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The meme coin PEPE dominated the early periods of May and June in the cryptocurrency market. Despite this, the subsequent decline was equally sharp, and its price continues to attract attention based on broader market cues. Nevertheless, investor optimism persists, with some suggesting a potential reversal. So, what is currently happening in the market concerning PEPE coin?
How Much is PEPE Coin Worth?
The sharp decline in PEPE’s price also impacted the profitable supply. Investors worldwide who invested in PEPE were clearly affected, with total profit supply dropping to 72%. The last time profitability fell this low was in early August, and before that, it was in February 2024, just before BTC reached its ATH. The six-month low profitability indicates significant and rapid losses for investors.
One of the biggest losses in the PEPE market occurred in the last two weeks, with PEPE’s price dropping from $0.00001000 to $0.000007326. According to the Global In/Out of the Money (GIOM) indicator, approximately 123 trillion PEPE went into loss during this period.
Given the current price, the value of the mentioned supply is around $880 million. Investors created the largest supply by purchasing 95.7 trillion PEPE between $0.00000900 and $0.00001000. Although this supply is moving away from profitability, investors might target this region and potentially drive the price up again.
What Will Be the Price of PEPE Coin?
Looking at PEPE’s price, it got stuck in a descending wedge after failing to break out in the second half of July. After testing the lower trend line of the formation a few times, the meme coin PEPE found buyers at $0.000007326.
Considering that a descending wedge is generally seen as a bullish formation, a breakout above the upper trend line could lead to an 80% rally in the future. This potential uptrend could position PEPE’s price above the year’s highest level of $0.00001725.
However, if the expected breakout does not occur and a decline happens, PEPE’s price could fall back to the lower trend line. Consequently, the meme coin could drop to the $0.00000633 support level and then to $0.00000474, nullifying the bullish thesis.
