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Simon Chandler
Author
Simon Chandler
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The Pepe price has gained by 2% in the past 24 hours, rising to $0.000008103 as the crypto market remains flat today.
PEPE is now up by 8% in the past week, yet the meme coin has actually fallen by 35% in the last 30 days.
This decline has come amid a drop in whale activity, with the last big Pepe-related move coming just over a week ago when a large trader dumped 500 billion PEPE at a $4 million loss.
This doesn’t bode well for PEPE, but with the formerly red-hot meme token still sitting on an annual gain of 650%, it potentially has enough medium- and long-term momentum to recover strongly.
PEPE Price in Trouble as Whale Activity Declines – Here’s What You Need to Know
PEPE’s 1-day chart continues to look promising, with its indicators still in the ascendance.
Its 30-period moving average (orange) topped the 200-day average (blue) a couple of days ago, with more space to rise.
Much the same applies to PEPE’s relative strength index (purple), which is high without being too high.
However, the coin’s 24-hour trading volume is potentially worrying, given that it’s at only $600 million today.
This is down from $3.5 billion in early August (during a big selloff), and from around $2.7 billion in May, when it reached its current ATH.
Yet what’s significant about these two figures is that the volume for the selloff was higher than for the coin hitting an ATH, suggesting that most big holders have dumped their PEPE bags.
This is the impression you’d form if you were looking solely at particular Crypto Twitter accounts, but these don’t tell the whole story.
For instance, a little digging shows that the same whale actually bought back 500 billion PEPE from Kraken five days ago, while other whales continue to hold onto large quantities of the coin.
Indeed, another whale currently has 3.5 trillion PEPE, worth around $28.8 million.
It’s therefore tempting to conclude that many whales still believe that the Pepe price will bounce back strongly soon enough.
There is of course no guarantee of this with meme coins, but given that Pepe set a new ATH as recently as May, it seems to have more recent momentum than many of its peers.
At the same time, the arrival of rate cuts in September could help spark more bullishness, lifting prices across the board.
In such a context, the Pepe price could reach $0.00002 by the end of the year.
New Pepe Token with Stronger Fundamentals
PEPE is likely to remain a popular meme coin for a while yet, but its lack of fundamentals may put it in jeopardy of being discarded as and when whales lose interest in it.
Fortunately, there are numerous other meme tokens in the market right now, including several newer coins that also come with some interesting features.
One of the best examples of this is new layer-two project Pepe Unchained (PEPU), which has raised a very impressive $10 million in its ongoing presale.
What gives Pepe Unchained strong fundamentals is the fact that it’s launching its own L2 platform for Ethereum.
Its L2 network will focus primarily on meme tokens, providing users with near-instant transactions and extremely low fees.
In fact, it team boast that its transaction times will be around 100x faster than Ethereum’s, with this speed potentially helping it take market share away from existing L2s such as Optimism and Polygon.
What’s also bullish is that its greater efficiency will provide for bigger staking rewards, encouraging more traders to hold PEPU tokens for the long haul.
PEPU will have a capped supply of 8 billion, with 30% of this going to staking and another 20% to its sale.
This will make it a relatively decentralized meme coin, with investors able to join its sale at Pepe Unlimited’s official website.
PEPU currently costs $0.0092364, although this sale price will rise in just under a day.
Investors should therefore act quickly, with Pepe Unlimited’s popularity suggesting that it could have a very successful listing.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.