Pepe Price Tanks: Can This $4 Million Solana Upstart Revive the Market?
Popular meme coin Pepe ($PEPE) has posted the heaviest intraday price losses among the eight biggest meme coins by market capitalization.
At the time of writing, the token has shed 4.4% overnight to trade at $0.00001178.
Over the last seven days, Pepe’s price has fallen about 17%.
This makes its losses both over the day and over the week far greater than sector leader Dogecoin’s $DOGE. In comparison, the original meme coin fell 1.6% overnight and 11.3% over the week to change hands at $0.1416.
Broadly speaking, meme coin holders in general are feeling the effects of a market-wide dip that has shaven 1% off the original and biggest cryptocurrency Bitcoin ($BTC) overnight.
BTC’s intraweek losses amount to about 6% as it trades at around $66,935 on Friday afternoon UTC .
Pepe’s rising support throughout May (indicated by the green line) helped the price rally to an all-time high of $0.00001717 on the 27th. Since then, stiffening resistance (indicated by the red line) has driven the token back about 30%, but it has still largely kept its gains.
Pepe’s falling relative strength index of 32 is dangerously close to the oversold threshold of 30.
This could be a sign that the post-ATH price correction/sell-off may continue today, although the token’s performance over the last week suggests Pepe has found strong support around its current price level.
Analysts are beginning to wonder how much mileage the Ethereum-based Pepe has left, even despite new price highs.
Next to a rising wave of viral Solana meme coins posting serious returns, the frog is looking a little dated.
Solana coins DogWifHat ($WIF), Bonk ($BONK), Book of Meme ($BOME) and Popcat ($POPCAT), all quickly rose to become top ten meme coins by market capitalization within a year
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