🐸 PEPE — Cooling After the Meme Wave
Once a favorite of meme coin traders, PEPE is starting to show signs of fading. The token is currently trading between roughly $0.0000096 to $0.0000107 and has dropped close to 4.5-6.5% in the last 24 hours. The selloff is a sign of a shift in sentiment in trading of memecoins, where attention quickly moves away from older names toward new speculation and hype cycles. 📉
This selloff is likely due to a few factors:
• Rotation of meme assets: Funds are being pulled from older names like PEPE and entering new speculations.
• Resistance rejection: PEPE failed to break through a strong resistance zone recently and investors took profits.
Moving forward, the PEPE token’s future depends on a new catalyst. If there are no new utility, listings on exchanges, or new memes to catalyze upward momentum, PEPE will struggle. While support zones may slow downward pressure on PEPE, there is still a ridiculously high supply and past peak prices are contributing to downward pressure even if the community energy does reignite. ⚠️