$PEPE Price Plunges 10% As Arthur Hayes Faces Steep Memecoin Losses – What’s Next?

Pepe price faces mounting challenges as bearish trends persist, with investors growing increasingly concerned amid significant volatility in the memecoin market

Pepe price fluctuations continue as Arthur Hayes, co-founder of BitMEX, engages heavily with memecoins. Recently, Hayes made headlines by shifting a significant amount of PEPE and MOG tokens to and from exchanges to mitigate his losses. Within six days, he faced a $47,000 shortfall from these investments.

His recent activity includes depositing 24.39 billion Pepe, valued at approximately $230,000, and 167.5 billion MOG, worth around $223,000, back into Binance and Bybit.

Can PEPE Price Survive Bearish Pressure?

The meme coin is experiencing a downward trend. At the time of writing, the PEPE price hovered at $0.0008575, reflecting an 8.95% drop over the past 24 hours. The coin’s price has fluctuated between a low of $0.0008389 and a high of $0.0009704 in the same period, indicating significant volatility.

Pepe price faces a potential decline as bearish market conditions persist. If the current trend continues, the price could fall below the crucial support level of $0.000008. A drop past this point might lead to further decreases, with the price potentially reaching $0.000007.

The 4-hour technical indicator for meme coin price shows a bearish trend as the price continues to decline. The Moving Average Convergence Divergence (MACD) indicator reveals a bearish momentum. The MACD line crosses below the signal line, and both indicators show negative values. The Relative Strength Index (RSI) stands at 33, indicating that PEPE is approaching oversold territory

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