PEPE Experiences 5% Decrease as Enthusiasm Wanes Despite Elon Musk's Earlier Support
PEPE has dipped nearly 5% following unsuccessful recovery efforts, with Bitcoin's dominance surpassing 65%, indicating a broader trend away from alternative cryptocurrencies.
Overview
PEPE has faced a downturn, dropping approximately 5% in light of failed recovery attempts. Concurrently, Bitcoin’s market dominance has increased above 65%, indicating a trend where investors are shifting their focus away from alternative cryptocurrencies.
Key Insights
- PEPE has recorded a near 5% decline over the last day, despite some attempts at a rebound.
- The coin is encountering resistance at $0.00001013, with short-term support established at $0.00000946.
- Bitcoin’s market dominance has surged beyond 65%, which reflects a weakened interest in altcoin investments.
PEPE price drop
PEPE experienced significant sell-offs near 14:00 UTC during the last 24 hours.
Context
PEPE, renowned as a meme coin, has seen dwindling investor interest, dropping about 4.7% in the last 24 hours, currently trading at $0.000009499, as reported by CoinDesk’s technical analysis.
Broader Market Trends
The CoinDesk Memecoin Index has similarly declined by 3.87% in the past 24 hours, suggesting a general downturn in the meme coin sector.
Conclusion
PEPE’s sharp decline continues a pattern of volatility marked by significant intraday selling. The coin’s future performance will hinge on market sentiment trends toward riskier assets amid overall bipolarity in cryptocurrency investments.
