Pepe Coin, the quirky frog-themed meme cryptocurrency, has once again captured the attention of crypto enthusiasts as its price surged by a remarkable 6% today. Notably, this resurgence comes amid a broader market recovery following a recent downturn that saw many cryptocurrencies in the red.
However, while Pepe Coin’s rally has left the majority of holders in profit, concerns linger over the potential for profit-taking in the near future.
Pepe Coin Rally Sparks Concerns Over Profit-Booking Selloff
As the cryptocurrency market shows signs of bouncing back from recent losses, Pepe Coin stands out with its impressive price surge. Notably, the Pepe Coin, along with the broader meme coin sector has noted significant gains over the past few months, suggesting an increasing confidence of the investors towards the segment.
However, the recent market downturn has wiped off the gains from the majority of the meme coins, including Pepe Coin. But despite the slump, the recent surge in Pepe Coin price seems to have bolstered the confidence of the investors.
Meanwhile, data from IntoTheBlock reveals that a substantial 69% of Pepe Coin holders are currently in profit, signaling optimism among investors. However, with only 27% of holders remaining in the red and 4% in the neutral zone, the question arises: will profit-taking lead to a sell-off in the coming days?
Notably, profit-booking is a common phenomenon in volatile markets, where investors capitalize on price gains by selling their holdings. Given that, the recent surge in Pepe Coin price prompts speculation among PEPE holders about booking profits amid market uncertainty. In other words, concerns arise over whether holders will capitalize on the rally or maintain their positions, reflecting cautious sentiment in the crypto community.
Also Read: US Senators Unveil New Bill Banning Algorithmic Stablecoins
Price Movement & Market Sentiment
While the Pepe Coin rally has sparked speculations, it seems to have also bolstered the confidence of the investors, especially the meme coin enthusiasts. According to CoinGlass data, Pepe Coin’s Open Interest (OI) saw a significant uptick of 7.53% to $42.94 million, reflecting a bullish market sentiment.
On the other hand, the frog-themed meme coin has witnessed a liquidation of around $2.01 million in the last 24 hours, CoinGalss data showed.
However, the potential for profit-booking could introduce volatility, influencing Pepe Coin’s future price trajectory. Considering that, the market participants should closely monitor the market dynamics to gauge whether the current rally is sustainable or if a correction is imminent.
As of writing, the Pepe Coin price was up 5.84% to $0.00000524, while its one-day trading volume fell 17.09% to $679.79 million. Notably, the meme coin has touched a high of $0.000005535 and a low of $0.000004885 in the last 24 hours. Besides, the PEPE Coin RSI was around 39, suggesting that the crypto is currently hovering at the neutral zone.
Also Read: Telegram Founder Holds Millions In Bitcoin & Fiat, Here’s Why
The post Pepe Coin Price Soars 6%, A Profit-Booking Selloff Ahead? appeared first on CoinGape.
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