Pepe coin price is currently 69% down from its all-time high. There has been a massive increase in the selling pressure in the past few weeks. Nevertheless, the PEPE community on social media remains bullish on the frog memecoin and is optimistic that it will soon dethrone SHIB and DOGE.
Altcoins prices are trading lower today as the BTC continues its sideways chop. PEPE coin is also having a losing day. At press time, the coin was changing hands at $0.000001322 after sliding 7% on Friday. Most other memecoins are also showing a similar price action.
Is The PEPE Hype Over?
While there is still some interest in the newly launched memecoins, there has been a decrease in the trading volume of older coins like PEPE crypto. Many traders who bought the memecoin early have already exited their positions. Consequently, the coin is now trading more than 69% below its May 2023 peak.
According to the social media posts, the PEPE community appears to be committed to flipping Shiba Inu’s market cap soon. However, it is easier said than done as PEPE needs to surge almost 900% to attain SHIB’s market capitalization. Realistically speaking, I’ll be surprised if the PEPE coin price sees another all-time high this year.
PEPE Coin Price Prediction – August 2023
My outlook on PEPE is still the same as I mentioned in my last analysis. The coin needs to break out of the $0.000001080-$0.000002175 trading range. Currently, the meme coin price appears to be heading for another retest of the range low at $0.000001080. This will be more than a 20% decline from the current price.
For me, PEPE coin price prediction would turn bullish only if it breaks above $0.000002175. Buying it at the current price might turn out to be like catching a falling knife. Another major headwind for PEPE is the negative BTC price action which is keeping traders at bay.
I’ll keep posting my updated PEPE price analysis and upcoming 1000x gems on my Twitter, where you are welcome to follow me.
