The recent price corrections have pushed the memecoin down to a crucial level, which might be a deciding factor for its future. Let’s have a closer look at what’s going on.In fact, in the last 24 hours alone, the memecoin witnessed an 8% price correction. At the time of writing, the memecoin was trading at $0.00001082 with a market capitalization of over $4.55 billion.The recent dip could be disastrous for the memecoin’s value, as the chances of the bearish trend continuing seemed high.
A drop from that support could lead to PEPE touching $0.000008. Nonetheless, if the trend changes and the bulls step up their game, then PEPE might touch $0.000012 in the coming days or weeks.Our analysis of Santiment’s data revealed that the memecoin’s MVRV ratio dropped sharply, which can be inferred as a bearish signal.