The crypto market is currently witnessing a massive interest in meme coins, with PEPE taking center stage. The frog-themed meme coin has recently gained a staggering 4000% in the past month and over 500% in just a week. However, it is now experiencing a downturn, with its price dropping after hitting a high of $0.000004354 on May 5th.
According to popular crypto analyst Michael van de Poppe, the trading volume for PEPE coin is still high, despite the recent decline in prices. In a tweet on May 8th, he said that PEPE has bounced back 35% from $0.00000230, which is a promising sign. The coin’s price, however, started falling again on Sunday and is expected to continue its downward trend for the next three days. van de Poppe believes it could recover between 50-80% after several days of decline this week. He suggests taking long positions below $0.00000230 but cautions investors to remain wary of the coin’s volatility.
The support levels for PEPE coin are currently at $0.00000168 and $0.00000148. The analyst emphasizes that meme coins do not hold a place in his long-term investment portfolio. Nonetheless, he acknowledges that they offer excellent trading opportunities due to their high volume and liquidity. At the moment, van de Poppe is accumulating Bitcoin, Ethereum, and Chainlink. He also notes how a Binance listing and announcements related to PEPE have led to meme coins claiming a $1.5 billion market cap.
With several whales continuously buying and selling PEPE, retail investors are advised to stay away from such tokens. Binance is currently responsible for over 30% of the trading volume, while OKX follows closely behind at 25%. It’s interesting to note that some whales purchased Shiba Inu and PEPE before the recent rally, making millions in the process. Investors could potentially follow these whales and invest early in similar projects for profits.
PEPE’s price tumbled 27% in the last 24 hours, with the current price trading at $0.00000207. The 24-hour low and high are $0.00000204 and $0.00000288, respectively. Furthermore, trading volume has surged in the last 24 hours, indicating a strong interest amongst traders.
In conclusion, while it’s essential to recognize the potential short-term gains from trading meme coins like PEPE, it’s equally crucial for investors to be cautious and carry out extensive market research before making any investments. It’s important to remember that the presented content here is based on the personal opinion of the author and is subject to market conditions.
Source: Coingape
