The cryptocurrency market endured another bloodbath over the weekend, as macroeconomic fears spiked long position liquidations in several major assets. In the last 24 hours alone, 219,896 traders were liquidated, totalling $990 million in losses, according to Coinglass data. A whopping $866 million of those losses came from long positions, those betting on rising prices.
PEPE, the frog-themed memecoin that rallied to a new local high in May, has not been spared. The token has now declined for four consecutive trading days, falling more than 20% in the past week. In the last 24 hours alone, PEPE shed over 8%, trading at $0.00000904 at press time.
Despite the sharp pullback, technical analysts suggest the asset could see a breakout. A TradingView weekly chart shows that PEPE is nearing a support zone, with evidence of consolidation leading to explosive upward movement.
The Relative Strength Index (RSI) on the weekly chart indicates that the token is nearing another potential squeeze. The last such event followed a 196-day consolidation period and led to a rally. Currently, PEPE has spent 245 days in a similar build-up phase.
Short-Term Bearish Spell, Long-Term Upward Momentum
PEPE enthusiasts argue that this latest pullback is part of a longer accumulation cycle. Just a month ago, PEPE had erased a zero from its price, climbing to $0.0000167 on May 23 before the current sell-off began.
Pepe price chart. Source: TradingView
Bullish traders point to the chart’s suggested upside potential. Should momentum return, price discovery could resume with medium-term targets ranging from $0.00001531 to $0.00002193, a gain of up to 333% from current levels. A break above $0.00002849, the previous peak, would signal a full bullish reversal.
Still, analysts reiterate that PEPE’s recovery lies in its technical setup and in improved sentiment across the crypto sector.
Pepeto Presale Gathers Momentum
While PEPE bulls try to improve market conditions, early-stage projects are seizing the spotlight. Among them, Pepeto, a meme-inspired token on Ethereum and priced at $0.000000136, has raised over $5.4 million in presale funds and is positioning itself as a more utility-driven successor to memecoins.
Pepeto goes beyond branding and community hype, adding staking rewards currently reaching up to 276% to the ecosystem. The project has attracted investor attention for offering passive income at a time when many tokens are facing downward pressure. The presale, still underway, has gained traction among those seeking new market exposure with lower entry prices.
On June 20, the Pepeto team teased the release of the token’s decentralized exchange demo. The platform, named PepetoSwap, will offer zero-fee swaps and trusted listings.
Investors Look to New Token in Market Slump
Even as PEPE struggles to maintain bullish footing, it remains a heavily watched asset by both leveraged traders and meme coin specialists. PEPE’s large holder activity has seen mixed signals in recent weeks, with some whales reducing exposure while others accumulate on dips.
In contrast, Pepeto represents a different segment of the market, one seeking utility and long-term sustainability wrapped in meme culture. The project’s fully audited contracts, transparent tokenomics, and Ethereum-based infrastructure offer a more structured alternative for memecoin traders.
ABOUT PEPETO
Pepeto is a cutting-edge cryptocurrency project blending the playful spirit of memecoins with a powerful, utility-driven ecosystem. It features a zero-fee exchange, a cross-chain bridge for seamless swaps, and staking rewards designed to support the next generation of tokens.
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