Pepe Price Prediction: PEPE Dumps 6% – Meme Coins on the Way Out Again?

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Pepe price has been declining for the past few weeks. As of today, September 1, the trend is still downward without notable signs of reversal. The past frenzy within the meme coin sector and Pepe’s explosive price surge between April and May greatly boosted the project.

Pepe gathered strong and dedicated meme coin enthusiasts in its community, spiking its popularity quickly.

However, recent activities and news within Pepe’s ecosystem triggered a continuous bearish trend for the token. Is this a way out for the meme coin? Let’s find out what could be the fate of PEPE.

PEPE Dumps Over 6% – Is This The End for The Meme Coin?

As of 04:16 AM EST on September 1, Pepe Coin is trading at $0.0000008145. Considering its price trend within the day, PEPE has hit a 24-hour low and high of $0.0000007997 and $0.0000008727, respectively.

The meme coin has lost 9% of its value over the past 24 hours. Also, its 7-day price action showed a loss of 6.80%. With its continuous downward trend over the past weeks, Pepe gradually slipped down in the ranking of crypto assets by CoinMarketCap.

While it hit the 91st position earlier, Pepe has just stepped down to the 92nd position with a market cap of $319 million.

PEPE’s Market Pops A Green Candle. Is this a Bullish Signal?

The chart above shows that the PEPE/USD pair could record a price change following the formation of the green candle. The presence of the candlestick indicates a building buying activity in the market and is supported by a positive change of 40% in its 24-hour trading volume.

The chart above shows that the PEPE/USD pair is in the region of the lower Bollinger band, implying a bearish status for PEPE. Also, the token’s Moving Average Convergence Divergence (MACD) indicator is lower than the signal line but has a faded red histogram bar.

This validates the bearish state of the token from the Bollinger indicator due to the bears’ selling actions in the previous days.

However, the faded red histogram bar from the MACD indicator indicates that the bulls are increasing buying activity, supporting the possible bullish reversal signal from the forming green candle.

Furthermore, PEPE’s Relative Strength Index (RSI) at 29.02 suggests that the asset is undervalued and has reached the point of a possible trend reversal.

Based on the signals from the above indicators, this could be a good entry window into the market to buy some PEPE tokens. However, traders should apply caution and consider some fundamental factors affecting crypto markets before investing in the asset.

PEPE’s Resistance and Support Price Levels

Based on the chart above, the PEPE/USD pair is in the support zone of $0.0000008320, attempting to rebound from this zone. If the bulls increase buying pressure, their action could rally PEPE’s value to the resistance level of $0.0000013876.

Additionally, if the bulls sustain the bullish state, it could trigger excitement in the market, pushing PEPE’s price toward the $0.0000013777 resistance.

This will yield appreciable profits to traders who place a buy order at the token’s market price.

Pepe’s Developers Dump Coins, Kickstarting Selling Frenzy

The drastic decline in Pepe price performance could be linked to the saga of the project’s developers’ sudden sell-off of PEPE coins.

A crypto influencer, Global Rashid, tweeted about the massive PEPE dump by the token’s developers on August 25.

PEPE DEVS DUMPING 🚨🚨😱😱

In the past few hours, @pepecoineth devs have sold over 16T #PEPE tokens, worth over $15.6M.

They still hold around 2.5% of the total supply, so keep an eye on their wallet.

Their wallet address 👇

0x5BdEA820293689B77FA8e83b1E3D58B27B5ce9BA pic.twitter.com/ptVqPvBEq9

— Global Rashid (@globalrashid007) August 25, 2023

According to the post, Pepe creators sold off about 16 trillion PEPE coins worth almost $16 million from a particular crypto wallet. The developers transferred the Pepe coins from the highlighted wallet to several exchanges before selling them.

The tokens represented 3.8% of the total supply of Pepe and marked the first time developers were withdrawing from their designated wallet to external platforms.

The wallet, which then came under the scrutiny of the crypto community, was reported still to hold 2.5% of Pepe’s total supply. The remaining coins in the wallet are worth more than $9.6 million.

The sudden transfer and sale of Pepe coins by the developers accounted for the whopping decline of over 16% in the value of the meme coin within a single day.

Moreover, Pepe’s market cap saw a significant slip from $432.4 million on August 23 to $369.87 million on August 24, according to CoinMarketCap.

Increased Selling Pressure from Investors Could Cause Further Dips in PEPE Price

Notably, the value of Pepe has plummeted by over 26% due to the recent news and saga surrounding the meme coin. Following the massive sell-off from the token’s creators, the community actions now reflect FUD (Fear, Uncertainty, and Doubt) on the crypto asset.

Many crypto investors and meme coin enthusiasts believe that the token could have been rug pulled by the creators. Subsequently, investors of the meme coin have engaged in massive sell-offs to recover their invested funds.

According to data from CoinMarketCap, Pepe recorded a 38.78% increase in its 24-hour trading volume, taking the value to $72.89 million. Also, trade volume indicates that more than 89.47 trillion PEPE coins were sold within 24 hours.

The gradual decrease in the Pepe coin price performance could mark the final exit of many investors seeking more promising and secured investment options.

With the increasing uncertainty about PEPE, investors could shift to Sonik Coin (SONIK), a new meme coin with more opportunities to join low and amass considerable gains quickly.

Pepe Coin Best Alternative – Sonik Coin (SONIK)

The emergence of Sonik presents a fast-paced meme coin that offers a stable ground for investors of different levels of experience.

SONIK redefines the world of memes with its inspiration from the speedy character “Sonic The Hedgehog,” which moves with the speed of light.

The meme coin has garnered massive attention from Sonic supporters within the crypto industry. However, Sonik Coin (SONIK) has no affiliation with the Sega brand.

SONIK Tokenomics and Outstanding Presale

With its target to reach a market cap of $100 million, Sonik boasts a transparent tokenomics that allocates zero tokens to developers’ teams.

This approach creates a community-centered DeFi project and eliminates the possibility of rug pull from any group of people. Sonik has a unique total supply of 299,792,458,000 tokens. The number represents the speed of light and SONIK’s moving speed.

Half of the total supply (50%) is allocated to Sonik’s presale and 40% to its staking program. The remaining 10% is reserved for DEX liquidity to support SONIK’s trades after the conclusion of its presale.

One of the outstanding utilities of the project is the staking program that allows SONIK holders to earn passive income by staking their coins. The rewards scale up to a triple-digit APY for users to benefit.

Sonik is now at the final stage of its presale, with a single-tiered price of $0.000014. The flat presale price serves as a building force for a robust community that will foster the project’s sustainability.

With just four days left to the end of the presale, the project calls the public to join at a reduced price. Investors could visit Sonik’s official website to purchase the token with ETH, USDT, or a bank card.