The price of meme coin PEPE has plummeted by 17% in the past 24 hours, leaving investors with growing concerns about further market volatility. Despite this recent decline, the memecoin’s performance remained bullish over the past month, with a gain of 25%.
Market sentiment suggests that PEPE could record an even further price drop as selling pressure intensifies. Sellers have gained strength in the market, accounting for 50.77% of overall derivative market volume. This increase in selling volume has led to a 23% decline in Open Interest, indicating traders are losing and closing positions.
Long traders have borne the brunt of the losses, with $8.97 million in liquidations, mostly due to the asset’s bearish trend. This bearish sentiment has spread fear across the market, leading to more sell-offs and further price declines.
However, buyers remain active, accumulating PEPE worth over $1.59 million in the past 24 hours. Analysts note that this increased buying activity may help mitigate the downward pressure, but a potential drop still looms due to growing selling pressure.
Source: https://ambcrypto.com/pepe-drops-17-in-24-hours-why-more-pain-could-follow