PEPE has seen significant volatility recently. In fact, its price has dropped approximately 18.2% in just the last 3 days, bringing it closer to the critical support level at $0.000009022. This, following a period of consolidation that ended on July 30th.

Memecoin's price action over the past few days has seen a visible decline. This, unlike the period of lateral movement that preceded it. This observation is critical as PEPE appeared to have exited its consolidation phase a few days ago.

Preventing this collapse in the coming days will be critical to the altcoin's price action now.

However, at the time of writing, the token's price is approaching the key support level of $0.000009022. If this level is exceeded, it could signal a further devaluation of the value of PEPE.

Analysis of Coinglass data highlighted significant fluctuations in the charts. Specifically, the data revealed periods of large inflows and outflows.

At press time, there appeared to be an increase in outflows, correlating with the aforementioned price drop on the charts.

This could be interpreted as a sign that more investors are selling their holdings, most likely due to fears of further declines.

Further analyzed IntoTheBlock's monetary data input/output. The data indicated that 72.85% of PEPE addresses are currently in profit, with the majority of profitable addresses purchasing at prices lower than the level at the time of publication.

On the contrary, the 23.37% of investors currently at a loss cannot be amortized and could precipitate greater selling pressure. This could further fuel its continued downtrend.

The latest episode of PEPE price devaluation brought it closer to a critical level on the charts. If the price remains above this level, a reversal could be in store for memecoin.

However, if the bearish momentum sustains and the price manages to fall below the support level, PEPE could fall further