PEPE Price Drops as Bears Take Control Amid Market Crash

PEPE Memecoin Suffers Significant Price Decline

PEPE, a frog-based memecoin, has experienced a notable drop in price, falling by 10.20% in the last 24 hours. Coinglass data indicates that the token has witnessed outflows amounting to $3.96 million.

Market Slump Impacts Memecoins

Amidst the ongoing market downturn, memecoins like PEPE have also faced price declines. PEPE's daily price chart shows a drop to $0.00000842 at the time of writing, marking a 29.62% loss in the past week. The overall crypto market decline has contributed to the bearish trend for PEPE.

Long-Term Outlook Remains Positive

Despite the short-term price drop, PEPE's year-to-date (YTD) price hike remains impressive at 546.15%. The token's Relative Strength Index (RSI) stands at 34.26, indicating strong selling sentiment. However, market analysts maintain a positive outlook for PEPE, projecting a bullish price of $0.00004965 in 2024.

24-Hour Price Analysis

On July 7th, PEPE opened at $0.0000090 and faced modest declines throughout the day, reaching an intra-day low of $0.000009085. By July 8th, the price had dropped further to $0.0000089 and continued to slide, finding support at $0.0000083. A momentary 7-week low of $0.00000775 was also recorded within the past 24 hours.

**Disclaimer: Information provided in this article is for informational purposes only and should not be construed as financial advice.]