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The Pepe price plunged 14% in the last 24 hours to trade at $0.000008028 as of 03:35 a.m. EST on trading volume that skyrocketed 42% to $1.3 million.
The token has shed 34% in the last week, making it the biggest loser among the top three meme titans. DOGE and SHIB have both plunged 22% in the same time amid a brutal crypto crash triggered by Bitcoin’s 11% plunge in the last seven days.
The Bitcoin price plummeted to a four-month low on Friday as signs of an impending distribution by defunct crypto exchange Mt. Gox ramped up selling pressure on the token.
3/ Mt. Gox Repayments 💰
One possible impact is the upcoming distribution of Bitcoin from Mt. Gox, the defund exchange that lost a massive amount of crypto in a 2014 hack. This long-awaited distribution will see over $9.4 billion worth of Bitcoin returned to approximately…
— Blockchain.com (@blockchain) July 4, 2024
Additionally, the German government has been moving more than $75 million of crypto confiscated from a piracy website into exchanges, triggering market-wide concerns over the risk of a mass selloff.
Pepe Price On A Bearish Trend Within A Falling Channel Pattern
The Pepe price, after hitting an all-time high (ATH) of $0.00001717, has been on a downtrend, trading within the falling channel pattern, according to data from GeckoTerminal.
PEPE sustained the bearish trend, with the token dropping below the $0.0000111 critical support (50-day Simple Moving Average (SMA)). Moreover, the token still trades below the 200-day and 50-day SMAs, which confirms the bearish stance.
The Relative Strength Index (RSI) is also trading below the 30-oversold level, currently at 17, an indication that sellers have an upper hand and the asset is undervalued.
With the token being undervalued, investors may start buying the asset, possibly staging a bullish trend reversal. In this scenario, the price of Pepe could soar above the channel as the bulls target the immediate resistance zones at $0.000011 and $0.0000121 (50-day and 200-day SMAs).
However, if the bears sustain the current trend, the PEPE price could retrace further to $0.0000076, which acts as a cushion against downward pressure.
As the Pepe price prepares for a possible bullish rally, some PEPE lovers are considering a new Pepe upgrade called Pepe Unchained (PEPU), which has raised over $2.3 million in funding in less than three weeks.
Presale projects like PEPU aren’t subject to market forces before they list and so have the advantage of providing shelter from the current market storm, prompting some analysts to say they are a good way to buy the dip.
99Bitcoins, a prominent crypto channel on YouTube, says $PEPU is one of the best cryptos to buy now, with 100x potential.
Pepe Unchained Raises Over $2.3 Million – Best Meme Coin To Buy Now?
Pepe Unchained is bent on emulating the success seen by its predecessor, PEPE, which has delivered mind-blowing returns to early investors.
PEPU also aims to set Pepe free, and considers the original PEPE a prisoner chained to his old, clunky Layer-1 server room. PEPU will thus run on its own proprietary Ethereum Layer 2 blockchain.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
Pepe Unchained aims to tackle the scalability, speed, and efficiency issues that often plague meme coins built on the Ethereum Layer-1 blockchain.
Token holders can earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 818%.
You can buy $PEPU tokens for $0.0082596 each. But with a price hike coming in less than twenty hours, interested investors should buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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