Pepe Coin Down 70%, Is PEPE Frenzy Over?

Despite a more than 50,000% increase between April 15 and May 5, Pepe Coin (PEPE) is down more than 60% from its peak, with 15% of the dip occurring in the last week.

Uncertainty hangs over the meme coin's future potential, prompting market participants to wonder how much lower crypto prices can go. Pepe investors are in the same boat as late entrants, who are out of money, and early investors, who are trying to hold on to the profits they made during the bull run.

Pepe millionaires, according to sources, are utilising an impending memecoin as a safe haven to make up for losses and flip their portfolio before the end of the year.

Pepe Coin Recovers Loss After US SEC Lawsuit

Pepe coin on Tuesday experienced a jolting decline of almost 15% when Binance was sued by US SEC over security violations in the US. 

The lawsuit claims that Binance and its CEO, Changpeng Zhao, failed to prevent US users from accessing Binance.com, that they engaged in the unregistered offer and sale of cryptocurrency, and that they operated as an unregistered exchange, broker, and clearing house.

As pepe was listed on Binance US with FLOKI Inu, investors liquidated most of the tokens after the news hit the mainstream market. However, as CZ Binance later confirmed that the case could only affect the US users only, Pepe coin with other major cryptos recovered significantly.

But the recovery isn't fruitful yet. Pepecoin attained an all-time high price of $0.0000044 just a few weeks after its launch, returning nearly 20,000% to early investors. This was immediately followed by a 71% drop in price. Pepe's price has dropped more than 18% in the last 7 days and nearly 70% in the last 30 days. This continuing price decline suggests that Pepe is in a severe downturn.

According to reports, at the current Pepe price, 46% of holders are losing money and only 27% of investors are profiting. With the rate at which Pepe's price is plummeting, investors who are still in the market are concerned that they may lose all of the profits they made during the bull run. 

Pepe Coin Price Prediction

At the press time, Pepe (PEPE) is trading at $0.00000117, with a 24-hour trading volume of $243,451,063. This indicates a 15.58% increase in the last 24 hours and a -8.86% decrease in the last seven days. Pepe has a market valuation of $491,043,780 and a circulation supply of 420 Trillion PEPE.

The price of Pepe (PEPE) has risen dramatically in the previous day, regaining all of the ground lost during the Monday trading session. While this may appear to be a bull market signal for the viral meme coin at first glance, other factors warn that the rally will not last.

On the hourly chart, Pepe coin (PEPE) is making a declining channel pattern which is a Bullish pattern. The prices, however, just making many lower lows which depicts that the price isn't in the right momentum to break the pattern. 

The 10-day Moving average is at 0.000001 which is below the trading value. this means that there's a slight bullish push from the buyers for PEPE. Additionally, the 14-day RSI is at 47 and looking a bit bullish as it's going upwards.

Source: TradingView

Conclusion

In conclusion, Pepe coin is experiencing a light bullish push from buyers. The technical indicators are all optimistic and signaling a green Buy out. However, the memecoin is still 70% down from its ATH, and early investors are still in heavy loss.

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• Pepe Coin Frenzy is Almost Over