"PEPE's Price Plunge: Meme Coin Fights Bearish Trend"

The crypto market has been grappling with a lack of positive momentum, with meme coins particularly feeling the pinch. This has led to the price of PEPE stabilizing within a bearish region for an extended period. On-chain metrics suggest a possible 20% drop in value, as buyers have been unable to overcome resistance levels.

The frog-themed meme coin Pepe (PEPE) has experienced a significant drop over the past month, with its value falling by 45% in just 30 days. This sharp decrease in price has led traders to rapidly reduce their investments in it, similar to their actions with other assets in the market. Data from Coinglass shows that Pepe witnessed a total liquidation of around $1.6 million, with buyers closing nearly $1.1 million long positions.

Glassnode, a platform for on-chain analytics, reports that PEPE has undergone significant deleveraging, with a steep decrease in Futures Open Interest from previous highs in the meme coin market. There’s a recurring trend where open interest drops following periods of high demand in meme coins, highlighting a decrease in leverage and a changing attitude towards meme coins.

For example, PEPE’s price has fallen 45% this month, and its futures open interest has dramatically fallen by 75%, from $1.25 billion to $249 million. According to data from IntoTheBlock, there has been a decrease in the volatility of Pepe’s price, dropping from a high of 132.5% to 113.4% over the last week. This decline in volatility could keep Pepe in bearish territory, making it challenging for the meme coin to surpass the $0.00001 mark.

On a different note, whale involvement in Pepe has seen a notable increase recently. The number of large transactions escalated from a low of 105 transactions to a high of 289 transactions last week. This increase in whale activity, while Pepe’s price is consolidating, might pave the way for a potential breakout, either upwards or downwards.

Meme coin enthusiasts are finding it challenging to drive the price of Pepe above the moving averages, suggesting a falloff in demand at higher prices. Currently, Pepe price is struggling below $0.00001 as bearish domination rises above that level.