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The Pepe price plunged 16% in the last 24 hours and 40% in the last week to trade at $0.000007032 as of 00:48 a.m. EST on trading volume that skyrocketed 80% to $1.9 billion.
This comes as the crypto industry shed $500 billion of its market capitalization, and as the meme coin sector’s market cap crashed 19% to $31 billion amid panic selling after the Bank of Japan hiked interest rates.
Pepe Price Remains Bearish
The Pepe price has been dropping from $0.0000120 since July 30 within a falling channel pattern, according to data from GeckoTerminal.
PEPE now trades within the lower boundary of the channel, as the bears exert more pressure.
The price of Pepe is below both the 50-day and 200-day Simple Moving Averages (SMAs), which now support the bearish prospects of the token.
Moreover, the Relative Strength Index (RSI) has crossed below the 30-oversold level, currently at 22, which indicates that the asset is under intense selling pressure and is undervalued.
If the selling intensifies, the price of Pepe could retrace further to the next support zone at $0.0000060, which now acts as a cushion against downward pressure.
Conversely, with the asset being undervalued, investors could start venturing in, which could possibly push the token back up to the upper boundary of the falling channel. The bulls are currently aiming at pushing PEPE to the $0.000010522 resistance (200-day SMA).
As the Pepe price plunges, meme coin lovers are still flocking to buy a new derivative called Pepe Unchained (PEPU), which has garnered over $7.3 million in its ongoing presale.
The YouTube channel 99Bitcoins, with more than 706k subscribers, says PEPU offers ”insane rewards” and urges investors not to ”miss out.”
Pepe Unchained Raises Over $7.3 Million – Best Meme Coin To Buy Now?
Pepe Unchained aims to replicate the success of its predecessor, PEPE, which has delivered mind-blowing returns to early investors and continues to dominate the charts, even as new meme coins emerge.
The PEPU pr͏oj͏ec͏t reinvents the old Pepe, freeing it from its old, clunky Lay͏er͏ ͏1 server room͏.
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
With this, the project 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 267%.
You can buy $PEPU tokens currently for $0.008875 each. With a price hike coming in about 7 hours, 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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