PEPE coin price is ringing alarm bells for the bulls after breaking below the critical support level of $0.000000105. I mentioned this support level in my previous analysis. The coin sat 16.3% below the $0.000000105 key level and traded at $0.00000089 at press time.
The entire crypto market suffered a blow last week due to Bitcoin plummeting by 11%. This caused an intense sell-off in altcoins as well. Pepe was no exception as the memecoin plunged by 23% during the same period.
PEPE Crypto Tumbles Amid Major Multisig Change
A Twitter user recently reported a major change in the multisig authentication of a major PEPE wallet. An anonymous developer suddenly changed the number of signatures required for transactions from 5/8 to 2/8. A large amount of the PEPE coins was then transferred to several crypto exchanges. This move from the developers triggered the 20% decline in the memecoin price.
However, most holders remain unfazed by the plummeting PEPE coin price. One user exclaimed that the token belonged to the community and there was a minimal risk of a rug pull due to six of the top 5 holders of PEPE being central exchanges. It is also interesting to note that the number of frog-themed memecoin holders has reached an impressive 140,000.
PEPE Coin Price At Mercy Of The Bears
In my previous analysis for PEPE, I mentioned a critical support level of $0.000000105. I also mentioned that if the price breaks below this level, this might trigger a sell-off in the popular memecoin.
Pepe coin price prediction has flipped bearish once again due to a breakdown below the $0.000000105 level. It is critical for the bulls to reclaim the $0.000000105 level to see any bullish pressure. If the bulls fail to do so, the holders must prepare for another bearish leg in the coming days.
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