Pepe price is in a bear market; true believers remain optimistic

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As a researcher with extensive experience in the cryptocurrency market, I have closely monitored Pepe’s price action and market dynamics. The token has indeed experienced a significant bear market, with its price crashing by almost 40% from its June high. This decline came at a time when most cryptocurrencies were under heavy selling pressure, including Bitcoin, which dropped from $72,000 to $60,000.

Pepe price has remained in a deep bear market as sentiment in the cryptocurrency industry worsens. 

The value of the token has plummeted by nearly 40% since its peak in June, resulting in a current market capitalization of approximately $4.5 billion – a significant decrease from its year-to-date maximum of over $7.1 billion.

As a cryptocurrency market analyst, I’ve observed a significant downturn in the market during this period. Bitcoin, which had previously reached a peak price of $72,000 last month, has since dropped to around $60,000. Other major cryptocurrencies are also facing heavy selling pressure and experiencing similar declines.

Meme coins such as Iggy Azalea’s MOTHER, Jason Derulo’s JASON, and Dogewhiz’s values have plunged by more than ten percent.

Essentially, Pepe’s price behavior has some noteworthy aspects. The open interest for its futures contract has stayed relatively constant over the last few days. Specifically, it amounted to $131 million on Wednesday, which is roughly equivalent to its level since June 8.

Pepe futures open interest

As a researcher studying the cryptocurrency market, I’ve observed that Pepe’s daily trading volume has outperformed other popular meme coins such as Dogecoin and Shiba Inu lately. Specifically, Pepe’s average daily trading volume has exceeded $500,000 in recent days, making it the most sought-after meme coin in the industry at present.

As a researcher studying the cryptocurrency market, I’ve observed that Doge and Shib have seen substantial growth in terms of average daily trading volumes compared to smaller coins like Pepe. Specifically, Doge has averaged around $600 million, while Shib has averaged approximately $200 million since June.

As a researcher studying the meme token market, I’ve discovered that Pepe stands out among its peers with a larger ownership base than most other meme tokens. According to data from DEX Tools, there are over 254,577 holders of this token. The largest address holds an impressive stake of over 92.9 trillion tokens, which translates to a whopping $967 million in value. The second-largest address, on the other hand, holds nearly 19.9 million tokens, equivalent to around $207 million.

Evidence points to unwavering faith among dedicated followers that the Pepe token will make a comeback. Last Monday, a significant investor transferred over $14.7 million worth of Pepe tokens from Binance to an undisclosed digital wallet.

🚨 1,286,733,285,955 #PEPE (14,745,963 USD) transferred from #Binance to unknown wallet— Whale Alert (@whale_alert) July 2, 2024

As a token analyst, I’ve observed that among PEPE holders, there is a widespread belief that the token will recover. It’s important to note, however, that this isn’t the first instance of a bear market for PEPE. If we look back at the period between March 14th and April 13th, the token experienced a significant downturn, losing more than 62% of its value. Yet, it managed to rebound and reach new heights, suggesting that historical trends may indicate potential for recovery.

Last year, I took a bold step and heavily invested in $PEPE when its price was at its lowest point. With a strong belief that it would outperform other altcoins during this market cycle, my decision paid off handsomely so far. However, I’m not going to cash out just yet. The upcoming months are predicted to bring significant volatility for alternative cryptocurrencies. My advice is to stay resolute in your belief and hold on tight.— Jameson (@JamesonEth) July 1, 2024

I analyzed Pepe’s performance and found that there was a significant decrease of over 40% from December 2023 to January 2024. However, as the crypto winter came to an end, Pepe rebounded.

Pepe price chart

Pepe’s price has strongly held above the 100-day Exponential Moving Average (EMA) for some time. If this support gives way, it might indicate further losses in the short term before a potential recovery.

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2024-07-03 17:16