Pepe Coin Price Prediction as PEPE Becomes Second Most Traded Meme Coin in the World – Is Now a Good Time to Buy?
The price of PEPE Coin (PEPE) has dropped by 5% in the past 24 hours, falling to $0.00000158 as the wider crypto market sees as 0.5% decline today.
PEPE's current price means that it has lost 18% in a week and 63% since reaching an all-time high of $0.00000431 on May 5, although the meme token remains up by over 2,500% since CoinGecko began tracking it on April 18.
PEPE movements today come as it secures its position as the second-biggest meme token in terms of 24-hour trading volume, with current volume of $212 comfortably beating that of the Shiba Inu, which is the third-biggest at $113 million.
Given this high trading volume, it's likely that PEPE will continue to see further rallies down the line, particularly if it gains any other big exchange listings.
While PEPE has lost today, its chart is now in a position where it could be due for rebounds, particularly with its relative strength index dropping below 30 earlier today.
This indicates that the market is overselling it right now, as does the fact that its short-term average (yellow) has been below its long-term average (blue) for quite some time, implying that a recovery is now due.
That said, it may come as a disappointment to note that PEPE has been falling through a number of support levels in recent days, meaning that it hasn't quite bottomed out yet.
Still, its ability to become the second-most traded meme token highlights how it has now established itself as a major altcoin, having come from nothing about a month ago.
It continues to attract the attention of whales, with some stocking up on the altcoin at a discount, in the belief that it will shoot up again soon.
Being a 'pure' meme token (i.e. it has no utility), the only thing propping up PEPE is community-led
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