MEME-Inspired Cryptocurrency Pepe slipped almost 5% in the last 24-hour period during a wave of liquidation and record setting trading activity.
The token fell from $ 0.000012023 to $ 0.00001119 when bears overwhelmed attempts at improvement. At one point, the trafficking of volume spiked to 6.91 trillion tokens in a single hour, putting a ceiling near $ 0.000011692, according to Coindesk Research’s technical analysis data model.
The sales pressure was not insulated. Trade in late session experienced further rejection of $ 0.000011549, while quantities rose over 85 trillion tokens and forced the price against a session low.
Even when Pepe approached what resembled the support of $ 0.000011525, the lack of meaningful purchase activity emphasized the market’s reluctance. This level could not attract sufficient interest to turn course, which signaled possible further falls.
Memecoin has underpinned the wider cryptocurrency market, measured by Coindesk 20 (CD20) index, which fell 1.35% over the last 24 hours. The Memecoin sector, based on the Coindesk Memecoin Index (CDMEME), threw 6%.
The reaction of the market shows how fleeting Memecoins are back, especially when great holders decide to leave. Nansen -Data shows that whale occupations in the last week fell by 0.1%, while Pepe on stock exchanges fell by 0.5%.
The charts show a pattern of lower heights and heavier sales, a combination that usually spells more pain ahead.
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