PEPE Might Hit Floor as 8.27 Trillion Support Comes into View

PEPE Faces Liquidation Amid Market Slump

PEPE has come under scrutiny after liquidations totaling $4 million pushed its price down amid an extended slump. As of this writing, PEPE has plummeted by 8.16% to $0.00000959, raising concerns about its potential for recovery. This 24-hour decline has extended its month-long losses to 33.2%, according to CoinMarketCap data.

Key Metrics for PEPE

Despite the market's negative impact on PEPE, it has also highlighted crucial metrics. According to data from IntoTheBlock (ITB), PEPE's ultimate support zone lies at $0.000009. At this price point, approximately 8.27 trillion PEPE tokens are concentrated in volume. A significant decline below this level would require the sale of all these tokens, which could prove challenging for the bears.

While PEPE's price behavior tends to follow market trends, it is likely to reach its floor price more quickly than its peers. Its immediate target remains $0.000012, which has historically provided support.

Whale Activity and Market Sentiment

Whale activity has been a significant factor in PEPE's price movements. The token's recovery will likely depend on the continuation of this support.

However, market sentiment has not been favorable. Bitcoin's recent decline to $58,000 triggered crypto liquidations exceeding $294 million. As an altcoin correlated with Bitcoin, PEPE has been affected by the broader market downturn. Despite skepticism from some, key proponents anticipate a rebound in Bitcoin's price, which could positively impact PEPE's value.