PEPE has been struggling to recover since hitting its all-time high in May, showing lackluster price action. Despite the weak performance, the coin stabilized over the past six weeks.
Large PEPE holders, optimistic about a recovery, accumulated over 5 trillion PEPE worth $36 million, potentially preventing a significant price decline. Their ongoing purchases might help PEPE regain momentum.
However, broader market skepticism persists with declining network activity. Participation on PEPE's network dropped to 2,000 addresses, indicating lack of confidence and widespread fear of further losses.
PEPE's price remains rangebound between $0.00000986 and $0.00000632, thanks to key support levels. Continuous accumulation by large holders suggests it will stay within this range, but a breakout above $0.00000986 remains uncertain. A drop below $0.00000632 could lead to a 25% decline to $0.00000474.
