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Key Insights :
- PEPE price struggled as meme coin hype faded, risking a drop to $0.0000066.
- Ethereum’s movement could decide PEPE’s next move amid growing bearish sentiment.
- Rug pulls and scams in the memecoin market continue to erode investor confidence.
PEPE price has been struggling to hold its ground, mirroring Ethereum’s recent weakness. If this trend continues, things could get worse quickly.
The fervor surrounding meme tokens has subsided. Investor confidence is low due to the rise in frauds and rug pulls. PEPE, once a favorite among speculative traders, is now in a make-or-break moment. Can it turn things around, or is a deeper crash inevitable?
PEPE Price Sits at a Crossroads
PEPE price has been downtrend since hitting its all-time high of $0.0000282 in Dec. 2024. It’s now flirting with a key support level that has held firm since March 2024.
However, that floor is starting to crack. Over the last three weeks, PEPE has closed below this crucial line, signaling that sellers are in control.
Crypto analyst Ali Martinez sees two possible scenarios. If PEPE can hold above $0.0000092, bulls might have a shot at regaining control. Meanwhile, if it slips lower, the next real safety net is $0.0000066, around the 0.786 Fibonacci retracement level.
Memecoins across the board have been taking a beating, with Dogecoin (DOGE) and Shiba Inu (SHIB) also facing pressure. The total memecoin market cap has dropped to $77.8 Billion, while trading volume hovers around $6.4 Billion.
Ethereum’s Price Could Decide PEPE’s Fate
One of the key factors affecting PEPE price was its strong correlation with Ethereum (ETH). Historically, when ETH surged past $4,000, PEPE followed with explosive gains. However, the opposite also holds: if Ethereum struggles, PEPE tends to follow suit.
On-chain data showed that PEPE has more than 404,000 holders and a locked liquidity of over $44 million on Ethereum. This deep trading volume has positioned it as a major memecoin on the Ethereum network.
Crypto analyst Proroketh sees this digital asset as more than just a memecoin. The analyst called it “pure, bottled leveraged Ethereum with no liquidation risk.”
He further argued that the token’s price moves in sync with Ethereum. He also noted that “every time Ethereum hit $4K, PEPE made a new all-time high.
He also believes PEPE has stronger fundamentals than Solana-based memecoins. This, he claims, has “a very short shelf life.”
Pepe crypto is predicted to overtake Shiba Inu (SHIB). It may further challenge Dogecoin (DOGE) as the leading memecoin if Ethereum surges above $4,000.
Rug Pulls Are Killing Memecoin Hype
The memecoin market has been flooded with celebrity-backed tokens, many of which have become outright scams. Official Trump (TRUMP) and Melania Meme (MELANIA) launched a wave of speculative trading. However, several of these coins have quickly lost value.
One of the latest high-profile failures was the Central African Republic’s meme coin, $CAR. It lost 97% of its value within a week of launching on the Solana blockchain.
Similarly, Argentina’s President Javier Milei endorsed the Solana-based Libra token. This collapsed almost immediately after its release.
After former CEO Changpeng Zhao casually dropped his dog’s name online, a flood of Binance-based dog-themed coins appeared. Most were cash grabs, with developers vanishing when they made a quick profit.
PEPE price remained at a crossroads, with its future dependent on broader market conditions and Ethereum’s performance. If $0.0000092 holds as support, a rebound could be in play. However, if bearish sentiment prevails, a drop to $0.0000066 or lower seems inevitable.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
