The post $PEPE Faces Increased Selling Pressure Amid Market Decline appeared on BitcoinEthereumNews.com.

$PEPE, once hailed as the “King of Memes,” has recently faced a significant downturn, touching its lowest point on August 5th and struggling to regain upward momentum. Despite a brief recovery after that dip, $PEPE has now returned to its previous low, reflecting the broader decline in meme tokens across both the Ethereum and Solana networks. Over the past 14 days, the selling pressure on $PEPE has been steadily increasing. Unlike the usual Dollar-Cost Averaging (DCA) strategy, stronger profit-taking signals have emerged, indicating that investors are opting to cash out rather than hold onto their positions. This trend is contributing to a lack of strong buying pressure from Smart Money, which further exacerbates the token’s struggles. $PEPE touched the bottom on Aug 5th and has no strong buying pressure from Smart Money 😨😨 Meme across both #Ethereum and #Solana has declined lately. Even $PEPE – the King of Memes, though it bounced back after the dip on August 5th, has now returned to that price level. 🚽… pic.twitter.com/Qgq4j54H47 — iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) August 17, 2024 $PEPE Loses Over 15% In Value Within Just Last Week In the past week alone, $PEPE has lost up to 14% of its value, placing it among the top 10 cryptocurrencies with the most significant declines in the last 30 days. The PEPE/USD chart reveals a concerning falling wedge formation on the daily chart, a pattern that typically signals a continuation of the bearish trend. The top 10 out of 100 cryptocurrencies by market cap with the biggest decline in the last 30 days: 1. $LDO -49,10%2. $WIF -44,20%3. $FET -42,81%4. $STRK -41,15%5. $BRETT -40,34%6. $PEPE -39,70%7. $ENA -38,94%8. $FLOKI -37,24%9. $BONK -36,38%10. $GALA -36,24%#Crypto — Cryptrove (@cryptroveorg) August 17, 2024 With a staggering 40% loss over the past month, $PEPE’s…

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Filed under: News - @ August 18, 2024 4:22 am