A kaleidoscope of memecoins has emerged in recent years, each striving to outperform the others in terms of technological innovation, value, and popularity. Among the countless virtual tokens, the PEPE coin, which recently saw a meteoric surge, caught the attention of the global crypto community. However, the coin’s staggering rally failed to sustain its momentum and faced a significant decline. After the initial euphoria around the PEPE coin’s rise subsided, the real question that has been hovering around is whether the coin is set for a further pullback.
PEPE Gains Less Trading Volume Compared To SHIB, DOGE
According to a recent study by on-chain analytics company Santiment, retail investors largely missed out on the meteoric ascent of Pepecoin (PEPE) to a market cap of $1.5 billion in just a few weeks. This substantial growth came about even as the token captured billions of dollars in daily trading volumes and sparked a wave of similar tokens.
Santiment revealed that Dogecoin and Shiba Inu reached staggering trading volumes of $70 billion and $40 billion at their peak, respectively. In comparison, Pepecoin’s trading volume was a modest $2 billion.
However, an important aspect to consider here is that Pepecoin achieved these volumes during a bear market characterized by overall lower liquidity due to major market players reducing their crypto trading activities. This suggests a possible room for expansion when the broader market conditions improve.
However, this also highlights a less vibrant retail market for PEPE compared to previous years’ activity with DOGE and SHIB. According to the report, retail participation has become nearly invisible, leading to declining trading volumes for meme coin projects beyond, mirroring PEPE’s current bearish trend.
What’s Next For PEPE Token?
PEPE memecoin has recently experienced a decline in trading volume, hinting that traders are exiting this meme coin market. However, several crypto giants, including Justin Sun, have joined this memecoin rally, which gives a potential rebound for this memecoin in the next few weeks.
As of writing, the PEPE coin trades at $0.00000158, surging over 5% in the last 24 hours. The memecoin declined nearly 30% this week, eliminating all its meteoric gains.
Analyzing the 1-hour price chart, the PEPE token is on the verge of a bearish region as bears aim to push the price below $0.00000148. If PEPE drops below the 23.6% Fib level, it may plunge further and hit a low of $0.0000012.
However, on the bullish side, a reversal is expected from its immediate support level. If bulls pull the price and send it above EMA100 resistance, the PEPE token may aim for a bullish trade above EMA200.
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