PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45%
09 May 2023 - 2:30AM
NEWSBTC
Pepecoin (PEPE) tokens were issued in mid-April and quickly gained
popularity among investors, reaching a market capitalization of
$1.8 billion in just over three weeks. However, the meme coin’s
journey took a downward turn as the token dropped nearly 45% from
their peak on Friday, causing a ripple of concern among investors.
Some speculate that the sudden price drop was due to traders taking
profits on their positions, while others point to the introduction
of Pepe-tracked futures as a possible cause. Either way, the
Pepe token’s once-promising journey has hit a snag, leaving
investors wondering whether this amphibian-inspired cryptocurrency
can regain its footing and hop back into the limelight. Related
Reading: Shiba Inu: Whales Accumulate Yet Price Drops – What’s
Going On? PEPE Token’s Value Down After Short-Lived Rally As of
writing, the PEPEUSD token’s price on CoinGecko stands at a mere
$0.00000233, having fallen 10.6% in the past 24 hours. This comes
as a disappointment to investors who had witnessed a remarkable
seven-day rally, during which the token’s value had surged by a
staggering 221.0%. The sudden downturn in the PEPEUSD’s value is a
reminder of the volatility that characterizes the world of
cryptocurrency. Despite the promising rally of the past week, the
token’s current price suggests that caution is still warranted for
those considering investing in this meme-inspired digital currency.
Crypto total market cap weakens to $1.12 trillion. Chart:
TradingView.com Related Reading: How Long Will Dogecoin Remain
Sideways As Sellers Threaten Bearish Breakout? Following an
unprecedented surge in value that saw PEPEUSD rise by almost
5,000,000% in just a few weeks, holders of the altcoin may be
capitalizing on their gains by selling off their positions. This is
reflected in the significant decline in the token’s value, which
previously reached a peak of $0.00000431. Pepecoin had quickly
taken the crypto market by storm, and in just over three weeks
since its issuance in mid-April, it had achieved a market
capitalization of $1.8 billion. However, the sudden drop in value
indicates that the token’s meteoric rise may have been too good to
last, and investors may be re-evaluating their positions
accordingly. PEPEUSD Profits Converted To Ether As Deposits Hit New
High Following the massive surge in Pepecoin’s value, investors are
reportedly taking profits by converting their holdings into Ether
(ETH), which recently hit an all-time high in deposits to exchanges
since November 2021 when it reached a high of $4,500. 🚀
Updating our report on #Ethereum‘s sky-high active deposits,
exchange addresses interacting on the network is now at its highest
level since November, 2021. As expected, $ETH is showing decoupling
signs and on the cusp of breaking $2k once again.
https://t.co/zYjY7669yj https://t.co/dQlKsTVyt2
pic.twitter.com/2nMXOUGgYC — Santiment (@santimentfeed) May 5, 2023
On Monday, Santiment, an on-chain analytics firm, suggested in a
tweet that the rising number of Ether deposits could be a result of
traders cashing out their Pepe positions. The Pepecoin rally has
seen some investors turn small investments into significant profits
within just a few days after the coin’s issuance. However, with the
recent drop in the token’s value and the high volatility of
cryptocurrency in general, investors should proceed with caution
and conduct thorough research before investing in any digital
currency. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk) -Featured image from Alabama
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