PEPE and BONK Tank 80% From December Highs: Can They Recover?

• PEPE fell from its $0.00000155 high while BONK dropped from $0.000030.
• PEPE’s descending channel indicated another possible drawdown.
• BONK may either breakdown or breakout depending on buyers’ presence.

Leading memecoins Pepe (PEPE) and Solana-based Bonk (BONK) have had a rough couple of weeks. Using data obtained from CoinMarketCap, Coin Edition found that PEPE was down about 80% from its December high of $0.00000155.

It was a similar situation for BONK, which reached $0.000030 on December 15. But as of this writing, Solana’s leading meme had plunged to just $0.000010. 

These declines were in contrast to the performance that brought both memecoins to the limelight. For PEPE, its 365-day performance remained a 1,813% hike, thanks to its surge in April 2023.

BONK’s 90-day 5,185% increase was proof that the goodwill it enjoyed was more recent than PEPE. Furthermore, it is also likely that the price decrease could be linked to intense profit-taking considering the value of gains BONK had given early buyers. 

PEPE Price Analysis

From the 4-hour chart, PEPE has failed to find a pattern that triggers a breakout. Although there have been recovery…

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