlefield days behind him, Sealana and his comrades are now taking on a different enemy: keyboard warriors and #Memecoin haters.
He didn’t serve… pic.twitter.com/VV4oWeSjTi
— Sealana (@Sealana_Token) May 15, 2024
The reason why investors are turning to SEAL is that it’s aiming to become the latest in a long line of SOL-based meme tokens to outperform the market this year.
It has adopted a bumbling, Americanized seal as its meme, and so far, it has been successful in drawing in supporters and growing its community.
Also bullish is the fact that an Ethereum version of its token will now be available, making it a multi-chain cryptocurrency and thereby giving it wider application.
Investors interested in joining its sale can do so at the official Sealana website, where they can purchase the token by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
It’s available at a rate 1 SOL for 6,900 SEAL, which converts to $0.023 per token.
This is a rock-bottom price, and one which SEAL should leave behind very quickly once it lists on exchanges in the next few weeks.
The post Pepe Price Prediction as PEPE Drops 7% Suddenly – What’s Going On? appeared first on Cryptonews.
