5 days ago
Pepe (PEPE), the frog-themed memecoin that surged successful popularity earlier this year, fell astir 4% successful the past 24 hours. The diminution came arsenic trading enactment crossed the meme token assemblage cooled from highs seen earlier this week.
The wider memecoin market, based connected the CoinDesk Memecoin Index (CDMEME) saw a 3% diminution successful the past 24-hour period, importantly underperforming the wider market. Measured done the CoinDesk 20 (CD20) index, the wider marketplace mislaid conscionable 0.1% of its worth implicit the period.
Whale accumulation has nevertheless been ongoing, with the apical 100 PEPE addresses connected the Ethereum web seeing their holdings emergence 1.5% successful the past 30 days, portion PEPE connected exchanges dropped by 0.5% implicit the aforesaid play according to Nansen data.
Technical Analysis Overview
PEPE traded successful a $0.0000081 scope implicit the past 24 hours, marking a 7% dispersed betwixt the precocious and low, according to CoinDesk Research's method investigation information model.
The highest came astatine $0.0000126621, but repeated breakout attempts supra $0.000012 met selling pressure. Critical intraday enactment was tested astir $0.0000118094. The token past moved into a choky consolidation transmission betwixt $0.00001181 and $0.00001198, signaling indecision among traders.
The time ended with PEPE settling astatine $0.0000118, somewhat supra enactment but nether wide organisation unit from sellers. Unless its terms tin reclaim and clasp supra the $0.000012 absorption zone, momentum whitethorn favour a retest of little enactment levels.
Volume patterns during the league suggest waning purchaser spot compared to earlier successful the week, which could bounds the chances of a sustained upside breakout without renewed marketplace catalysts.
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