Pepe (PEPE), the frog-themed meme coin, has dropped by 8.23% in the last seven days as prices threaten to breach the $0.000010 support level again. The downward movement has brought the meme coin less than 50 cents away from slipping below this level and adding another zero to its price.
PEPE’s price slips toward critical support level
According to CoinMarketCap data, Pepe is currently exchanging at $0.00001036, which means further volatility could push it over the edge. In the last 24 hours, Pepe’s price outlook has not been impressive. The highest peak it has hit in the course of trading is pegged at $0.00001037.
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The poor price outlook has caused a drop in trading volume within the same time frame. Volume is in the red zone by a significant 21.47% at $502.69 million. The dip is likely due to a 43% decline in large holders’ dominance.
According to available data, the dominance of PEPE whales has not dropped to this level since December 2023. This implies that retail traders are left to drive price action.
Amid these low levels, a whale has bought nearly three trillion PEPE worth about $28.8 million within the last 48 hours. Whether this could spark institutional interest remains to be seen on the market. However, this forms a catch that can help shift the price outlook.
Can PEPE avoid adding another zero?
Notably, if other ecosystem whales engage in aggressive accumulation, it might trigger a reversal.
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The price level of the meme coin is a good buying point for long-term investors looking to accumulate the asset. Although the meme coin is witnessing a bearish momentum currently, a massive buy could support a rebound move.
PEPE bulls need to step in and halt the sell-off before it slips and add another zero. A slip might prove more difficult to emerge from than defending the $0.000010 support level. Meanwhile, if the crypto market stabilizes, it might help PEPE stay afloat.