PEPE coin price has become one of the debates in the meme coin industry. After a brutal collapse n the meme coin prices, crypto enthusiasts have become memecoin frenzy once again. This has sent the prices of these high-risk digital assets to astronomical heights.
Memecoin PEPE was launched on April 16, 2023. The project became an immediate hit on Twitter as multiple influencers started to shill it on social media platforms. This took the community’s interest in the project to its peak as the retail investors flocked to Uniswap to buy PEPE.
PEPE vs SHIB
PEPE coin price entered into a consolidation after its first leg up. This was mistaken as the end of the memecoin, but the second rally completely dwarfed the first one as the meme coin investors became euphoric. Consequently, the PEPE coin hit its peak price of $0.000001380 on May 1. This meant a market cap of $600 million which made it the 3rd biggest meme coin after the Shiba Inu coin.
After an exponential rally, the PEPE coin price has tanked more than 30% in the past 48 hours. The popular meme coin is now trading at $0.000000891 with a market cap of $378 million. The drop has put the meme coin in the 4th place in the list of meme coins.
PEPE Coin Price May Drop More
The following chart of meme coin PEPE shows the formation of the head & shoulders pattern on the 2H timeframe. This is a bearish pattern that often results in major price reversals in cryptocurrencies. The confirmation of this bearish pattern will occur if the price closes below $0.000000710.
Since the price is still trading above this level so there is still some hope for the bulls. PEPE coin price prediction will become extremely bearish if the price breaks below this level. In such an event, the price may drop to $0.000000520, where lies the next support.
In the meantime, I’ll keep sharing updated outlook on PEPE in my free Telegram group that you’re welcome to join.