The altcoin market experienced significant downward pressure as the crypto world was shaken with Binance CEO and founder Changpeng Zhao and Binance itself facing federal charges for multiple finance-related crimes.
As part of the settlement, the company was forced to pay more than $4 billion in fines and penalties. Zhao also agreed to step down as CEO of the company he built, along with paying fines and penalties worth $200 million.
PEPE: Struggling To Stay Afloat Amidst The Storm
With massive pain across, PEPE is among the altcoins that try to weather the storm. According to CoinGecko, the token is down nearly 10% in the bi-weekly timeframe, following the likes of Terra Luna Classic on their downhill trajectory.
Source: Coingecko
Developments, on the other hand, barely kept PEPE on the surface. On November 20th, the dev team announced that over 418 billion PEPE tokens were sent to the Binance Earn wallet. This was a day before the world knew of the Binance scandal.
418B $PEPE tokens are about to be transferred from the team wallet. These tokens are being sent to @binance Earn and will be rewarded to Binance users through various campaigns over the coming months that we are excited to share with you! 🐸 pic.twitter.com/V9diig8hwf
— Pepe (@pepecoineth) November 20, 2023
That same day, the #FREEPEPE hashtag garnered attention from X users. Ledger, a cryptowallet company, hopped on the hype train, posting that they partnered with artist @batzdu to produce a limited edition PEPE-themed ledger. However, these recent developments still hold PEPE investors back.
Happy #FREEPEPE day!
The community has spoken, we’ll be working on a Limited Edition Pepe Ledger Nano X with @batzdu – keep you all updated. https://t.co/Ws7qRkJ7r8
— Ledger (@Ledger) November 19, 2023
PEPEUSD currently trading at $0.000001084 territory. Chart: TradingView.com
Navigating PEPE’s Volatility Amid Market Pressure And External Influences
Even though the market is placing enormous pressure on PEPE, investors might see an open opportunity on the 50% retracement level. The bulls are attempting to hold the price of the token between $0.00000103 and $0.00000113 price levels.
This gives the bulls a strong support level to bounce toward $0.00000129, which will open the door to further gains. However, the price movement is delicate and will be subject to external forces. With the PEPE’s correlation with ETH moving upwards at a steady rate, we might see the token mirror the top altcoin’s price movements in the coming weeks.
Investors should also monitor the dev team’s recent moves in the world like the aforementioned 418 billion token transfer to Binance. These decisions by the team will have significant and long-lasting effects on the bullishness of PEPE. For now, investors should brace for further drops in price as the majority of the household names of crypto have suffered big losses in the past few days.
Any positive development in the broader crypto market will provide a crucial boost for PEPE investors to keep their portfolios on the green.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
