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Popular crypto analyst Michael van de Poppe on Monday mentioned the crypto market continues to be extremely concerned with buying and selling meme coins, particularly PEPE. The frog-themed meme coin PEPE recorded a large 4000% rally in a month and over 500% in per week. However, it now continues its downfall after hitting a excessive of $0.000004354 on May 5.

PEPE Meme Coin Still Has Upside Momentum?

Michael van de Poppe in a tweet on May 8 mentioned buying and selling in PEPE coin stays excessive regardless of the latest decline in costs. PEPE gave a 35% bounce from $0.00000230, which is definitely nice. The PEPE worth began falling once more on Sunday and is prone to proceed falling for the subsequent 3 days.

PEPE coin may recuperate 50-80% once more after falling for a number of days this week. He suggests taking longs under $0.00000230, however ought to stay cautious of volatility.

The assist ranges are at $0.00000168 and $0.00000148. He shared that meme cash don’t belong in his long-term funding portfolio. However, meme cash akin to PEPE are nice for buying and selling on account of excessive buying and selling quantity and liquidity. He is presently accumulating Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK).

Binance listing and announcements associated to PEPE led the meme cash to assert a $1.5 billion market cap. Several whales are constantly shopping for and promoting PEPE. Thus, retail buyers should stay away from buying and selling in such tokens. Binance accounts for over 30% of buying and selling quantity, adopted by OKX at 25%.

Also Read: Binance Announces SUI, FLOKI, PEPE Trading At Zero Fees

PEPE Price Tumbles

PEPE worth fell 27% within the final 24 hours, with the value presently buying and selling at $0.00000207. The 24-hour high and low are $0.00000204 and $0.00000288, respectively. Furthermore, the buying and selling quantity has elevated within the final 24 hours, indicating an curiosity amongst merchants.

Some whales purchased Shiba Inu (SHIB) and PEPE earlier than the rally and made thousands and thousands. People can follow these whales and make investments early in tasks to make income.

Also Read: US SEC Preparing An Enforcement Action Against Binance

Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those progressive future applied sciences. He is presently overlaying all the newest updates and developments within the crypto business.

The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.