Pepe coin (PEPE) is one of the latest meme coins to emerge in the crypto market, following the footsteps of Dogecoin (DOGE) and Shiba Inu (SHIB). The coin was launched in August 2021 as a tribute to the Pepe the Frog internet meme, created by Matt Furie, which became a popular and controversial symbol of online culture.
The project aims to capitalize on the popularity of meme coins and establish itself as one of the top meme-based cryptocurrencies. PEPE appeals to the crypto community by implementing a no-tax policy, a redistribution system that benefits long-term holders, and a burning mechanism to preserve the scarcity of PEPE coin.
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Price Journey
PEPE started trading at a very low price of $0.00000001 in August 2021, and remained relatively stable until September 2021, when it surged by over 3000% in a matter of days, reaching an all-time high of $0.000004 on September 9, 2021. This was partly driven by the hype around meme coins, which were gaining traction and value thanks to the endorsement of celebrities like Elon Musk and Snoop Dogg. The project also received attention from crypto influencers and media outlets, such as CoinDesk and FXStreet, which covered its development and news.
However, this also attracted some bad actors, who tried to sabotage the project and steal funds from the community. According to a statement issued by the PEPE team on Twitter, three former associates of PEPE coin stole 60% of the tokens in the multisig wallet and transferred 16 trillion tokens to crypto exchanges. This caused a panic in the market, as some investors feared that the thieves would dump their holdings and crash the price.
Since then, PEPE has been trading in a downward trend, losing over 80% of its value from its peak. The coin faced several challenges, such as regulatory uncertainty, competition from other meme coins, and technical issues with its platform. However, PEPE also received some positive news, such as being listed on major exchanges like Binance , being adopted and integrated by more platforms and services, such as payment providers, merchants, gaming companies, etc.
Pepe Coin Current Price Analysis
Currently, PEPE is trading at $0.00000068, with a market cap of $264.2 million and a 24-hour volume of $68.4 million. The coin is up by 2.41% in the last 24 hours and by 1.2% in the last seven days. PEPE is currently ranked as the 102nd largest cryptocurrency by market cap.
On Daily timeframe level the price action of $PEPE Successfully bounced back and filled out its 1st FVG gap level.
Currently, the price action has taking out the formation of Double Bottom pattern level where the price action can again bounce back from this level which can show us momentum in the price action.
If PEPE can break above the resistance at $0.0000008 with a high volume, it could signal a trend reversal and open the door for further gains. The next resistance levels are at $0.000001 and $0.00000125, which correspond to the 100-day MA and the 23.6% Fibonacci retracement level of the downtrend from September to October.
However, if PEPE fails to break above the resistance and falls below the support at $0.00000055, it could confirm the descending triangle pattern and trigger a sharp decline. The next support levels are at $0.0000004 and $0.0000003, which represent the 78.6% and 100% Fibonacci retracement levels of the uptrend from August to September.
Future Outlook
The future outlook for PEPE depends largely on the sentiment and momentum of the crypto market as a whole, as well as the development and innovation of its own ecosystem. Some of the factors that could influence PEPE’s price in the near future are:
- The adoption and integration of PEPE by more platforms and services, such as payment providers, merchants, gaming companies, etc. This could increase its exposure and acceptance as a form of payment and value transfer.
- The community engagement and marketing efforts by its team and supporters, such as creating memes, videos, social media campaigns, etc. This could boost its popularity and awareness among potential investors and users.
- The competition and innovation from other meme coins and dog-themed tokens, such as Dogecoin (DOGE), Shiba Inu (SHIB), Baby Doge Coin (BABYDOGE), Floki Inu (FLOKI), etc. This could either challenge or complement PEPE’s position and performance in the market.
Conclusion
Pepe coin (PEPE) is a meme coin that has captured the attention and imagination of many crypto enthusiasts and investors. The coin has experienced a remarkable price journey, from being a joke to becoming a million-dollar project.
However, PEPE is also facing some challenges and uncertainties, such as regulatory pressure, technical issues, and market volatility. PEPE is currently trading in a consolidation phase, with a potential breakout or breakdown on the horizon. The future outlook for PEPE depends on various factors, such as its own development and innovation, its adoption and integration, its community engagement and marketing, and its competition and collaboration with other meme coins.
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