Popular crypto analyst Michael van de Poppe on Monday said the crypto market is still highly interested in trading meme coins, especially PEPE. The frog-themed meme coin PEPE recorded a massive 4000% rally in a month and over 500% in a week. However, it now continues its downfall after hitting a high of $0.000004354 on May 5.
Michael van de Poppe in a tweet on May 8 said trading in PEPE coin remains high despite the recent decline in prices. PEPE gave a 35% bounce from $0.00000230, which is actually great. The PEPE price started falling again on Sunday and is likely to continue falling for the next 3 days.
PEPE coin could recover 50-80% again after falling for several days this week. He suggests taking longs below $0.00000230, but should remain cautious of volatility.
The support levels are at $0.00000168 and $0.00000148. He shared that meme coins don’t belong in his long-term investment portfolio. However, meme coins such as PEPE are great for trading due to high trading volume and liquidity. He is currently accumulating Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK).
Binance listing and announcements related to PEPE led the meme coins to claim a $1.5 billion market cap. Several whales are continuously buying and selling PEPE. Thus, retail investors must remain away from trading in such tokens. Binance accounts for over 30% of trading volume, followed by OKX at 25%.
Also Read: Binance Announces SUI, FLOKI, PEPE Trading At Zero Fees
PEPE price fell 27% in the last 24 hours, with the price currently trading at $0.00000207. The 24-hour low and high are $0.00000204 and $0.00000288, respectively. Furthermore, the trading volume has increased in the last 24 hours, indicating an interest among traders.
Some whales bought Shiba Inu (SHIB) and PEPE before the rally and made millions. People can follow these whales and invest early in projects to make profits.
Also Read: US SEC Preparing An Enforcement Action Against Binance
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