#PEPE
PEPE drops 12% as $2.84M reward selling hits – What next?
Pepe [$PEPE ] has lost 12% of its market cap in the past 24 hours as memecoins plunged by more than 5%. However, $PEPE ’s weekly gains remain in the green, up about 27%, hinting this drop could be just a short correction.
Among the top 100 cryptos by market cap, pepe was the worst-performing memecoin. Other memecoins that recorded double-digit losses in a single day were BONK, USELESS, and CASHCAT.
$PEPE’s loss was driven by selling pressure and the coin’s technical phase.
$PEPE rewards on StonkFun induce selling pressure
pepe coins were being sold for profits after a 10-day surge. These tokens were emanating from the StonkFun [STONK] reward system, where holders of FEELSGOOD had received $2.84 million in pepe tokens.
As a result, its Open Interest (OI) fell from $400 million to $334 million. Moreover, the trading volume declined from $1.32 billion to about $727 million, reinforcing the decrease in buying activity, as per CoinGlass data.
This launchpad’s system has also rewarded other tokens like Bitcoin [BTC], Solana [SOL], and Hyperliquid [HYPE], among others.
Additionally, pepe was in a pullback phase, with the price retesting its previous higher high (HH) around $0.0000040. This uptrend was initiated by a breakout from an inverted head-and-shoulders pattern.
The pullback phase is evident as the MACD bars are slowly fading in color. This indicates a decline in bullish strength. If that continues, the memecoin could plunge to $0.0000030. #Write2Earn #pepe $PEPE
PEPE drops 12% as $2.84M reward selling hits – What next?
Pepe [$PEPE ] has lost 12% of its market cap in the past 24 hours as memecoins plunged by more than 5%. However, $PEPE ’s weekly gains remain in the green, up about 27%, hinting this drop could be just a short correction.
Among the top 100 cryptos by market cap, pepe was the worst-performing memecoin. Other memecoins that recorded double-digit losses in a single day were BONK, USELESS, and CASHCAT.
$PEPE’s loss was driven by selling pressure and the coin’s technical phase.
$PEPE rewards on StonkFun induce selling pressure
pepe coins were being sold for profits after a 10-day surge. These tokens were emanating from the StonkFun [STONK] reward system, where holders of FEELSGOOD had received $2.84 million in pepe tokens.
As a result, its Open Interest (OI) fell from $400 million to $334 million. Moreover, the trading volume declined from $1.32 billion to about $727 million, reinforcing the decrease in buying activity, as per CoinGlass data.
This launchpad’s system has also rewarded other tokens like Bitcoin [BTC], Solana [SOL], and Hyperliquid [HYPE], among others.
Additionally, pepe was in a pullback phase, with the price retesting its previous higher high (HH) around $0.0000040. This uptrend was initiated by a breakout from an inverted head-and-shoulders pattern.
The pullback phase is evident as the MACD bars are slowly fading in color. This indicates a decline in bullish strength. If that continues, the memecoin could plunge to $0.0000030. #Write2Earn #pepe $PEPE
