TL;DR
- PEPE registered a drop of nearly 2% on October 27, reflecting general weakness in the memecoin sector.
- The sector as a whole has pulled back, with the total capitalization falling 2.6% in the last week, settling at $61.8 billion.
- Despite the drop, a late-session bounce suggests that buyers are defending key technical support levels.
PEPE registered a drop of nearly 2% this October 27. We witnessed a session that evidences the growing pressure on the meme cryptocurrency sector. This fall in PEPE is part of a broader trend that sees memecoin prices struggling, fighting to maintain momentum even as major assets like Bitcoin show strength.
The total market capitalization of memecoins has pulled back significantly, reflecting a clear capital rotation by investors toward assets perceived as less risky in the crypto ecosystem.
The context for this weakness is clear: investor fatigue seems to be setting in within the meme niche. Recent market data shows that the sector’s total capitalization has decreased by 2.6% in the last week, falling to $61.8 billion.
For PEPE, the situation is aggravated by a drop of more than 21% in the last month, a move that directly correlates with a 42% decrease in social volume, according to on-chain analytics platforms. This suggests that the viral “hype” which drove previous rallies is fading, leaving the token vulnerable to selling pressure.
Is Buyer Support Holding?
Despite the bearish outlook, the optimism is clear: a “late-session bounce.” This movement suggests that, despite the general weakness, a support level exists where buyers are willing to step in.
Technical analysts have been closely watching the consolidation levels in the $0.00000600 to $0.00000700 range. The defense of this zone is crucial for the asset’s short-term prospects.
If this buyer support fails, PEPE runs the risk of retesting its June lows, near $0.0000051. However, if the bounce consolidates, it could be the first sign of a local bottom amid a memecoin market desperately searching for a new narrative.
