The biggest buzzword amongst memecoin enthusiasts, Pepe coin (PEPE), seems to be losing its attractiveness. However, even with a sudden price drop, PEPE remains on many investors’ radars.
The coin has been trading relatively flat until a sudden drop in price over the weekend on May 29. However, it remains in the top 100 of cryptos, an impressive feat for a coin only a few months old.
During last week, the price of Pepe coin has been very volatile. At one point, it plunged by more than 50%. However, the price has since recovered, and, at the time of writing, it was trading at around $0.000001383.
Investors are now waiting to see if the sudden price fall is something bigger or if it is a floor for the price of PEPE to rebound off.
Launched in April 2023, the PEPE memecoin took only three weeks from entering the Etherscan to having a market cap of over $420 million.
At the same time, the memecoin managed to enter the top 100 coins list on CoinMarketCap by means of total market capitalization.
According to the official website , the PEPE memecoin is created to be “the most memeable memecoin in existence.” The page also refers to some other famous memecoins such as Shiba Inu (SHIB), Floki Inu (FLOKI), Dogecoin (DOGE), saying their days are over and now “it’s time for the most recognizable meme in the world to take his reign as king of the memes”.
The site also indicates that the coin itself has no intrinsic value and “is completely useless and for entertainment purposes only.”
Pepe Coin has a maximum supply of 420,690,000,000 tokens. 93.1% of tokens are liquid, and the remaining 6.9% is assigned to a multi-signature wallet for future use.
Pepe Coin works on a deflationary mechanism that burns a small percentage of tokens with each transaction to create scarcity and, therefore, boost the value of the rest of the tokens during some time. The whole idea of digital scarcity is that a token could be coded to have an immutably (permanently) limited supply.
Plus, it uses a redistribution system in which a segment of every transaction gets distributed to existing token holders to increase user engagement and long-term investments.
Since PEPE coin is still a very young asset, its price can be tracked only from its peak on May 5, when it hit $0.000004, after Binance said it would list the token.
However, since then, it has fallen over 70% to about $0.0000014 on May 30.
Last two weeks, $PEPE has been trading sideways on a relatively low volume of around $210 million and $100 million, respectively. At its peak, the token saw nearly $3 billion in trading volume.
Same as all memecoins, PEPE coin focuses on getting its hype through the explosive nature of memes and their speed of becoming popular. The first memecoin that gathered masses in huge numbers was Dogecoin (DOGE) which has quickly consolidated among the top cryptocurrencies. Others include Shiba Inu (SHIB), Floki Inu (FLOKI), and so forth.
Another similarity lies in the fact that it’s quite common for prices of meme coins to shoot up when they get listed on major exchanges, but then drop back down afterward.
The same thing happened with Shiba Inu – its price peaked at around $0.000018 in October 2021, soon after Coinbase added it to their exchange in September 2021. But since then, the value has gone down to about half of its peak.
On May 30, 2023, PEPE Coin’s price stood at $0,000001377 per coin.
When looking deeper at what’s going on with PepeCoin, the outlook doesn’t look too promising. Some crypto influencers have dubbed $PEPE as being “doomed. ”
In addition to this, it seems that the number of memes related to PepeCoin on Twitter has taken a steep decline. This could mean that people are losing interest in the currency and moving on to the next big thing.
Unfortunately, this could also mean that Pepe coin could continue to decrease in value without much hope for a rebound.
It’s been listed on all the major exchanges around the world already, which means that there may not be anything on the horizon that could turn things around for PEPE.
That being said, it is realistic to expect a price of $0.0000010 for PEPE by the end of the year.
That represents a plunge of approximately 30% from the current price and represents a price level where PEPE could have strong support.
It is expected that by the end of 2023, PEPE coin either hits a possible high of $0.00000450, or, if a possible crisis in the business happens, plunges to $0.00000080. Successively, the average price of PEPE could settle at $0.00000265.
PEPE price could hit its record of $0.00000606 by the end of the year 2025. That said, if the community drives the price with usual buying and selling pressures, PEPE could trade at an average price of $0.000005527.
On the other hand, if the investors don’t succeed in keeping the liquidity of the digital asset on exchanges, FUD and negative sentiments could decrease the price to $0.00000498.
PEPE predictions for the year 2030 could range between $0.00001365 to $0.00001713 and the average PEPE price mayd hover around $0.00002061.
If the bulls decide to invest, PEPE coin could hit likely record of $0.00000450 by the end of 2023.
On the downside, if the meme coin falls under bearish trends led by massive liquidations, the price could drop to the bottom of approximately $0.00000080.
When looking at Pepe coin’s long-term prospects stretching to the year 2025, we may expect an average price of $0.00000805 in 2025 if current growth continues.
The Pepe team could burn enough amount of token supply before 2025, which may increase the value of Pepe.
The price could also depend on the unofficial roadmap for Pepe coin which has three phases .
In the first phase of its plan, there is the idea of launching the coin and promoting it on Twitter to get the word out there. For the second phase, Pepe coin will focus on building partnerships within the community and getting the coin listed on Tier 1 centralized cryptocurrency exchanges (CEXes). This will help increase its exposure and value.
Finally, the third phase will involve establishing a Pepe Academy where people can learn more about the whole project and its benefits. Also, there is an intention to promote Pepe merchandise to spread awareness about the project further.
Pepe is a green, amphibious cartoon character that originated from a 2005 comic entitled The Boy’s Club, created by Matt Furie
As per the long-term price prediction, currently, it’s looking hard for Pepe Coin to touch the target of $1 since it has a high token supply. Still, there is a possibility that the team will decide to reduce its token supply in the future. Then the target of $1 could be achievable. Also, if the community support stays strong, it is possible for Pepe to reach $1.
Pepe Coin is legit in the same way as other cryptocurrencies and memecoins. Its legitimacy gets proven as the coin has been listed by many popular exchanges, including Binance. Trusted exchanges hardly list any project without proper research.
Crypto experts have predicted that the value of Pepe Coin should keep increasing or remain stable at least. There are a lot of Pepe tokens out there – the total number is 420,690,000,000,000 – and that’s a huge supply.
However, there are signs that this coin is a good long-term investment based on technical analysis and recent trends.
It’s important to remember, though, that any investment carries a certain amount of risk, especially when it comes to cryptocurrencies. While they can be very profitable, they can also be quite risky.
Pepe Coin is a new meme token that has been making waves in the crypto community. Ever since it was launched, people have been talking about it on social media platforms. It has definitely caught people’s attention, but it is hard to say what the future holds for this type of coin. Pepe Coin has made it clear that it is meant to be used for entertainment purposes only. While it is available on major exchanges, it is still difficult to determine whether or not it will have long-term success. It’s an exciting time for the world of cryptocurrency, and only time will tell what lies ahead for Pepe Coin.
Pepe Coin has shown significant growth and has even been listed on major exchanges like Binance and KuCoin. This increased exposure has helped to boost its market adoption and overall popularity.
If you are thinking about investing in Pepe Coin, it may be worth considering as a long-term option. Although it may be risky, holding onto it for an extended period could lead to some notable gains. So, if you’re feeling bold and want to try your luck with a meme-based crypto, Pepe Coin may be an option worth exploring.
The article does not contain trading advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.