Pepe price has been in a deep bear market as sentiment in the cryptocurrency industry has worsened. The token has dropped nearly 40% from its highest point in June, reducing its market cap to $4.5 billion from a year-to-date high of over $7.1 billion. This decline comes amid heavy selling pressure across most cryptocurrencies. For instance, Bitcoin has fallen from last month’s high of $72,000 to $60,000. Other meme coins like Iggy Azelia’s MOTHER, Jason Derulo’s JASON, and Dogwifhat have also seen double-digit declines.

Pepe Price Action: Key Metrics

Despite the bearish trend, there are some positives about Pepe’s price action. Open interest in the futures market has remained steady over the past few days, standing at $131 million on Wednesday, similar to levels seen since June 8. This indicates ongoing interest in Pepe futures.

Pepe’s daily volume has also remained robust compared to other altcoins like Dogecoin and Shiba Inu. It has averaged above $500,000 in recent days, making it one of the most popular meme coins in the industry. For context, DOGE and SHIB, which are significantly larger, have averaged daily volumes of about $600 million and $200 million, respectively, since June.

Holder Statistics

Pepe is owned by a significant number of people, more than most meme tokens. Data shows that the token has over 254,577 holders. The largest address holds over 92.9 trillion tokens worth $967 million, while the second-largest holds 19.9 million coins worth $207 million. This widespread ownership indicates a strong community backing.

On Monday, a whale moved Pepe tokens worth $14.7 million from Binance to an unknown wallet. This significant transfer suggests that some large holders are optimistic about Pepe’s future.

Many PEPE holders have expressed optimism on social media that the token will bounce back. Historically, Pepe has recovered from bear markets. Between March 14th and April 13th, the token dropped by over 62% before reaching an all-time high. It also experienced a 40% drop between December 2023 and January 2024, only to bounce back as the crypto winter ended.

Technical Analysis

Technically, Pepe has found substantial support at the 100-day Exponential Moving Average (EMA). A drop below this level could signal more short-term pain before an eventual comeback. Investors should keep an eye on this support level for potential buying opportunities.

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