One of the popular meme coins experienced a rapid rise, but current indicators suggest we might see a price drop. Recent rapid rises have reversed even more quickly, which was related to a significant decline in risk appetite. However, the situation for PEPE Coin is slightly different.
PEPE Coin Commentary
The frog-themed meme coin on the Ethereum network made a significant impact when it entered the markets. Despite major setbacks related to its team, it managed to stay afloat and attracted substantial volume. In the long term, it could be one of the successful alternatives among meme coins, but the short-term outlook is not as positive.
Changes in the Mean Coin Age (MCA) indicate that more cryptocurrency is entering circulation or being held. The 90-day increase in MCA data for PEPE Coin suggests that circulation is ramping up for more sales.
The return of long-held PEPE Coins to the markets usually leads to trading activity. Investors might be moving their assets from wallets for sale. If this trend continues, the token’s recent performance could be negatively impacted.
On-chain data shows a decline in the number of addresses increasing their PEPE Coin holdings over the last 30 days. This is the second significant signal supporting the short-term bearish narrative.
PEPE Coin Price Prediction
On the technical front, volume is the third problem. Weak volume is negative for significant price increases and the stability of the rise. This indicates that a weakening process might begin. When examining the chart, we see that the price lingering below the demand zone between $0.0000085 and $0.0000088 failed to confirm the recent rise.
If the negative scenario unfolds as expected, we might see the PEPE Coin price drop to $0.0000070 once again. Speculations about a potential listing on the Coinbase exchange have relatively supported the price. However, this speculation is increasingly likely to be disproven over time.
If Coinbase announces a listing and short-term accumulation signals for PEPE Coin strengthen again, a target of $0.00001 could come into play. For now, it seems beneficial for investors not to ignore the risk of double-digit losses.
