Pepe (PEPE) price, an Ethereum-based meme coin, is facing significant challenges as its price experiences a sharp decline. Investor concerns are growing as the sentiment around the token shifts markedly amidst broader market adjustments. Currently teetering at critical support levels, Pepe price battles persistent bearish pressure in a climate of overall market uncertainty.
Pepe Price Plunge Stirs Crypto Market Speculation
Pepe price fluctuations continue as Arthur Hayes, co-founder of BitMEX, engages heavily with memecoins. Recently, Hayes made headlines by shifting a significant amount of PEPE and MOG tokens to and from exchanges to mitigate his losses. Within six days, he faced a $47,000 shortfall from these investments.
His recent activity includes depositing 24.39 billion Pepe, valued at approximately $230,000, and 167.5 billion MOG, worth around $223,000, back into Binance and Bybit.
Arthur Hayes already accepted a $47K loss from two memecoins $PEPE and $MOG after 6 days!
6 hours ago, @CryptoHayes deposited all 24.39B $PEPE ($230K) and 167.5B $MOG ($223K) back to #Binance and #Bybit.
Notably, he spent $500K in total on those tokens just on Sep 27, after… https://t.co/IMxEPYZ0LY pic.twitter.com/v2hBWrf8Yd
— Spot On Chain (@spotonchain) October 3, 2024
This move follows his purchase of these tokens for $500,000 on September 27, soon after he endorsed them on X post. However, with the market downturn, his position has worsened.
Earlier today, Hayes transferred 1 million USDC to Binance and moved 24.39 billion PEPE, now valued at $252,000, back into his wallet. His involvement has drawn significant attention to the volatility and high-risk nature of the memecoin market.
Can PEPE Price Survive Bearish Pressure?
The meme coin is experiencing a downward trend. At the time of writing, the PEPE price hovered at $0.0008575, reflecting an 8.95% drop over the past 24 hours. The coin’s price has fluctuated between a low of $0.0008389 and a high of $0.0009704 in the same period, indicating significant volatility.
Pepe price faces a potential decline as bearish market conditions persist. If the current trend continues, the price could fall below the crucial support level of $0.000008. A drop past this point might lead to further decreases, with the price potentially reaching $0.000007.
The 4-hour technical indicator for meme coin price shows a bearish trend as the price continues to decline. The Moving Average Convergence Divergence (MACD) indicator reveals a bearish momentum. The MACD line crosses below the signal line, and both indicators show negative values. The Relative Strength Index (RSI) stands at 33, indicating that PEPE is approaching oversold territory.
Pepe price is experiencing significant price declines amidst market volatility, with bearish trends and technical indicators signaling further potential drops. Investor concerns grow as it teeters at critical support levels, threatening deeper losses if bearish pressure persists.
Frequently Asked Questions (FAQs)
Arthur Hayes, co-founder of BitMEX, has been actively trading large amounts of PEPE and other memecoins, which has brought attention to their volatility and contributed to market speculation.
Arthur Hayes faced a $47,000 shortfall from his memecoin investments within six days due to market downturns.
If PEPE price drops below this support level, it might lead to further declines, potentially reaching as low as $0.000007.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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