With the meme coins turning green, PEPE, a frog-themed meme coin is hinting at a massive rally. However, the new developments from the PEPE team hints at a potential incoming threat for HODLers. Is the meme coin destined to the moon or a 40% downfall inevitable?
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
As Bitcoin BTC $83 714 24h volatility: 0.8% Market cap: $1.66 T Vol. 24h: $27.17 B hangs near the $105,000 mark, the meme coin segment is on a recovery rally. The total market cap of the meme coin segment has reached $93.60 billion. Amid the recovering rally, PEPE PEPE $0.000007 24h volatility: 0.1% Market cap: $3.01 B Vol. 24h: $608.69 M comes as the top meme coin performer with a 2.78% rise in the past 24 hours.
Nearing the $5.5 billion market cap, PEPE currently trades at a market price of $0.000013. With an intraday recovery of 5.34%, followed by the 8.26% jump yesterday, PEPE is on the verge of creating a V-shaped recovery.
In the daily chart, the PEPE price action reveals a sudden reversal from $0.00001143, with two consecutive bullish candles. The meme coin is on the verge of undermining the bearish engulfing candle of a 12% drop formed on January 28.
Photo: TradingView
Furthermore, the recovery action has surpassed the 38.20% Fibonacci level at $0.00001256. However, the recovery action also hints at a potential retest of the local support trendline.
The PEPE price action analysis hints at a potential reversal before crossing above the 50% Fibonacci level at $0.00001448. In such a case, a bearish continuation will likely breach the $0.000010 psychological mark.
Furthermore, the immediate support level beyond the psychological mark remains at $0.000007913. Hence, the price action analysis hints at a potential drop of 40% if the buyers fail to sustain the momentum.
On a positive note, as the broader market recovers, crossing above the 50% Fibonacci level will likely challenge the local support trendline near the $0.000018 mark. Beyond this, a breakout rally can propel the meme coin price to $0.00002652.
Amid the rising risk in the PEPE price action, the PEPE team has made a significant move in their token allocation. From a multi-signature wallet, the team behind PEPE coin has transferred 170 billion tokens worth $2.17 million.
The multi-sig wallet of PEPE team (@pepecoineth) transferred 170B $PEPE ($2.17M) to a new wallet “0x1ec” 2 days ago.
In the past 15 hours, this wallet has transferred 6B $PEPE ($76.65K) to #Binance!
Follow @spotonchain and check out this PEPE team-linked wallet at… pic.twitter.com/419GgX8fYa
— Spot On Chain (@spotonchain) January 30, 2025
The transfer shifted the 170 billion tokens to a new wallet (0x1ec) two days ago. Furthermore, in the past 15 hours, the new wallet has transferred 6 billion PEPE tokens worth $76.65K to Binance.
With the PEPE team members likely going on a selling spree, the sentiments are likely to turn gloomier for the frog-themed meme coin.
Amid the increasing chances of a bearish continuation, the On-chain analysis reveals strong support levels for the frog-themed meme coin between $0.000011 and $0.000013.
Using the In and Out of the Money Around the Price indicator from IntoTheBlock, a huge allocation of ETH tokens at the mentioned support levels makes it a potential bounce-back zone.
Currently, it holds 30.49 trillion PEPE tokens in 32.71K addresses. This highlights strong support compared to the 17.95 trillion PEPE token supply near $0.000014 and $0.000015.
Hence, the strong support is likely to hold the memecoin above the psychological mark of $0.000010.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
