The PEPE cryptocurrency displays significant decline, approaching an important support level amidst decreasing market activity and trading volumes.
Recent Decline of PEPE
The PEPE cryptocurrency, known for its meme theme, has fallen by 8.23% over the past week, reaching a trading mark of $0.00001036. According to CoinMarketCap data, the token stands just over 0.5 cents above the $0.000010 support level.
Role of Retail Traders
The decline in activity among large investors, or 'whales', has impacted the market, leaving retail traders as the main players responsible for price volatility. This led to noticeable fluctuations and a decline in market confidence, reflected in a 21.47% drop in trading volume, settling at $502.69 million.
Critical Level of Support
The $0.000010 support level remains in focus for PEPE's near-term outlook. Falling below this level could risk adding an extra zero to the token's price. Some investors may view the ongoing correction as an accumulation opportunity, yet the lack of strong buying interest from whales continues to weigh on prices.
Amid current circumstances, PEPE remains under pressure, and its ability to hold above the key support level raises concerns. Future trends depend on market behavior and interest from large investors.
