The PEPE price is trending dangerously close to the $0.00001 support, and even the recent bounce has not been able to completely eliminate the risk of bears pulling it down completely. Crypto analyst MasterAnanda attributes this development to the fact that the entire market is in a retracement, and thus, this is not a decline driven by factors solely unique to the PEPE meme coin.
There is also the fact that the cryptocurrency has been able to hold up quite nicely despite the market decline, suggesting there is still some level of strength in the market. This is shown in the multiple waves of bullish and bearish trends that have been seen so far this year, with a local peak in May, and then another in July.
However, since then, there has been a noticeable decline in the daily trading volume for the meme coin. By the start of August, trading volume had already fallen below the $2 billion mark, standing at around $1.2 billion at the time of writing. This translates to a 76% decrease from the July 12 high, less than a month before.
