PEPE Holdings Drop by Nearly $1 Billion Amid Bearish Market
Liquidations in the crypto market reached nearly $500 million in the past 24 hours, intensifying bearish sentiment. The PEPE meme coin fell by 10.85%, dropping below the $0.000020 mark, with a market cap of $7.6 billion.
PEPE Price Analysis
- PEPE failed to surpass the Fibonacci level at $0.00002120.
- Current critical support is at $0.000017; breaking this could lead to further declines.
- Bullish divergence in the RSI indicates potential for a price reversal.
- A bounce may test the 50% Fibonacci level at $0.00001969.
- Closing under $0.00001670 risks retesting support at $0.0000144, reflecting an 18% downside risk.
Whale Activity
- A whale liquidated 85 billion PEPE tokens for 1.5 million USDC at a loss.
- This whale still holds 180.8 billion PEPE tokens worth $3.2 million, incurring a total loss of $1.74 million.
PEPE Holdings Decline
- PEPE's balance by holdings dropped from $8.41 billion to $7.5 billion, indicating liquidations of nearly $900 million.
- Holdings over $10 million decreased from $5.8 billion to $5.09 billion.
- Holdings between $1 billion to $10 billion fell slightly to $1.13 billion.
- Smaller holdings ($100,000 to $1 million) dropped from $716.71 million to $635.63 million.
Overall, as bearish trends persist, confidence among investors appears to be declining significantly.