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Simon Chandler
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Simon Chandler
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PEPE has dropped by 7% in the past 24 hours, with the meme token falling to $0.00002168 as the crypto market as a whole loses 4% today.
This puts PEPE down by 8% in a week, although the coin remains up by 4% in a fortnight and by a whopping 1,600% in the past year.
In-and-out-of-the-money data suggests that the token has been facing selling pressure whenever it has risen substantially in recent days, with over 21 trillion PEPE bought in a range between $0.000021 and $0.000024.
This partly explains why PEPE has suffered more than other alts, although just because many holders may soon enter profit doesn’t necessarily mean they will all take this profit anytime soon.
Warning for PEPE Holders: Massive Supply Zone Could Trigger Price Collapse
To put things into context, IntoTheBlock data shows that just over 140 trillion PEPE is currently sitting in profit, compared to around 55 trillion PEPE out of profit.
In other words, PEPE has already been facing potential selling pressure for a while, particularly since it crossed the $0.000020 threshold.
As such, holders shouldn’t assume they have anything more to fear from a move towards $0.000024 than towards $0.000022 or $0.000023.
Indeed, while profit-taking may have been a factor in PEPE’s overnight decline, it has dropped largely in step with the rest of the market, which is also down today.
It continues to show lots of positive volatility, with whales recently accumulating the token in substantial quantities.
This points to an expectation of further gains, and with the market poised for a cyclical end-of-year bonanza, PEPE could be one of the big winners.
Its chart today shows that it has hit a bottom after a run of recent losses, with its relative strength index (purple) plunging below 30 earlier this morning, before beginning to rise again.
At the same time, its 30-period moving average (orange) has reached a very low level in relation to the longer term 200-period average (blue), providing further ammunition for the view that PEPE should rebound very soon.
Based on this, we can expect PEPE to test the $0.000024 resistance level in the next week or so, before ending the year at around $0.000026.
New High-Potential Altcoins to Consider
For anyone worried that PEPE may one day hit the end of its lifecycle as a profit vehicle, there are newer alts to consider that could bring market-beating profits.
Not only are there newer meme coins (e.g. MoonRabbits, Would, Freysa AI), but there are also various presale tokens that look very hot right now.
This includes Best Wallet Token (BEST), a new ERC-20 utility coin that has raised more than $4.8 million in its ongoing sale.
Best Wallet is a popular software wallet that went live in 2023, quickly becoming one of the most recognized wallets in crypto.
It launched the presale for its native BEST token last month, with BEST functioning as a utility token for its services.
Accordingly, BEST holders will receive such perks as discounts on transaction fees, higher staking rewards, voting rights, and early access to new projects, presales and airdrops.
This kind of utility should mean there’s plenty of demand for BEST, particularly when Best Wallet is already an established name.
BEST will have a max supply of 10 billion tokens, with 15% of this going to its sale and airdrops.
Investors can join the presale by going to the official Best Wallet Token website, with BEST currently selling at $0.02325.
Its price will rise every few days until the sale ends early next year, at which point it will list on exchanges, and potentially surge.
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.
