• The calm in PEPE’s price action may have spelled doom for the BTC and the broader market.
• There was an absence of new interaction with the token. 

The enthusiasm surrounding Pepe [PEPE], the meme-based cryptocurrency, which only emerged a few weeks ago has raised concerns among some market observers. Needless to say, the PEPE frenzy captured the attention of many investors and traders.

Read Pepe’s [PEPE] Price Prediction 2023-2024

However, it might not be best for the broader market, according to a new Bloomberg report. Released on 14 May, the data and market media conglomerate noted that the aura around the frog-themed token screamed pain for the market, especially Bitcoin [BTC].

Recall that the rise of PEPE was accompanied by a significant increase in speculative trading activity and frenzied buying. And around the same period, the BTC value dropped and consolidated.

Dampened euphoria is no good cause

But Bloomberg highlighted that this type of market behavior is often associated with euphoria and can be a warning sign of an overheated market. 

Usually, when investors rush into an asset solely driven by hype and Fear Of Missing Out (FOMO), it can create a speculative bubble that is vulnerable to sharp price corrections. 

And since PEPE lacked any utility apart from community support, a drop in the excitement level could

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Author: Victor Olanrewaju

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