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PEPE has recorded outflows wiping off a share of previous gains picked up in the memecoin frenzy. The asset currently trades in correlation to other memecoins posting outflows due to crypto asset liquidations.&nbsp;
PEPE exchanges hands at 0.000005057 up 0.83% in the last 24 hours. This increase recorded by the memecoin also follows the gain seen in the market as the Bitcoin halving nears. PEPE is down 31% this week and 28% in the past 30 days.&nbsp;
<img decoding="async" class="aligncenter size-full wp-image-192351" src="https://coingape.com/wp-content/uploads/2024/04/PEPE_7D_graph_coinmarketcap.jpeg" alt="" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/04/PEPE_7D_graph_coinmarketcap.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/04/PEPE_7D_graph_coinmarketcap-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/PEPE_7D_graph_coinmarketcap-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/PEPE_7D_graph_coinmarketcap-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/04/PEPE_7D_graph_coinmarketcap-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px">
The weakened trader sentiment dominating the market is highlighted in reduced trading volumes of memecoins and decentralized finance (DeFi) protocols. PEPE’s trading volume declined this month to $595 million, a 2.2% drop today. While its market remains above the $2 billion mark, the asset remains in the red zone.&nbsp;
<h2 id="strong-can-pepe-rebound-strong">Can PEPE Rebound?</h2>
This year, PEPE soared over 700% in 30 days following a larger <a href="https://coingape.com/trending/how-memecoins-react-in-run-up-to-bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">memecoin frenzy</a> that saw upticks in several tokens. With lowered market sentiment and inflow, the price of most assets plunged a week to the <a href="https://coingape.com/halving/bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin halving</a>.
Most analysts opine that the next altcoin gain would be spurred by the effect of the halving. A major reason for this is that a rise in Bitcoin price spills into memecoin with community participation. PEPE can recover losses as previous highs show making a long-term rebound possible.&nbsp;
According to on-chain data, a sizable number of PEPE holders are in the green zone because of the previous rally of the coin. This rally sparked huge gains for traders in the market.&nbsp;
<h2 id="span-style-font-weight-400-strong-memecoins-remain-underwater-strong-span">Memecoins Remain Underwater&nbsp;</h2>
At press time, the wider memecoin market capitalization is at $49.7 billion, a 1.4% decline in the last 24 hours. Top assets like Dogecoin (<a href="https://www.coingecko.com/en/coins/dogecoin" target="_blank" rel="noopener noreferrer nofollow">DOGE</a>) and Shiba Inu (SHIB) have recorded weekly outflows. Both assets posted 22% and 17% losses this week.&nbsp;
However, memecoins are notching daily gains on the back of the Bitcoin halving drive but monthly flows are still in the red. Dogwifhat and FLOKI plummeted over 28% this week.
Also Read: <a href="https://coingape.com/trending/tron-vs-matic-who-will-hit-1-first/" target="_blank" rel="noopener noreferrer nofollow">Tron vs MATIC: Who Will Hit $1 First? </a>
The post <a href="https://coingape.com/trending/pepe-dives-31-this-week-possible-long-term-reversal/" rel="noopener noreferrer nofollow">PEPE Dives 31% This Week: Possible Long-term Reversal?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

PEPE Dives 31% This Week: Possible Long-term Reversal?

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