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**Are PEPE prices under threat?**
The popular memecoin PEPE is facing problems. This Solana-based memecoin, which turned many people into millionaires last week, has been declining for about three days at a significant rate, falling more than 8% in the last 24 hours amid a memecoin season very active.
What is the cause of the decline of PEPE? After an increase of more than 500% last week, the trend has reversed. The return of meme stock legend Keith Gill to social media has sent meme stock and memecoin markets into a frenzy, which could send prices lower unless there are significant changes in dynamics market or external factors that encourage bullish behavior.
If PEPE remains above the support level of 0.00000900 and the number of buyers increases, with the MACD moving higher and the RSI returning above 30, a near-term price recovery is possible.
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