🐸 PEPE Drops 5% Amid Whale Dumping and Exchange Outflows — Is Panic Setting In? 😱📉

A wave of liquidations and record-setting trading activity caused the cryptocurrency PEPE, which was inspired by memes, to drop by roughly five percent over the course of the last twenty-four hours.

The bears were able to overcome any efforts at recovery, which resulted in the token falling from $0.000012023 to $0.00001119. According to the technical analysis data model used by CoinDesk Research, there was a period in time when the trade volume reached 6.91 trillion tokens in a single hour, therefore establishing a ceiling close to $0.000011692.

The pressure to sell was not a unique incident. A further rejection occurred during late-session trading around $0.000011549, while volumes rose beyond 85 trillion tokens, which forced the price to move closer to a session low throughout the session.

In spite of the fact that PEPE was getting close to what seemed to be support around $0.000011525, the market continued to move cautiously since there was no significant purchasing activity. The level did not garner sufficient attention to cause a reversal of course, which indicates that more reductions may be forthcoming.

According to the CoinDesk 20 (CD20) index, which has seen a decline of 1.35 percent over the course of the last twenty-four hours, the memecoin has underperformed the overall cryptocurrency market.

Memecoins continue to be very volatile, as seen by the response of the market, particularly when significant investors decide to sell their holdings. During the last week, whale holdings had a decrease of 0.1%, according to statistics from Nansen, while PEPE on exchanges experienced a decrease of 0.5%.

There is a trend of lower highs and heavier selling on the charts, which is a combination that often indicates that there will be more suffering in the future.

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