Pepe price is in a bear market; true believers remain optimistic

Pepe Price Declines Amid Crypto Market Downturn

Pepe's price has endured a significant downturn with the overall sentiment in the cryptocurrency market deteriorating.

The token has plummeted nearly 40% since its peak in June, resulting in a market capitalization of $4.5 billion, a sharp decline from its year-to-date high of $7.1 billion.

This decline coincides with many cryptocurrencies facing intense selling pressure. Bitcoin has plunged from $72,000 in June to $60,000.

Other meme coins have also experienced double-digit losses, including MOTHER, JASON, and Dogwifhat.

Despite the decline, Pepe's price action exhibits some positive fundamentals. Open interest in the futures market has remained stable, hovering around $131 million.

Pepe's daily volume also surpasses other altcoins such as Dogecoin and Shiba Inu, consistently exceeding $500,000. This makes it the most popular meme coin in the industry.

Additionally, Pepe boasts a wide distribution with over 254,577 holders. The largest address possesses 92.9 trillion tokens valued at $967 million, while the second holds 19.9 million tokens worth $207 million.

There is growing optimism among Pepe enthusiasts that the token will recover. A significant whale transfer of $14.7 million worth of Pepe tokens to an unknown wallet on July 2 indicates speculative anticipation of a comeback.

Pepe's history suggests that it has the potential to rebound from bear markets. In April 2024, it experienced a 62% decline but subsequently recovered and reached an all-time high.

Technically, Pepe has found support at its 100-day Exponential Moving Average (EMA). However, a breach of this level could indicate further losses before the anticipated recovery.