PEPE Token Drops 18% Amid $700M Crypto Liquidations

The crypto market continued its sharp downturn early Sunday as rising macroeconomic uncertainty rattled investors, leading to widespread liquidations. Over the past 24 hours, 175,725 traders were liquidated, totaling $701 million in losses—around $618 million from long positions, highlighting the market’s bearish turn.

PEPE, one of the most popular meme coins, was heavily impacted, declining for the fourth consecutive day. The token has shed 18% in the past week and is down 8.22% in the last 24 hours, currently trading at $0.0000092. With the latest decline, PEPE has re-added a zero to its price, erasing gains made during its May rally, when it hit $0.0000167 after removing a zero.

Market sentiment has turned cautious, and unless support levels hold, further downside may be ahead. Immediate support is seen at $0.0000085, with a more critical level at $0.00000758—where PEPE previously launched a strong upside move on May 6.

Despite the downturn, technical indicators suggest PEPE may be nearing a potential rebound. The Relative Strength Index (RSI) indicates the token is approaching oversold conditions, opening the door for a possible relief rally. For bullish momentum to resume, PEPE must break above key moving averages at $0.0000119 (50-day) and $0.0000121 (200-day). A crossover of these averages in upcoming sessions could signal a trend reversal.

As market volatility persists, traders will closely watch these technical levels and broader market conditions. PEPE's price action remains tied to overall crypto sentiment, and any signs of stabilization could bring short-term recovery opportunities.