Meme cryptocurrency PEPE has seen a significant decline in value over the past 24 hours, attributed to a market sell-off and weakening investor interest.
Sharp Price Decline of PEPE
The cryptocurrency PEPE, known for its meme theme, recorded nearly a 10% drop, falling to $0.000009658. This decline follows a broader market sell-off that saw several altcoins lose ground. It is important to note that PEPE had previously removed a zero from its price, only to add it back now.
Changes in Trading Volume
Data from CoinMarketCap revealed a significant drop in PEPE's trading volume, which plummeted by 47.41% to $751.56 million. This sharp decline suggests waning investor confidence, with fewer market participants showing interest in buying the dip. The loss of volume coincides with a pullback from short-term traders following earlier price peaks.
Price Recovery Prospects
PEPE's ability to regain value in the near term may depend on the trading behavior of major holders. In recent weeks, large wallet addresses have been offloading their positions, adding to selling pressure. A reversal in this trend, with whales absorbing available supply, could offer price support. Until then, PEPE remains vulnerable to further losses.
The current situation in the cryptocurrency market indicates a preference shift towards lower-risk assets like Bitcoin, further complicating the outlook for PEPE and similar volatile tokens.
