Pepe (PEPE), once the darling of meme coin enthusiasts, has taken a tumble, shedding 4.7% in value over the past 24 hours to settle at $0.000009499. This latest slip marks a continuation of its recent volatile downturn, highlighted by heavy intraday selling. The coin, which captured hearts and wallets with a viral surge and even a nod from Elon Musk in April, is now witnessing a fading allure as investors pivot back to Bitcoin.
The Musk Effect: A Fading Memory
Elon Musk, the tech titan known for his market-moving tweets, briefly adopted a PEPE-themed profile picture on April 9. The move sent ripples through the meme coin sphere, sparking a temporary rally. However, the hype has seemingly fizzled out as quickly as it began. “Musk’s endorsement was a shot of adrenaline,” remarks crypto analyst Jamie Lin. “But the market is fickle, and sentiment doesn’t always translate into sustained growth.”
Bitcoin’s Resurgence: The Dominance Factor
This downturn comes amidst a broader market shift, with Bitcoin’s dominance surging past 65%—a level unseen in over two years. This trend indicates a growing investor preference for Bitcoin over riskier altcoins like PEPE, especially in uncertain times. “When the going gets tough, investors flock to safety,” comments Lin. “Bitcoin is the stalwart that people trust when volatility spikes.” This shift is further analyzed in our article on Bitcoin Dominance Skyrockets as ETH and Other Altcoins Plummet.
PEPE’s recent struggles are emblematic of this shift. Despite occasional price rebounds, the meme coin battles resistance at $0.00001013, underscoring a broader rotation away from such high-risk assets. Its future may hinge on whether the market mood swings back to embracing risk, or continues to cling to large-cap cryptocurrencies.
Technical Turbulence: A Closer Look
From June 25 to June 26, PEPE-USD oscillated within a 16.1% range, sliding from $0.00001017 to $0.00000940. A formidable resistance formed at $0.00001013 during heavy selling periods. Meanwhile, a short-term support zone emerged between $0.00000946 and $0.00000950, where prices repeatedly bounced on moderate volumes.
A notable spike of 91.9 trillion units at 07:17 UTC on June 26 coincided with a brief 3.1% rally, highlighting the coin’s volatile nature. Yet, prices slipped 0.9% in the final analysis minutes, reflecting short-term profit-taking and ongoing uncertainty. This mirrors the broader market trend of deleveraging, as discussed in Bitcoin Market Faces Sharp Deleveraging as Investors Exit Risk Positions.
Looking Ahead: The Road Unknown
As PEPE grapples with market forces, questions loom about its trajectory. Will the meme coin regain its footing, or will it continue to languish as a relic of past hype? “The crypto landscape is ever-evolving,” says Lin. “PEPE’s future will depend on broader market dynamics and whether investors rekindle their risk appetite.”
For now, the meme coin remains under pressure, a testament to the shifting tides in the cryptocurrency world. Only time will reveal if PEPE can recapture its former glory or if it remains a footnote in the annals of crypto history.
Source
This article is based on: PEPE Slides 5% as Hype Fades Despite Elon Musk’s April Nod
Further Reading
Deepen your understanding with these related articles:
- Bitcoin Dominance Hits New High as Hopes for Altcoin Season Fade
- Here’s when Bitcoin analysts expect new BTC price volatility
- Bitcoin Demand is Drying Up, What Does This Mean? (CryptoQuant)
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
