PEPE coin price has become a casino game for crypto enthusiasts as they try their luck on the latest meme coin. Just when everyone thought that the hype was over, the biggest cryptocurrency exchange Binance announced the listing of PEPE. This took the project to its new all-time high.
My previous PEPE coin price prediction of $0.00000300 has already been met. In fact, the price went far above it, hitting its new all-time high of $0.00000486. This resulted in exponential gains for the early investors. However, many of these early holders cashed out after the Binance listing, and the price now has a correction.
Why Is PEPE Crypto Crashing?
Meme coins like PEPE crypto have no fundamental aspects. They solely derive their value from hype and greed. Due to social media shilling by a lot of influencers, the coin soared to a market cap of $1.8 billion. This put the coin on the list of the 40 biggest cryptocurrencies.
However, the Binance listing pump was followed by a big crash and the price is currently trading at 46% from its peak. Its market cap also dropped below $1 billion. This has triggered a wave of fear among the investors who bought PEPE coin very late or at their peak.
PEPE Coin Price May Drop Another 30%
Technical analysis of meme coins often doesn’t work as expected. This is because meme coin prices are mostly dependent on social media hype and community interest. It appears that PEPE crypto has hit its peak of community interest. Technical analysis shows that there could be more downside for the top meme coin.
The following chart shows that the price needs to hold the current level, or the PEPE coin price prediction of $0.000001624 might become a reality. This will be a 30% drop from the current price. This target aligns with the 0.786 fib retracement and a major support level on the chart.
In the meantime, I’ll keep sharing updated outlook on PEPE in my free Telegram group that you’re welcome to join.