Pepe has fallen by 8% today, dropping to $0.00001058 after a whale dumped 10 billion PEPE and provoked a selloff.
The Ethereum-based meme coin is now down by 16% in a week and 30% in a month, although it holds onto a big 511% gain in the past year.
Its losses over the past few weeks may be disappointing, but they put the coin in a strong position to rebound.
And given that the same whale still holds 1.99 trillion PEPE, there’s still an expectation that it will see more gains in the not-too-distant future.
Whale Sells 10 Billion PEPE: Price Prediction as PEPE Plummets 7%
PEPE has taken a big hit today, yet the flipside of this is that it has entered an oversold position, which usually implies an incoming recovery.
It’s particularly evident with its relative strength index (purple), which has dropped below 25 today as holders race to sell.
Also declining is the coin’s 30-day moving average (orange), which is falling further below the 200-day (blue), again to the point where it really needs to come back up.
It will be interesting to see whether the coin’s support level (green) can prevent a fall below $0.0000105, especially when it has fallen by 2% in the past hour.
If it can prevent a further drop, it may rebound quickly.
Of course, as noted above, whales seem more likely to sell PEPE than buy it right now, with the offloading of 10 billion PEPE by long-term holder dimethyltryptamine.eth potentially a bad sign.
After over 10 months of inactivity with $PEPE, dimethyltryptamine.eth returned to sell 10B $PEPE ($112K) for 32.73 $ETH ~5hrs ago.
Notably, dimethyltryptamine.eth was an early $PEPE buyer who turned $45K into $26.7M (+58.6K%).
Currently, the whale holds 1.99T $PEPE ($21.9M).… pic.twitter.com/dlTwu3Q4u9
— Spot On Chain (@spotonchain) July 3, 2024
On the other hand, the tweet also notes that the same whale still owns around $21.9 million in the meme token.
And they’re unlikely to dump it all at once, given that it would hurt the coin’s price and, by extension, their potential takings.
Also positive is the fact that PEPE has reached highs more recently than many other alts and meme tokens, having set a new ATH of $0.00001717 as recently as May 27.
It therefore has good medium- and long-term momentum, potentially enough to recover strongly again in the next few days.
It may also receive a boost along with the rest of the market very soon, once the first Ethereum ETFs launch in the US.
A realistic target for it is $0.000012 in the next few weeks, and then $0.000015 by the end of August.
New High-Potential Alternatives
As PEPE navigates through a minor downturn, it may make sense for some traders to explore other options.
This strategy aims not only to sidestep potential losses but also to capitalize on several newer coins that are showing signs of a significant rally in the near future.
A great example of this comes from the new layer-two project Pepe Unchained (PEPU), which has raised an impressive $2 million in its ongoing presale.
$2M raised in record time!
Pepe's blockchain is on fire. Thank you for the incredible support! Get ready for even more exciting developments
pic.twitter.com/yQcveiQO1X
— Pepe Unchained (@pepe_unchained) July 2, 2024
Pepe Unchained is exciting investors because of its strong fundamentals, with its L2 platform offering instant transactions and extremely low fees.
This will make it a rival to existing Ethereum-based layer-two networks such as Base, Optimism and Polygon.
Because it offers stronger scalability and efficiency, it will also be able to offer holders double the staking rewards it would have offered as a normal Ethereum-based token.
This provides investors with a greater incentive to hold the token over the longer term, with the coin having a capped supply of 8 billion PEPU.
It has reserved 30% of this for staking, with 20% allocated to the presale, 20% to marketing, 10% to liquidity, 10% for its team, and 10% for chain inventory.
Also encouraging is the coin’s gradually expanding community, with its X account now having 4,00 followers and its Telegram channel boasting 2,600 subscribers.
This is a nice early sign of its potential popularity, something which is vital if it’s to have a long-term future.
Investors can join its presale by heading over to the coin’s official website, where they can buy PEPU using either ETH, BNB, USDT or fiat currency.
Given how popular its presale has been so far, it may rally vigorously once it lists in the next few weeks.
Buy PEPU Now
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