The third-largest meme coin in the world, PEPE Coin, has experienced a 4% increase, defying the general market slump. Currently trading at $0.0000114, PEPE has a $4.8 billion market capitalization as of publication. The PEPE coin has a daily trading volume of $726 million. According to the technical chart, the meme coin is currently trading at a critical crossroads and in a make-or-break scenario.
PEPE Coin Value: A Must-Try
According to the technical chart, the PEPE coin is retesting essential support levels at $0.000011. Meme coin PEPE is one of the most vital coins available right now, outperforming popular cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) in terms of relative strength.
After successfully retesting the 1-day 100 EMA, PEPE is converting its prior all-time high into a support level. According to recognized analyst Crypto Scient, traders are looking closely for a possible breakout from the one-day downtrend, which would indicate a great time to go long on PEPE.
Another cryptocurrency analyst, Crypto Patel, points out a critical juncture for PEPE, pointing out that the meme coin needs to maintain the crucial support level of $0.000011 to continue rising. Patel warned that PEPE would experience a substantial decline of up to 40% if it were to lose its support level. The PEPE Coin Open Interest has also been declining, as reported, indicating that there isn’t much optimistic momentum moving forward.
Examining Additional Meme Coins
As PEPE Coin continues to rise, its closest rival, Dogwifhat (WIF), has plummeted to $1.77 after plunging a startling 8%. The recent two days have seen significant whale sell-offs coinciding with the WIF price decline. A WIF whale made a $23.4 million deposit of 12.66 million WIF tokens to the cryptocurrency market Binance earlier today.
A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO
— Lookonchain (@lookonchain) June 22, 2024
Conversely, Shiba Inu has experienced a significant increase in burn rate, as evidenced by the 1,100% increase in burnt SHIB tokens in a single day.
