Key Notes

Key Notes:

Pepe price has been following Ether, amid heightened correlation in the recent past.A potential crypto sell-off ahead will push PEPE towards the next established support level of around $0.0000066.

As the wider crypto market industry continues to face mid-term bearish sentiment, the meme coin sector led by Dogecoin DOGE $0.25 24h volatility: 4.3% Market cap: $36.60 B Vol. 24h: $1.03 B , Shiba Inu SHIB $0.000016 24h volatility: 5.2% Market cap: $9.29 B Vol. 24h: $136.59 M , and Pepe PEPE $0.000010 24h volatility: 6.2% Market cap: $4.07 B Vol. 24h: $549.26 M has continued to shrink. In the past 24 hours, the total crypto market cap dropped by around 2.5% to hover about $3.3 trillion. On the other hand, the total memecoin industry recorded by Coingecko dropped by around 2.4 percent in the last 24 hours to hover about $77.8 billion and a 24-hour average trading volume of $6.4 billion.

As Coinspeaker pointed out, leading frog-themed and Ethereum-based memecoin Pepe (PEPE) faces a potential 50 percent shortly after registering palpable gains in 2024. The mid-cap meme coin, with a fully diluted valuation of about $4.1 billion and a 24-hour average traded volume of about $450 million, has been trapped in a falling trend since hitting its all-time high of about $0.0000282 in December 2024.

In the weekly time frame, the PEPE price recently broke below a major logarithmic support level, which has been held since March 2024. In the last three weeks, the PEPE price has closed below the established support level, thus signaling the onset of further bearish sentiment.

In case of further bearish sentiment, Pepe’s price will find a solid support level around $0.0000066, which coincides with the weekly 0.786 Fibonacci Retracement.

Photo: TradingView

From a bullish perspective, crypto analyst Ali Martinez thinks that Pepe’s price is well positioned for a major rebound if the support level above $0.0000092 holds in the near future.

Pepe memecoin has grown significantly since its launch backed by whale investors and listing on top-tier cryptocurrency exchanges. As of this writing, Pepe has more than 404k on-chain holders and a liquidity of over $44 million locked via Ether smart contract.

Due to the deep trading volume, Pepe has achieved a positive correlation with Ethereum price action in the recent past. In this regard, Pepe’s price is well positioned to rebound towards an all-time high of ETH price rebounds towards $4k ahead.

$PEPE is not merely a memecoin. It is pure, bottled leveraged Ethereum with no liquidation risk. At the same time it is the first true memecoin.

It is vital for market participants to recognise the difference between the many shi*tcoins on Solana with a very short shelf life and… pic.twitter.com/IDuiKMWqFs

— Prorok (@proroketh) February 17, 2025

Since the launch of Official Trump TRUMP $16.55 24h volatility: 4.6% Market cap: $3.31 B Vol. 24h: $631.91 M and Melanie Meme MELANIA $1.27 24h volatility: 2.9% Market cap: $190.68 M Vol. 24h: $32.39 M , the launch of celebrity tokens has accelerated across different blockchains. The rising launch of meme coins on different chains has thinned out the crypto cash inflows, thus accelerating the pump-and-dump projects leading to rug pulls by developers.

As Coinspeaker reported, the Central African Republic launched its meme coin dubbed $CAR on the Solana SOL $173.2 24h volatility: 3.3% Market cap: $84.70 B Vol. 24h: $2.58 B network, which dropped more than 97 percent of its value in the past seven days. Most recently Argentina’s President Javier Milei promoted a Solana-based memecoin dubbed Libra, which rugged as soon as it was launched.

In the Binance ecosystem, the democratized launch of meme coins has escalated the rate of rug pulls. For instance, several meme coins were recently launched after Binance co-founder Changpeng Zhao (CZ) released the name and picture of his dog.

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.

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