• Pepe ($PEPE) has experienced a significant price decline over the past week, dropping more than 10%.
• A new entrant to the meme coin market, Cowabunga Coin ($COWABUNGA), is gaining traction during its presale.
• $PEPE’s downward momentum shows no sign of reversing, as traders have lost interest and participation in the token has stagnated.
Pepe Price Drops
The price of Pepe ($PEPE) has dropped by more than 10% in the past week, closing lower for five consecutive days. The meme coin’s all-time high was reached in May 2021, but since then it has suffered a 37% decline and is currently trading at 73% below that peak value.
CoinMarketCap data reveals that only $58.1 million worth of $PEPE was traded in the past 24 hours – much lower than what it was just one month ago. Furthermore, analytics from Etherscan.io show that the number of unique buyers/sellers has remained stagnant for several weeks now, indicating a general lack of interest from crypto investors.
New Entrant Gains Momentum
Despite these negative developments for $PEPE holders, they can take solace in the fact that a new meme coin entrant – Cowabunga Coin ($COWABUNGA) – is experiencing impressive early momentum during its ongoing presale.
Bearish Trend Continues
At the time of writing, both the 20-day and 50-day Exponential Moving Averages (EMAs) are below the current value of $PEPE – an indication that bears remain firmly in control over this particular token’s price action.
It remains to be seen whether or not Cowabunga Coin will help spark renewed interest within meme coins as an asset class; however, until such a time arrives it appears that $PEPE holders can expect their investments to continue suffering from bearish trends in the near future.