Pepe (PEPE) price predictions remain bearish with the meme coin having now dropped more than 16% in seven days.
PEPE/USD was last changing hands on major centralized exchanges just under $0.0000009.
The Pepe price has nearly halved since hitting fresh multi-month highs back in December near $0.00000175.
Pepe, which is trading substantially below its major moving averages, may have had its fate worsened by a new competitor.
Last week, a pseudonymous crypto developer called Pauly0x launched a fork of Pepe called PepeFork (PORK).
PORK has already been able to attain a market cap of $240 million.
That’s around 65% of the market cap of Pepe, which was last around $370 million.
Meanwhile, it has attracted over $16 million in liquidity in its WETH/PORK pair on Ethereum, as per DEXTools.
That’s more than the equivalent WETH/PEPE pair has, at just under $10 million.
Since its launch last April, the original Pepe coin has been marred by controversy and faced claims that it is a rug pull.
While PORK may have sprung up to address such concerns, investors should still be cautious that PORK might be a scam.
Either way, PORK’s arrival on the scene is seemingly dampening demand for Pepe.
Near-term Pepe price predictions seem likely to remain bearish, especially if it falls under a key support level.
Is Pepe Price Going to Zero?
Pepe price bears are currently attempting to push the token below key support at $0.0000009.
Should this level go, there is very little to stop the Pepe price from falling all the way back to last September/October’s lows in the $0.0000006 area, which could mark losses of over 30% from current levels.
But will the Pepe price go to zero.
Well, its far to early to bet on Pepe’s death.
As per DEXTools, Pepe coin is held in over 150,000 wallets, a decent proxy for the number of individual owners.
Pepe’s official X account also has well over half a million followers.
Meanwhile, the meme coin’s Telegram has near 60,000 members.
Big Pepe price drops are highly plausible, but for the price to go to zero, this massive community would likely need to evaporate.
That doesn’t seem likely any time soon.
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