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Where is Pepe Army? Memecoin Drops 65% from May Peak


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Key Takeaways:

  • Pepe coin loses altitude.
  • The drop has been ongoing as investors opted for other options.
  • Not all Pepe holders quit.

YEREVAN (CoinChapter.com) – Frog-themed meme coin PEPE price peaked at the record high of $0.000003483 on May 7, after an explosive 16,000% surge since April 14. However, the rally fizzled out, and PEPE gradually lost momentum, slashing over 65% off its valuation since the peak.

Pepe coin could lose another 27%

As a result, the meme coin traded at $0.000001223 in the European session on May 31. Moreover, another 27% drop might be underway towards the next available support line at $0.0000008911. PEPE previously lost assistance at $0.000001550 due to lowering trading volumes.

PEPE token daily price action. Source: dextools.io
PEPE token daily price action. Source: dextools.io

Considering there was no uptick in trading volumes since the bearish forecast is valid. Moreover, overall the token’s trading has declined after the May 7 peak. According to dune.com, the sellers overpowered the buyers, and the price dropped despite the general uptick in trading volumes on May 30-31.

PEPE hourly trading volumes. Source: dune.com
PEPE hourly trading volumes. Source: dune.com

Where did all PEPE investors go?

According to the “meme coin law,” the pump comes with the hype. Then, when the dust settles, meme coin investors typically opt for a fresher option that might grant more generous returns.

Once big whales start selling, smaller fish typically follow. Thus, it should come as no surprise that as the hype and the whales left the Pepe domain, so did the retail investors. According to the analytical platform Lookonchain, one of the main PEPE whales dumped their stash of 1.3 trillion coins in mid-May. Since then, the selloff pressure increased.

pepe coin

Also, Lookonchain asserted that a part of PEPE investors predictably flocked to other meme coins by then. One of the chosen targets was the LADYS coin.

pepe coin

Also read: Whale dumps 1.3T PEPE – 40% drop ahead?

A portion of PEPE army still stands.

Furthermore, it appears that there has been a dramatic drop in the quantity of Pepe coin-related memes on Twitter. Such lack of hype confirms that investors have moved on to other trendy options. However, not all PEPE investors opted out. Some are waiting for another breakout, which might not be in the books.

pepe coin

Another crypto investor Ash Crypto assured their followers that they would be holding their PEPE, all of the $417,000 worth of PEPE to be exact. Moreover, the crypto personality asserted that they bought an additional $200,000 batch after “everyone said the coin is dead.”

The post Where is Pepe Army? Memecoin Drops 65% from May Peak appeared first on CoinChapter.



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