a 20% drop in six days, breaking below the support level at 0.000010 USD. Whale activity has increased, raising concerns about a deeper correction.

At a critical stage, the risk is $PEPE

with the loss of the psychological level at 0.000010 USD amid increasing selling pressure. Will the rising whale activity, along with the ongoing downtrend, push the price of Pepe to a new monthly low?

Price analysis $PEPE

On the daily chart, #Pepe struggles to stay above the support level at 0.00001037 USD. With a drop during the day to 0.00001024 USD, PEPE recorded its lowest trading price in the past thirty days.

This reflects increasing overall selling pressure, which has led to a 20% decline over the past six days. As market sentiment continues to decline, a daily close below the psychological level of 0.000010 USD could extend the correction to the support area of 0.0000090 USD, a level that previously served as important resistance.

If the downward momentum continues, the risk of a drop may extend to 0.00000570 USD, the lowest closing price of the year so far.

On-chain data indicates an intense sell-off of Baby coin.

According to data from IntoTheBlock, the number of large transactions (over 100,000 USD) has significantly increased over the past thirty days. Since early May, the number of these transactions has risen compared to the relatively quiet period between February and April.

Typically, an increase in large transactions indicates the formation of a top or bottom in the trading cycle. Given the rising selling pressure, this increase in large transactions may indicate potential intense sell-offs of Baby coin.

Accordingly, on-chain data supports the likelihood of increasing retracement risks for the meme-themed Baby coin.

Number of large PEPE transactions

Emerging concerns in PEPE derivatives

CoinGlass data also shows a 5.70% decrease in the open share of Baby, now at 483.09 million USD. Over the past twenty-four hours, total liquidations reached 2.28 million USD in long positions, compared to only 486,000 USD in short liquidations.

PEPE derivatives

This imbalance has led to a reduction in the long-to-short position ratio to 0.9384, reinforcing negative expectations. Overall, the PEPE derivatives market suggests that traders are preparing for a correction.