Pepe's stock price decline continues

Pepe, the BRC-20 Memecoin project, leads the list of daily losers with a 10 percent price drop.

With a 9 percent price drop, the BRC-20 Memecoin Pepe (PEPE) is one of the biggest losers among the top 100 altcoins this week. Since forming its all-time high on May 5, 2023, the PEPE price has corrected 72 percent.

In the previous month, the frog logo project had rapidly increased in value, even reaching a market capitalization of about a billion dollars in a short time. Then the price plummeted, as is often the case with hype-based memecoins with no real use case.

If the PEPE price continues its downward trend, a directional decision will be made near the May 12 low at US$0.00000115. A continued decline below this price level will likely initiate a further sell-off of 25 percent toward US$0.00000085.

If the price of memecoin does not find a foothold here either, the support zone around 0.00000062 US dollars comes into view. If this price correction continues in the coming period, a decline towards the old breakout level of April 29 at 0.00000039 US dollars cannot be ruled out.

On the other hand, if the buy side manages to stabilize the PEPE price near the last low, a new price rise toward the last intermediate highs around US$0.0000020 is conceivable. If, contrary to expectations, the hype persists and a renewed price rise towards the zone around 0.0000030 US dollars is possible.

Since memecoins have their own logic and Pepe can be seen as the precursor to now 10 million ordinals on the Bitcoin blockchain, a new bullish price momentum around the BRC-20 token cannot be completely ruled out. If the hype continues, even the area around the all-time high of US$0.0000045 could come back into view.