PEPE Dives 31% This Week: Possible Long-term Reversal?
PEPE has recorded outflows wiping off a share of previous gains picked up in the memecoin frenzy. The asset currently trades in correlation to other memecoins posting outflows due to crypto asset liquidations.
PEPE exchanges hands at 0.000005057 up 0.83% in the last 24 hours. This increase recorded by the memecoin also follows the gain seen in the market as the Bitcoin halving nears. PEPE is down 31% this week and 28% in the past 30 days.
The weakened trader sentiment dominating the market is highlighted in reduced trading volumes of memecoins and decentralized finance (DeFi) protocols. PEPE’s trading volume declined this month to $595 million, a 2.2% drop today. While its market remains above the $2 billion mark, the asset remains in the red zone.
Can PEPE Rebound?
This year, PEPE soared over 700% in 30 days following a larger memecoin frenzy that saw upticks in several tokens. With lowered market sentiment and inflow, the price of most assets plunged a week to the Bitcoin halving.
Most analysts opine that the next altcoin gain would be spurred by the effect of the halving. A major reason for this is that a rise in Bitcoin price spills into memecoin with community participation. PEPE can recover losses as previous highs show making a long-term rebound possible.
According to on-chain data, a sizable number of PEPE holders are in the green zone because of the previous rally of the coin. This rally sparked huge gains for traders in the market.
Memecoins Remain Underwater
At press time, the wider memecoin market capitalization is at $49.7 billion, a 1.4% decline in the last 24 hours. Top assets like Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded weekly outflows. Both assets posted 22% and 17% losses this week.
However, memecoins are notching daily gains on the back of the Bitcoin halving drive but monthly flows are still in the red. Dogwifhat and FLOKI plummeted over 28% this week.
Also Read: Tron vs MATIC: Who Will Hit $1 First?
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