TLDR
- The Pepe coin price fell 7.4% in the past 24 hours to trade at $0.00001119.
- An analyst believes the Pepe coin price could rebound to $0.00039 if it holds a key support level.
- Whale wallets sold more than 400 billion Pepe tokens within 24 hours during the price decline.
- Whale holdings dropped from 1.09 trillion tokens to 610 billion tokens according to IntoTheBlock data.
- Over six million dollars in long positions were liquidated in the last 24 hours.
The Pepe coin price fell sharply today, August 15, trading at $0.00001119 after dropping 7.4% in 24 hours. The decline coincided with heavy whale selling and a record long squeeze. However, one analyst projects a potential rally toward $0.00039 if historical patterns repeat.
Pepe Coin Price May See Sharp Recovery
CryptoElites stated that the Pepe coin price has maintained a steady uptrend despite several short-term fluctuations. He noted that buyers have protected critical support levels during past pullbacks and repeatedly attempted to break resistance. “Every time the coin touched this support, it bounced,” the analyst explained, suggesting the same could happen now.
The current price level is near that key support, which has previously triggered strong recoveries. According to the analyst, a bounce here could propel the Pepe coin price to $0.00039, representing a gain of more than 40 times from the current level.
This bullish outlook contrasts with a previous projection that warned of a potential drop to $0.0000070. That bearish scenario becomes more likely if the Pepe coin price falls below $0.000010. Until then, the analyst believes that upward momentum remains the more probable long-term path.
Whales Sell 400B Tokens in 24 Hours
Whales have continued selling despite the recent decline in the Pepe coin price. IntoTheBlock data shows that their holdings dropped from 1.09 trillion tokens to 610 billion within 24 hours. This means more than 400 billion tokens were sold during the price drop.
These large holders have shown mixed behavior in recent weeks. When the Pepe coin price bounces, they tend to buy, and when it falls, they sell. This suggests they are trading short-term swings rather than holding for long-term gains.
The latest selling came during a period of heightened market pressure. With prices falling, whales refrained from buying, breaking a common pattern of accumulation during dips. This behavior may indicate caution toward near-term price recovery.
Long Squeeze Adds Pressure to Price
The Pepe coin price drop also coincided with significant liquidations in the futures market. Data shows that over $6 million in long positions were closed in the last 24 hours. These liquidations removed traders who had been betting on higher prices.
The closing of long positions contributed to additional selling pressure in the market. As those traders exited, the Pepe coin price faced further downward momentum. This compounded the effects of whale selling during the same period.
Analysts suggest that if long liquidations slow and whales begin to buy again, recovery could follow. Should that happen, the Pepe coin price might rebound toward the $0.00039 target mentioned by CryptoElites. For now, market direction depends on whether support holds and sentiment improves.
