Despite Elon Musk’s April nod, Pepe slides 5% as hype

Pepe

According to Coindesk Research’s technical analysis model, one of the most prominent meme coins has struggled to hold investors’ profits, falling 4.7% to $0.00009499 over the past 24 hours.

Regarding the broader memocoin sector, the Coindesk Memecoin index has dropped by 3.87% over the past 24 hours.

The sudden decline in tokens indicates a continuation of recent downward trends.

Once the virus was on April 9th, and even a brief nod from Elon Musk, Pepe lost its market influence as attention returned to Bitcoin. The masks easily adopted a Pepe themed profile photo that day. This is a movement that sent waves into the meme coin space. Still, the hype is largely fading.

This slump is part of a broader shift across the crypto market, where Bitcoin’s advantage is above 65%, a level not seen in more than two years. This trend suggests an increase in BTC investors’ preferences over smaller altcoins, particularly during periods of uncertainty, during periods of reduced risk appetite. That shift is felt sharply by high beta assets like Pepe.

Despite the short priced rebound, Pepe is under pressure and faces resistance of nearly $0.00001013. Failure to maintain the rally reflects a broader rotation from the meme coin, and its future performance could depend on whether market sentiment returns to more risky assets or remains pinned to large names.

Technical Analysis Highlights

• Pepe-USD traded within the 16.1% range and fell from $0.00001017 to $0.0000940 between June 25th and June 25th at 08:00 UTC.
• It was formed between June 25th and 16:00 UTC for $0.00001013 during a massive sale.
• The short-term support zone was developed for $0.0000946-0.0000950. There, prices bounced repeatedly with medium volumes from the second half of June 25th to June 26th.
• In the final 60 minutes of the analysis window, prices moved from 07:07 to 08:06 UTC on June 26th to $0.0000959 to $0.0000955.
• The 91.9 trillion units spike at 07:17 UTC on June 26th coincided with a short 3.1% rally.
• Reflecting short-term profits, the price slipped by 0.9% in the last few minutes before closing.

Disclaimer: Part of this article is generated with the support of AI tools and reviewed by the editorial team to ensure accuracy and compliance Our standards. For more information, please refer Coindesk’s complete AI policy.