Is The PEPE Dream Over? Dissecting The Factors Behind The Meme Coin’s Price Tumble

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	23,950,029,019	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

23,950,029,019

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00107	0.64%	0.16739	0.16739	0.16742

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00107

0.64%

0.16739

0.16742

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.1676	0.16407	0.16671	0.16635	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.1676

0.16407

0.16671

0.16635

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:15:41	16.30	0.16739	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:15:41

16.30

0.16739

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,596,484.33	33,665,035.47	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,596,484.33

33,665,035.47

Is The PEPE Dream Over? Dissecting The Factors Behind The Meme Coin’s Price Tumble

08/05/2024 11:31am

NEWSBTC

The once-booming meme coin Pepe (PEPE) has hit a rough patch, experiencing a price drop of nearly 10% in the past 24 hours. This sudden downturn comes amidst a flurry of questions surrounding massive token withdrawals from a major exchange and the overall future of the meme-inspired cryptocurrency. Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? PEPE Price Takes A Tumble Just a few months ago, PEPE was riding high, capturing the attention of crypto enthusiasts with its rapid price surges. However, the tides seem to have turned. The recent price drop has cast a shadow of uncertainty over the meme coin’s future trajectory. While some might attribute the dip to a typical correction in the volatile cryptocurrency market, recent on-chain data paints a more intriguing picture. Whale Movements Spark FUD According to Etherscan, a blockchain analytics platform, a massive withdrawal of nearly 1 trillion PEPE tokens, valued at almost $8 million, occurred two days ago. The origin of the transfer remains shrouded in mystery, with a high-security Gnosis Safe Proxy wallet facilitating the movement. Source: Etherscan This wasn’t an isolated event either. Data reveals another withdrawal of 322.48 billion PEPE tokens, worth around $2.7 million, from the same shadowy address just a day prior. The timing of these hefty transactions couldn’t be more perplexing. They coincided with an unexpected 17% surge in PEPE’s price, leading to speculation and fear, or FUD, within the cryptocurrency community. Theories range from market manipulation tactics to the possibility of unforeseen regulatory crackdowns, causing jitters among investors. Total crypto market cap currently at $2.2 trillion. Chart: TradingView Community Sentiment: Bullish Despite The Wobble Interestingly, despite the price drop and surrounding uncertainty, CoinGecko data indicates that the PEPE community remains largely bullish. This unwavering optimism is further bolstered by the influx of 703 new PEPE holders in the past day. PEPE price action in the last 24 hours. Source: CoinMarketCap Prominent cryptocurrency figures like renowned analyst David Gokhshtein, who thinks PEPE will continue to be Dogecoin’s major rival in the imminent bull market anticipated later this year, are fanning the bullish flames. I think you’ll see a crazy battle between $PEPE & $DOGE this meme season. — David Gokhshtein (@davidgokhshtein) May 6, 2024 Related Reading: Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows Investing In PEPE: Proceed With Caution Meanwhile, as the community sentiment leans towards optimism, and some experts see significant growth potential, the recent price drop and the enigma surrounding the large token withdrawals highlight the inherent volatility of the cryptocurrency market. Featured image from KnowYourMeme, chart from TradingView

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DOGEUSD Dogecoin