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In June, while the entire market experienced stagnation, one meme coin stood out and continued its rise for days. This meme coin was neither the top DOGE or SHIB nor one of the low-volume meme coins. PEPE was the hero of this process. After this rise in PEPE, the decline was also very sharp, and since then, it has seen a nearly 50% drop. Despite this, investors are looking for answers about what might happen with PEPE next week.
Current Status of PEPE Coin
Recently, PEPE’s price has experienced noticeable fluctuations. In fact, in the last 3 days alone, PEPE lost its support at 0.000009 after a 20% drop, which occurred following the breakdown of a consolidation pattern.
The price movement of the meme coin in the last few days clearly reflected a decline. This is particularly significant as PEPE appeared to have exited the consolidation phase a few days ago. During a period when investors were expecting a recovery, things seem to be going awry.
At the time of writing, the token’s price appeared to have fallen below the key support level of 0.000009022 dollars. A close below this level could result in further value loss for PEPE.
Coinglass data showed significant fluctuations in the charts. The provided data particularly reflected periods of intense inflows and outflows.
At the time of writing, it was understood that there was an increase in outflows parallel to the aforementioned price drop in the charts. The increase in sales could indicate that individual investors who lost hope might be involved in this process, leading to further price drops.
Who is Profiting from PEPE?
On the other hand, data provided by IntoTheBlock revealed significant information. The data showed that 72.85% of PEPE addresses are currently in profit, with most profitable addresses having bought at levels below the current price at the time of writing.
This situation suggests that the 23.37% of investors currently at a loss could increase, leading to more selling pressure. Consequently, PEPE’s price could reflect further declines in the charts.
Considering that the decline in PEPE’s price aligns with the overall market, a deeper drop in BTC could also cause the meme coin to fall further.
