Is Pepe Coin Price Heading To New Lows If It Breaks This Critical Support

Pepe (PEPE) coin price is still under heavy selling pressure. Consequently, the price of the coin has dropped significantly. The price has plunged by 15.9% in the last one day to trade at $0.00001253.

This price drop came after significant whale activity. It sent PEPE below crucial support levels, and increasing the risk of further losses.

Whale Transactions Trigger Market Instability

Whale activity has been on the rise lately causing the recent fluctuations in the PEPE price. According to Lookonchain data, a single wallet 0xfBfC…07Be transferred 430 billion PEPE tokens worth $6.39 Million, to Binance in nine hours.

Similarly, another wallet, market participants.eth, deposited 325.5 billion tokens, valued at $4.9 million, into Binance just a day ago.

Additional transactions include a liquidation of 200.88 billion PEPE tokens for $2.85 Million by the wallet 0xb1a2…6731 over the past two days. Recently, the whale 0xC7ac…BE36 transferred approximately 140.83 billion tokens to Binance and this is worth around $1,980,000.

Cumulatively, these transactions have pumped more than 1.1 trillion tokens into the market. This has compounded the selling pressure and the price fluctuations.

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PEPE Coin Key Support Levels Under Threat

Notably, the PEPE price has returned to the range it has stayed in since April 2024 and fluctuates between $0.00000633 and $0.00001461.

Nevertheless, the attempts to overcome this level have been rather followed by the price return to the specified range which opens the possibility of further price drop.

More so, from a technical outlook, the next significant support area is expected at $0.00000782. A breach of this level could see the price drop towards the bottom end of the range at $0.00000633.

This would be a reduction of 56% from the present price and reflects the vulnerability of the token in the current bear market for cryptocurrency.

Market Sentiment and Broader Crypto Trends

Meanwhile, the present bearish trend of the PEPE price is in accord with the market trend as we have seen some price fluctuations. Other top cryptocurrencies are also down today with Bitcoin price falling below $100,000.

This bearish trend suggests unfavorable conditions for meme coins like PEPE, which are easily affected by changes in the market and whale activity.

Hence, market participants are paying attention to whale activities, since their actions are an essential factor influencing PEPE price.

Over 1.1 trillion tokens flowing into exchanges such as Binance play a significant role in price stability, and this has implications for both retail and institutional traders.