Can PEPE maintain its lead among memecoins despite recent drop?

• Pepe, as of press time, was down by over 3% in the last 24 hours.
• Pepe price action positioned for a breakout but direction is uncertain.

Pepe [PEPE], currently the third largest memecoin by market cap, has been in a tight position in recent price action.

With a market cap around $4 billion, it has seen a decline of over 8% in the last seven days, while trading volume dipped by 21% to $516 million.

However, its solid 13% volume-to-market cap ratio has kept volatility in check. It traded roughly 44% below its ATH but showed a 13% gain over the past 30 days, revealing some resilience amid fluctuations.

Pepe price action and prediction

PEPE’s price action reveals a stop at a critical local level. After hitting a low on 2nd October, the memecoin avoided a deeper drop. Buyers, however, have yet to drive a strong recovery, leaving them stuck in its downtrend since May.

Even though it recently broke through a descending trendline, the risk of a 10-15% drop remains, potentially to the $0.000008 level.

Market analysts expect a bounce from the $0.000008 level, though a hidden bearish divergence suggests PEPE’s decline to this level could signal a potential reversal.

Source: TradingView

Although it is uncertain for Pepe’s next direction, the longer-term sentiment remains bullish, given its strong community support and proven staying power among memecoins.

Half of all narrative mindshare in memes

Comparing performance in the first 30 days of launch, analysis shows that Pepe still lead, despite competition from rising tokens like GOAT.

In its first 30 days, the coin surged past most meme assets, establishing itself as a resilient option in the category.

Although the recent popularity of other tokens could challenge its lead, PEPE’s community-driven momentum and brand recognition may help it recover or even climb higher, especially if the broader crypto market sees a rally.

Source: Dune

As it navigates this critical moment, it stands to benefit from a unique convergence of trends in the crypto world. Memes and AI are dominating narrative space, a leap from the 15-25% share at the start of 2024 to 50% currently.

Memecoins now capture half of the crypto community’s narrative focus, amplified by AI’s role in shaping data-driven decisions.

This evolving dynamic makes the memecoin trend, led by tokens like PEPE, more influential than ever.

Source: Kaito AI

With AI driving analytics and memecoins igniting social interest, PEPE’s community-driven appeal meets high-tech precision, pushing it forward as a key player in a rapidly evolving space.

Read Pepe’s [PEPE] Price Prediction 2024–2025

Pepe’s future hinges on its community, trend support, and adaptability to crypto’s changing narrative.

The fusion of AI with meme culture creates a unique landscape where assets like PEPE could find new avenues for growth and popularity.