PEPE Price Analysis: Is It the Right Time To Buy The Dip?

The post PEPE Price Analysis: Is It the Right Time To Buy The Dip? appeared first on Coinpedia Fintech News

After receiving a royal welcome into the crypto meme coin market, the Pepe (PEPE) token experienced increased sell pressure in the past 24 hours amid heightened uncertainty. The confusion in the third largest meme coin emanated when the core developers changed the multi-sig settings to reduce the signatures required to confirm transactions from 5 to 2. The odd behavior was worsened after the core developers sent about 17.3 trillion Pepe tokens, worth about $18 million, to different exchanges including Binance. 

The huge transaction caused panic within the Pepe community as the core developers had not issued a formal update on the on-chain anomalies. For instance, early Pepe coin investors dumped about 1.88 trillion units worth about $1.68 million on decentralized exchanges.

The Brighter Side of Pepe Coin

Despite the glaring anomalies on the third largest meme coin, popular crypto analyst Miles Deutscher argued now could be a good time to enter the market. Moreover, Pepe’s price action shows the asset is currently sitting on a crucial support level that could yield a bullish rebound. Nonetheless, the analyst argued that it is prudent for traders to keep watch on the situation at hand to avoid getting rekt.

“…for those willing to take on some risk – it’s important to note that PEPE is sitting on major support. From a technical perspective, if we see a decent response here – it may be a good buy,” Miles noted.