Summary
PEPE price is likely to experience a significant correction as meme coin enthusiasts who only invest during bull markets are backing out. The number of active addresses has decreased drastically, and futures market traders are also losing interest in PEPE. The Open Interest has dropped, indicating a lack of trader interest. The price may fall through the support level of $0.00000633, leading to a 30% correction. However, if the support level holds, there is a possibility of recovery to $0.00000826.
Key Points
1. PEPE price is beginning to witness the effects of having a meme coin enthusiast investor profile who backs down amidst the slightest bearishness.
2. PEPE Investors Back Out: The total number of investors participating in the network has decreased significantly in the span of a month, indicating a potential decline in the frog-themed meme token.
3. Futures market traders are also showing decreased interest in PEPE, as seen in the declining Open Interest (OI) standing at $76 million, down from $126 million less than 30 days ago. This lack of interest from traders could trigger a price decline.