The Pepe price has experienced a 7% drop in the past 24 hours, falling to $0.00001036, while the overall cryptocurrency market has seen a 5% gain. Despite this recent decline, PEPE is still up by 30% in a week, 100% in a month, and 500% in a year. This indicates that today’s loss may primarily be attributed to traders taking profits after a strong start to the week, following the return of meme-stock trader ‘Roaring Kitty’ to the scene. With PEPE remaining popular among whales, it is expected to rebound soon.
The current situation with PEPE shows a loss of momentum, as indicated by its relative strength index declining from 85 on Monday to just below 50 today. Additionally, the 30-day average for PEPE is now lower again after a period of being well above the 200-day average, suggesting that recent buyers are cashing in on profits. However, the coin’s trading volume remains high at around $1.6 billion, indicating continued interest in PEPE and potential for a rebound in the near future.
Despite the recent dip in price, some whales are still accumulating PEPE, indicating confidence that the meme token will soon see growth. Despite this, it is important to note that the recent decline in GameStop, a stock famously promoted by Keith Gill (AKA Roaring Kitty), suggests that the bullish sentiment may be fading. However, the continued interest from whales suggests that PEPE is likely to return to a positive trajectory in the coming days or weeks.
There is currently high short interest in PEPE, with negative funding rates causing shorts to pay longs daily. If the price remains high, shorts will continue to pay, potentially leading to liquidations. It is speculated that if holders remain steadfast, the price could surge upwards as shorts are forced to close positions at higher levels. This scenario could lead to significant gains in the value of PEPE in the near future.
Traders concerned about a potential correction in PEPE may turn to newer meme tokens for greater gains in the short term. With several meme tokens holding presales and poised for significant rallies upon listing, opportunities abound for investors looking to capitalize on market trends. Sealana (SEAL), a Solana-based meme token, has garnered attention for its successful presale and growing community. With the introduction of an Ethereum version of its token, SEAL offers investors a multi-chain cryptocurrency with broader utility.
Investors looking to participate in SEAL’s sale can do so through the official Sealana website, purchasing tokens at a rate of 1 SOL for 6,900 SEAL. This low initial price is expected to rise quickly once the token lists on exchanges in the coming weeks. SEAL’s popularity and potential for value appreciation make it an attractive option for investors seeking growth opportunities in the meme token sector. Please note that cryptocurrency investments are high risk and speculative in nature, and investors should exercise caution when entering the market.
