Following a significant growth in late 2024, PEPE is now experiencing a severe downward trend. Over the past month, PEPE’s price has dropped by 42%, showing signs of selling pressure and reduced leveraged trading activities in the market. Data from GlassNode indicates that the open interest in the PEPE futures market, which had peaked at $1.25 billion, has now decreased by 71.93% to $351 million. This decline is not limited to PEPE only but a similar trend is observed in other meme coins like SHIBA INU, DOGE Coin, SHIB, and BONK. In recent months, the meme coin market witnessed a sharp increase in trading volume and heavy use of leverages, but now this excitement has subsided, and traders are reducing risks and closing leveraged positions. Since reaching its all-time high price of $0.000028 on December 9, 2024, PEPE has experienced a 66.5% decrease. The downward trend of PEPE continued in January, with its price decreasing for four consecutive weeks. Although PEPE experienced limited growth last week, selling pressure has intensified. To return to an upward trend, PEPE must surpass the 50-day Simple Moving Average at $0.00001453. Otherwise, the possibility of the downward trend persisting exists. On the instant cryptocurrency prices page, you can monitor the prices of all tokens and cryptocurrencies live and in real-time.
