- PEPE, Crypto Twitter’s memecoin of the year, has decreased by over 6% in the past day, sparking a wave of speculation and analysis.
- Despite the recent dip, experts and investors remain bullish on the meme coin, citing its potential for growth and recovery.
- “Touched the 92 resistance. Won’t be long before a new all-time high,” says Plazma, highlighting the coin’s resilience amidst market fluctuations.
Decoding PEPE’s fall: An in-depth analysis of the key factors behind the meme coin’s recent price decline and the bullish outlook of experts and investors.
Why is PEPE Down?
Recent on-chain data from Etherscan reveals a massive withdrawal of nearly 1 trillion PEPE tokens from Binance, valued at almost $8 million. This significant transfer, coupled with another withdrawal of 322.48 billion PEPE tokens a day earlier, seems to be the primary cause behind PEPE’s recent dip. The timing of these transfers, amidst an unexpected 17% surge in prices, has led to speculations of market manipulation or potential regulatory crackdowns.
Investor Interest in PEPE
Despite the recent dip, investor interest in PEPE remains high. A recent deposit of over 1.2 billion PEPE tokens to a Binance multisignature wallet suggests continued activity and investment in the meme coin. The community remains largely bullish, with experts like David Gokhshtein predicting PEPE to be Dogecoin’s biggest competitor in the upcoming bull market.
Expert Predictions and Market Outlook
Experts continue to provide bullish predictions for PEPE, with some even suggesting that HODLers swap out their Shiba Inu for PEPE. According to Plazma, PEPE has seen seven hundred and three new holders in the past day and has “touched the 92 resistance.” This suggests that a new all-time high might not be far off.
Conclusion
Despite a recent dip, PEPE continues to hold investor interest and shows signs of potential growth. While the market remains unpredictable, the bullish outlook of experts and the community suggests that PEPE might still be a viable investment option. As always, potential investors are advised to conduct their own extensive research before making any investment decisions.
