🐸 PEPE Bulls Not Done Yet — Support Holds the Key to $0.000015
Pepe ($PEPE ) has slipped by 5% over the past week, dragged down alongside broader weakness in meme coin markets. On-chain indicators suggest that sentiment around the token is cooling, with whale exits and underwater wallets pointing to growing bearish pressure. According to data, the number of “in the money” wallets holding PEPE has dropped by 9%, while large transaction volumes have also decreased by 5% — a sign that whale activity is fading.
Adding to the caution, the MVRV Z-score — a metric that assesses how many wallets are holding PEPE at a loss — has continued to fall since late May. If this score remains in negative territory for too long, it could signal that whales are capitulating, possibly due to evolving expectations about PEPE’s upside potential. Some analysts speculate that rising geopolitical tensions, including the Iran-Israel conflict, may have accelerated the bearish tone.
Still, it’s not game over for the bulls just yet. Technical charts show that PEPE is clinging to a crucial support region around $0.00001000. This level may act as a springboard — but if it breaks, prices could quickly slide toward $0.00000880. On the flip side, reclaiming $0.000011 could ignite a new run toward $0.00001500, especially if accumulation resumes.
While PEPE’s short-term EMAs remain bearish for now, a bounce at this support zone could reset momentum and revive bullish hopes. All eyes are on the next move — will the frogs leap or sink?