- Pepe crypto price has crashed by almost 80% from the all-time high.
- The volume of Pepe traded every day has plunged to about $80 million.
Pepe price continued its bearish trend as the momentum of the meme coin slumped. The token retreated to a low of $0.00000092, which is a few points above the year-to-date low of $0.00000082. In all, Pepe has plunged by more than 79% from the highest level this year.
Pepe daily volume retreats
Pepe is a relatively new meme coin that made headlines a few months ago. At its peak, the token had made several illiquid millionaires. Data published by Etherscan shows that the token has over 119k holders who have conducted more than 1.1 million holders.
Pepe, like other cryptocurrencies, has come under intense pressure in the past few weeks. This pressure happened even before the Securities and Exchange Commission (SEC) filed lawsuits against Coinbase and Binance.
A quick look at the volume metrics shows that Pepe is no longer the most popular coin in the market. According to CoinMarketCap, the volume of Pepe traded in the past 24 hours was about $80 million. At its peak, the volume of Pepe that was traded was over $1 billion.
Other cryptocurrencies have also plunged in the past few weeks. Bitcoin price has retreated from the year-to-date high of $31,000 to about $26,000. Other tokens like Cardano, MATIC, and Chainlink have also retreated.
As I wrote here, Pepe’s crash was expected. In the past, meme coins like Shiba Inu, Floki Inu, and Tamadoge tend to rise when they go public and then plunge later on. The initial jump is usually because of the overall hype and then plunge as the hype dies.
Pepe price prediction
The three-hour chart shows that Pepe price has been in a strong bearish trend in the past few days. It has now moved slightly below the important support level at $0.0000010, the lowest level on May 12th. The Relative Strength Index (RSI) has moved below the neutral point at 50 while the Stochastic Oscillator has moved below the oversold level.
Therefore, there is a likelihood that Pepe price will continue falling in the coming days as sellers target the next key support level at $0.00000075.
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