MIAMI.- An unusual movement was observed in the cryptocurrency market with Pepe Coin whose recorded losses of 5.10% made investors panic and exit their positions, so sellers took control.
Pepe is a memecoin that circulates as a token where there is no roadmap, no structured team, no intrinsic value or expectations of financial performance. Its creation honors the popular Pepe the frog, which was created by American artist and cartoonist Matt Furie in 2005, a cultural phenomenon that became an internet meme.
Despite not having functional support, Pepe has been climbing positions and it was placed among the top 100 cryptocurrencies just fifteen days after its debut on April 19, 2023. It is a speculative market, for which those who invest must attend to these fluctuations almost minute by minute. Meme cryptocurrencies are a unique and often quirky category within the world of cryptocurrencies.
Pepe coin ($PEPE) is built on the blockchain(decentralized digital record of transactions shared between a network) of Ethereum. Its price has been very volatile, so you win and lose, out of nowhere, and those who resort to these options should know that.
An active community
Unofficially, over a hundred thousand investors are known to have purchased $PEPE on Binance and other major cryptocurrency exchanges.
$PEPE has a maximum supply of 420,690,000,000 tokens and at the time of its launch, 93.1% of the project’s tokens were in a liquidity pool and the remaining 6.9% were allocated to a multisig wallet that provides enhanced protection to safeguard digital assets for future use.
It was designed to use a deflationary mechanism that burns a small percentage of tokens with each transaction. This is intended to create scarcity and, hopefully, increase the value of the remaining tokens over time, es.ambcrypto explained.
Pepe memecoin has one of the most active and powerful communities on the X social network with almost 700 million followers. Hence, in record time, it has earned the trust of investors and the crypto space in general.
What is happening with Pepe?
Traders are increasingly closing their positions and withdrawing liquidity. In this case, sellers became more aggressive, which led to a drop in the price.
The price of PEPE dropped to $0.000014, a decrease of 8.78% in the last seven days. If this continues, interest in the token could continue to decline. But, that is where those who are “fishing in troubled waters” come in and buy at a low price because they expect a considerable increase in contracts. But the question is whether it will really rebound. And hence the interest in social network X in the face of this erratic fluctuation.
Keep in mind that market sentiment can change and investors should think about a number of factors before deciding which virtual currency investment to make.
AMBCrypto evaluated the possibilities of currency inflows and outflows, suggesting that more participants were inclined to hold and release the token to make profits. The price reached made it tempting for more than one of the large investors to opt for this strategy.
In the coming days or weeks, the price of PEPE could return to $0.000017. Despite the upside potential, traders are still not convinced of a possible recovery.
Until recently, the number of long positions (bets on a price increase) is greater than that of short positions (bets on a decrease). But circumstantially the short positions are winning the game.
A meme coin is a cryptocurrency that visually resembles a comic image or animated meme. The meaning is that the coin is represented as a fun, cartoonish image, which somehow reflects on the lives of users who like it and forward it to each other. It works like any other cryptocurrency: it is based on blockchain and works through algorithms.
Those interested in the world of cryptocurrencies or virtual currency can visit the different platforms exchange of your choice. Even on the PEPE VIP portal itself, the options for this case are given.
Source: Techopedia/ es.Beincrypto/ Blog. Ultima / es.cryptonews / es.ambcrypto / PEPE Vit/ Diario las Américas
