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PEPE's Plummeting Continues as 65% of Meme Token's Value Is Gone

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Tue, 9/05/2023 - 17:00
PEPE's Plummeting Continues as 65% of Meme Token's Value Is Gone
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The downfall of the meme token PEPE continues as the token's price has dropped by a staggering 65%. This massive loss in value has raised concerns among investors, particularly those who joined the PEPE bandwagon during its recent surge in popularity. The substantial profits made by wallets connected to the developers stand in stark contrast to the losses faced by newer traders.

As reported in previous articles, PEPE experienced a meteoric rise in price, gaining more than 1,000% in just 10 days. This impressive performance attracted a significant number of retail investors looking to capitalize on the momentum. However, as the token's value started to plummet, numerous whales and wallets tied to the developers began cashing out their holdings, exacerbating the decline.

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Source: TradingView

The massive sell-off by these large investors has left newer traders in a precarious position, with many of them now facing substantial losses. The fact that the developers' wallets made enormous profits while the majority of retail investors are losing money raises concerns about the transparency and fairness of the PEPE ecosystem.

The 65% price drop has put PEPE in a challenging situation, with many investors questioning whether the token can recover from this massive decline. The ongoing selling pressure, combined with the lack of confidence in the meme token's long-term prospects, may lead to further losses for PEPE holders.

XRP takes hit

XRP, one of the top-tier cryptocurrencies, has recently experienced a significant price drop, hitting a two-month low. The digital asset is currently trading at $0.42, down from above $0.5 less than a month ago. This decline raises concerns among investors and prompts the question: what's next for XRP?

One of the key indicators to watch is the 200-day Exponential Moving Average (EMA), which XRP has recently dropped below. This bearish signal typically suggests a possible continuation of the downtrend in the near term. Additionally, the Relative Strength Index (RSI) has dipped below 40, further indicating that the selling pressure is intensifying.

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Despite these negative signals, there is still some hope for XRP. The 50-day EMA remains above the 200-day EMA, which is a positive sign for the cryptocurrency. This indicates that the longer-term trend might still be bullish, and the current downturn could be a temporary setback before a potential recovery.

However, the descending trading volume could be another cause for concern. Lower trading volumes typically signal a lack of interest from market participants, which can lead to further price declines. For XRP to regain its upward momentum, it will need to see an increase in trading volume to attract new buyers and reverse the current downtrend.

Solana aims for breakout

Recent technical data suggests that Solana (SOL) may be on the verge of a breakout, thanks to the convergence of exponential moving averages (EMAs). This bullish signal, combined with the fact that Solana has been relatively under the radar compared to other altcoins, could indicate that SOL is primed for significant upward movement.

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While many altcoins have recovered up to 75% or less from their all-time highs, Solana and Polkadot (DOT) are still lagging behind, with both tokens approximately 90% below their ATHs. This disparity highlights the potential for a significant price increase for SOL as it catches up with its counterparts.

The convergence of EMAs is a key technical indicator that has historically been associated with the beginning of a bullish trend. As the shorter-term EMA moves toward the longer-term EMA, it signifies an increase in buying pressure and a potential shift in market sentiment. For Solana, this convergence could be the catalyst that sparks a significant price increase.

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