The price of the BRC-20 Memecoin project Pepe tops the list of daily losers with a 10 percent drop.

With a 9 percent price drop, the BRC-20 Memecoin Pepe (PEPE) is one of the biggest losers among the top 100 altcoins this week. Since the formation of its all-time high on 5 May 2023, the PEPE price has corrected by 72 percent.

In the previous month, the project with the cartoon frog emblem had risen rapidly in value and even reached a market capitalisation of around one billion US dollars for a short time. Then, as is often the case with hype-based memecoins without a real use case, the price plummeted.

If the PEPE price continues its downward trend, a directional decision will be made in the area of the low of 12 May at 0.00000115 US dollars. A sustained fall below this price level is likely to initiate a further sell-off of 25 per cent in the direction of 0.00000085 US dollars.

If the price of memecoin does not find a foothold here either, the support zone around 0.00000062 US dollars will come into focus. If the price correction continues in the coming period, a fall towards the old breakout level of 29 April at 0.00000039 US dollars cannot be ruled out. If, on the other hand, the buy side succeeds in stabilising the PEPE price in the area of the last low, a new price rise in the direction of the last interim highs around 0.0000020 US dollars would be conceivable.

If, contrary to expectations, the hype continues and a renewed price rise to the zone around 0.0000030 US dollars is possible. Since memecoins have their own logic and Pepe can be seen as the forerunner of 10 million ordinals on the Bitcoin blockchain by now, it cannot be completely ruled out that a new bullish price dynamic could start around the BRC-20 token. If the hype continues, even the area around the all-time high of 0.0000045 US dollars could come back into focus.