As $BTC  struggles to maintain levels above $100K, $PEPE , the popular frog-themed memecoin, has seen a significant downturn. After touching highs of around $0.00002, PEPE dropped over 11% in the last 24 hours, trading at $0.00001816. The coin is now struggling within the $7.6 billion market cap range and a daily trading volume of $2 billion.

💥 Key Factors Behind The Drop:

- Whale Shakeouts: A massive player with 1 trillion PEPE tokens (worth $18M) offloaded 427 billion PEPE worth $8.45 million on Kraken, taking profits of $13.45 million.

- Sellers Overwhelming Buyers: In the past 24 hours, $3.3M in PEPE was traded, with $2M coming from sellers.

- Liquidations: Over $5.6M was liquidated from leveraged positions, with long traders taking the hardest hit.

📉 Midterm Outlook:

- Support Breakdown: PEPE dropped below its 50-day Moving Average (MA), signaling a potential slippery slope. The coin could face further losses of 10-20% before a potential rebound.

- RSI Signals Weakness: The daily Relative Strength Index (RSI) fell below 50%, suggesting bearish pressure outweighs bullish sentiment in the short term.

🔮 What’s Next? Despite the drop, PEPE is still in a macro bull run on the weekly chart. Many in the crypto space are awaiting US president-elect Donald Trump's inauguration to spark the next bullish trend.

Are you buying the dip or staying on the sidelines? 💭