$PEPE Plunges 12% Amid StonkFun Selling Pressure

Pepe, trading under the ticker $PEPE, has experienced a significant drop in its market capitalization over the past 24 hours. The memecoin's value plummeted by 12% as users sold off their holdings, with a total of $2.84 million worth of rewards being liquidated on StonkFun.

This selling pressure was largely driven by the reward system on StonkFun, where holders of FEELSGOOD had received $PEPE tokens. As a result, the Open Interest (OI) for $PEPE fell from $400 million to $334 million, and trading volume declined from $1.32 billion to about $727 million.

The decline in buying activity and the pullback phase that Pepe is currently experiencing may indicate that the memecoin's price could drop further to around $0.0000030. However, some analysts are anticipating a potential bounce-back, citing long liquidations cooling off as a sign that the correction may be nearing an end.

A notable trend observed by Ali Martinez suggests that Pudgy Penguins ($PENGU) is mirroring Pepe's price action fractal, which could lead to an explosive rally for $PENGU. If this fractal plays out, $PENGU's price could surge from $0.0087 to $0.80, equivalent to almost a 100x pump.