Pepe Price Prediction: PEPE Plunges 11% As This P2E Dogecoin Derivative Rockets Past $5 Million

The Pepe price plummeted 11% in the past 24 hours to trade for $0.00001039 as of 01:07 a.m. EST on trading volume that soared 40% as PEPE holders exit their position amid increased risk in the market.

$pepe short tp hit . no long for now, waiting for confirmation$btc $eth $sol $link $velo $bob $mew $bome $wen $jasmy https://t.co/gJlL0o6OyR pic.twitter.com/7QFpSmwmPZ

— McFlurry (@_Mc_Flurry) June 24, 2024

PEPE is not the only meme coin that is bleeding. CoinGecko data shows a bloodbath in the meme coin sector. This is so much so that the sector’s market capitalization has dipped by almost 8% to $43.7 billion.

The situation is even worse for Solana-based meme coins, which plummeted 10% by market capitalization, CoinGecko data shows.

The Dogecoin (DOGE) price plunged almost 5% and Shiba Inu (SHIB) 6%.

PEPE Price Prediction

The Pepe price is trading with a bearish bias, confined within a falling parallel channel, which commits the frog-themed token to more losses. Unless the PEPE bulls are able to haul the price past the upper boundary of the channel, token holders should expect more losses.

Increased selling pressure could see the Pepe price extend the fall, potentially losing support due to the centerline of the channel. However, if the bears have their way and the Pepe price drops below the critical 61.8% Fibonacci retracement level of $0.00000913, the big-picture bullish outlook would be invalidated.

Noteworthy, the Relative Strength Index (RSI) is recording lower highs, suggesting the bears are increasingly showing strength. The Moving Average Convergence Divergence solidifies this position as it holds below the signal line (orange band). Worse, the MACD is in negative territory, accentuating the bearish supposition.

If $0.00000913 support level breaks, the Fibonacci indicator suggests $0.00000692 would be the next accumulation level, earmarked by the 78.6% Fibonacci retracement level.

GeckoTerminal: PEPE/USD 1-day chart

Converse Case

On the other hand, a recovery among PEPE bulls could see the Pepe price recover. In this case, however, only a candlestick close above $0.00001736 would invalidate the bearish thesis.

Meanwhile, investor attention is shifting towards PlayDoge (PLAY), a play-to-earn (P2E) Dogecoin derivative that has rocketed past the $5 million threshold in sales.

Crypto YouTuber Jacob Bury says it could be the next meme coin with 10X upside.

Promising Alternative To PEPE

PLAY is the powering token for the PlayDoge ecosystem. It is a mobile-based P2E game that transforms the iconic Doge meme into a Tamagotchi-style virtual pet.

PlayDoge brings the legendary Tamagotchi virtual pet concept into the new digital economy of crypto. Ecosystem participants play through classic 8-bit side-scrolling adventures while embracing the 90s nostalgia to earn crypto. Players enjoy monetary incentives based on how well they can care for their pets.

The project runs on the BNB chain, delivering benefits such as lower fees and faster transactions. The BNB chain is also famous for ecosystem support, interoperability, scalability, and community adoption.

Once you buy PLAY, you become a PlayDoge community member and earn eligibility for a wide range of features, including:

• Functionality: $PLAY is the primary in-game currency for transactions and accessing special features.
• Earning Mechanism: $PLAY is earned through engaging with pets and excelling in the adventure game.
• Utility: $PLAY is designed to have value both within the game and in the broader crypto market.

PLAY tokens are currently priced at $0.00512. But that price tag will hold for only another two days, meaning that potential buyers shouldn’t wait around too long before placing orders.

Buy PlayDoge tokens on the official website here.

Also Read:

• How to Buy PlayDoge – $PLAY Presale Review
• PlayDoge Price Prediction – PLAY Price Potential in 2024
• Meme Coins Flash Crash As Pepe, Dogwifhat, And Shiba Inu Plunge Amid 8% Sector Slump
• Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!