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Pepe (PEPE) is definitely one of the cryptocurrencies that kicked off this year’s meme coin season. In a short period of time, PEPE, which has achieved an increase that is hard to believe and unprecedented in previous bull seasons, has started to lose this momentum. The activity in the last 24 hours seems to be a harbinger of bad news for PEPE.
Losses hurt in PEPE
PEPE, which has taken the cryptocurrency market by storm just in the last month and achieved a 1,000% increase in less than a month, deserves warnings with serious volatility, even though it is attractive to investors. While the Bitcoin (BTC) price fell as low as $ 28,000, it is seen that more than $ 144 million has been liquidated in the last 24 hours. According to the news reported by Coinglass, $7.23 million of the liquidations in 24 hours belong to PEPE investors. Looking at the liquidations, it is seen that PEPE is the third cryptocurrency with the highest volume after Bitcoin and Ethereum. BTC liquidations of $30 million were followed by ETH liquidations of $27 million, while PEPE was followed by 100PEPE.
The post shared by the Lookonchain page also emphasized that a whale has purchased $2.94 million worth of PEPE since last Friday. As of press time, it can be said that the whale has suffered a serious loss of funds. It is estimated that the whale suffered more than $700,000 in PEPE-based losses in just 3 days.
Support Level in PEPE
The large-scale liquidations in the market and the common decline led PEPE to fall 50% below its all-time record of $0.000004497 on Friday. The next support for PEPE is seen at $0.00000192478. This level corresponds directly to the 10-day EMA. If the meme coin falls below this level, the situation could be scary for investors.
In a statement released by Santiment, it was emphasized that deposits on the ETH network are at the highest level since November 2021. This can actually be seen as a signal of a return in the long term. It is also possible that investors are transferring their earnings from PEPE to other meme coins or directly to ETH.
PEPE looks quite risky in light of all this.
