Pepe Coin has experienced a significant decline today, driven by a sharp drop in trading volume and social dominance. Data from CoinGecko indicates that the daily trading volume for Pepe has plummeted to $1.4 billion, a stark contrast to the $18 billion seen in November. This decline in volume, coupled with a decrease in social media mentions, suggests waning interest in the meme coin. The technical analysis also presents a bearish outlook, with the formation of a rising wedge and a potential head and shoulders pattern, both of which are typically indicative of a downward trend.
Adding to the negative sentiment, Pepe Coin has been identified as the second worst performer among the top 100 cryptocurrencies this week. This poor performance is attributed to the growing interest in cryptocurrencies associated with artificial intelligence, which have been stealing the spotlight from meme coins like Pepe. The broader market sentiment has not been favorable for Pepe, as it struggles to maintain its position amidst the shifting focus of investors.
Pepe Coin's price has dropped by 9.34% today, reaching a low of $0.000019.