The high volatility in the crypto market is particularly evident in meme coins. This is also shown by a look at the current price of the Pepe Coin, because it is currently noticeably in the red – even though the meme currency repeatedly showed strong upward peaks in the past week. The PEPE token was able to gain significantly again, especially last weekend, but these price gains disappeared again at the start of the new week.
Is now the perfect time to invest in the meme coin again or does it make more sense to switch focus to other projects? We explain the advantages and disadvantages in the following sections.
Long-term analysis shows Pepe Coin to have weaknesses
Although the PEPE token suffered a loss of 6.74% in the last 24 hours, it is still up 8.44% in weekly review. This is primarily due to the strong growth phases of the past seven days (see chart below), which repeatedly pushed the meme coin into higher price ranges. In the long term, however, the cryptocurrency shows a bearish movement, as Pepe is in the red at 10.65%. This high volatility is also what makes a Pepe forecast so difficult and ensures that long-term planning is almost impossible.
Nevertheless, the PEPE token remains one of the most important representatives of the meme coin sector, because with almost 3 billion US dollars in market capitalization, Pepe is currently in third place among the largest meme coins. This is likely due to the fact that the cryptocurrency has seen an increase of over 2,000% in the last year – reason enough for many investors to also invest in Pepe and try to secure a piece of the metaphorical pie.
Invest in Pepe Coin now?
Especially with meme coins, many factors, often external ones, play an important role in influencing the prices. For example, on April 22nd, the crypto exchange Coinbase announced via X (formerly Twitter) that perpetual futures for the PEPE token would be introduced on the platform. This alone caused the price of the Pepe Coin to skyrocket in the short term and the trading volume exploded within a very short period of time. The fact that Coinbase implemented this option on its own platform shows a keen interest in the meme coin.
We are temporarily delaying the launch of our 1000PEPE-PERP market for technical reasons. We will provide an updated timeline as soon as possible.
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 18, 2024
If other crypto exchanges introduce similar functions, this could once again drive the Pepe price significantly higher and ensure that an early investment pays off quickly. But whether or when exactly such an event will take place is impossible to predict. What is clear, however, is that many crypto experts and traders believe that the market is currently in a general correction that has been ongoing since the Bitcoin halving a week ago. However, as a result of this, the market should soon be able to breathe a sigh of relief and start to see stronger inflows – at least if the historical data proves right again.
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