Pepe (PEPE) faces severe bearish pressure as trading volume crashes approximately 90% from its July peak, with current levels hovering near critical support that threatens to add another zero to its price. CoinMarketCap data reveals PEPE's volume plunged from $2.2 billion on July 18 to $600 million by early August—a 73% decline—while open interest in futures contracts collapsed from $1 billion to $590 million over the same period.
The meme coin has dropped 7.95% in the past week, trading precariously at $0.00001036. Technical analysis indicates a potential double-bottom pattern near the $0.000010 support, but confirmation requires breaking above $0.000011 resistance. Failure to hold $0.000010 could trigger a slide toward $0.0000090, matching late-June lows.
Compounding bearish sentiment, whale dominance has plummeted to December 2023 levels, shifting price action to retail traders. However, a notable counter-trend emerged as one whale accumulated nearly 3 trillion PEPE ($28.8 million) within 48 hours, potentially signaling institutional interest at discounted prices.