PepeCoin’s MarketCap Drops 40%: Is The Hype Over Or Will it Recover?

The post PepeCoin’s MarketCap Drops 40%: Is The Hype Over Or Will it Recover? appeared first on Coinpedia Fintech News

The top trending frog-themed meme coin Pepe (PEPE) has since cooled off after recording significant trading volume fueled by Binance’s listing on its innovation zone last week. According to the latest market data, Pepe coin’s market capitalization stood at about $884.2 million whilst its fully diluted valuation (FDV) was around $965 million on Monday. Trading around $0.000002257, Pepe coin’s value declined by more than 40 percent since hitting an ATH of about $0.000004354 on May 5.

Related: Binance Convert Adds SUI, FLOKI, and PEPE – Coinpedia Fintech News

PEPE Price Outlook

According to a respected crypto trader, Michaël van de Poppe – the CEO and founder of Eight Global – Pepe token price could soon bounce and return between 50 – 80 percent. Since he is convinced Pepe’s price action is significantly backed by organic demand, the analyst insisted the meme coin will bottom out in the next three days.

“First level gave a 35% bounce, that’s great. Now starting to roll over and I’m expecting to see the lower levels in the next 1-3 days and provide a 50-80% bounce. If 230000 flips, might want to take another long, but cautious,” the analyst noted.

In the long term, the analyst noted that Pepe is not his favorite but is only good for trading. 

Having rallied more than 100X since trading began on centralized exchanges, Pepe coin has amassed more than 107k holders. As of Monday, the Pepe coin had been transacted about 798k times with the top holder as Binance with about $119,619,916 in Pepe coins. Having achieved the top three positions in the meme coins list, Pepe is poised to attract more holders before the next major crypto bull market.