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The PEPE meme coin is on a bearish trend, with a 0.9% drop in the last 24 hours and 15% in seven days.
Memecoins have been feeling the effects of the downtrend across the broader cryptocurrency market.
Dogecoin is down 1.3% in 24 hours and 17% in the last week, while SHIB is down 21% over the past week.
The volatile price action in PEPE’s price has seen the meme coin’s market capitalization drop from over $600 million on August 14 to $447 million at the time of writing. PEPE now ranks as the 85th largest cryptocurrency by this metric.
PEPE continues a bearish trend
PEPE has seen a bearish trend since the start of the month, and it has continued to see a gradual plunge in price.
The token’s performance reflects the scenario across the broader cryptocurrency market.
PEPE has witnessed intense volatility since the start of the month. The token’s highest price was $0.00000143, posted on August 14, which has gradually declined to $0.00000103.
At the time of writing, PEPE was trading at $0.00000106, sitting on a 28% monthly loss.
The token came into the limelight shortly after launch and rallied to an all-time high of $0.00000431 in May.
The low price is not attracting buyers, hinting at declining hype around the token.
The bearish trend across the broader cryptocurrency space is also not aiding a recovery.
PEPE Trading at Crucial Support
PEPE is currently at a crucial support level of $0.00000106, and if the price fails to hold these levels, the price will likely plunge further to the lower support level of $0.00000104.
$0.00000108 was originally a support level but now poses as a resistance.
If the memecoin attracts buying pressure and breaks past this level, it could rally to the next resistance level at $0.000001103.
For now, PEPE needs to hold levels above $0.000001. Failure to trade above these levels might attract intense selling pressure, dropping the token to around $0.00000089.
PEPE Garners Interest from Shibarium Launch
PEPE has attracted much interest from the launch of Shibarium. While the launch was expected to attract gains for SHIB, it did not go as planned and, currently, the developers are working towards reopening.
However, PEPE appears to have rallied from the news of the Shibarium launch, according to a report by Lookonchain.
The on-chain tracking platform noted that amid news of the Shibarium launch, a whale address sold all their BONE and SHIB tokens for $1.28M worth of PEPE.
A whale sold all $BONE and $SHIB, then bought 1.07T $PEPE ($1.28M)!
The whale sold all 979,469 $BONE for 787 $ETH($1.44M) at $1.47 in the past 3 days.
Then deposited all 143B $SHIB($1.32M) to #Binance after #Shibarium stopped producing blocks.https://t.co/XILSObi0UC pic.twitter.com/vwv6puUYwo
— Lookonchain (@lookonchain) August 17, 2023
Time to Buy Launchpad XYZ
As PEPE dumps, investors are now looking for the next best token they can buy to secure significant returns.
The Launchpad XYZ presale is garnering much interest, and it has already raised more than $1.37 million, with the current price set at $0.0445.
Launchpad XYZ is a platform that will target novel traders seeking more insights into trading activities.
The platform features an AI assistant that helps traders decide their next trade.
Launchpad will also provide market-leading liquidity so that trades are completed in their entirety.
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