A Crypto Trader is cautioning that the digital asset Pepe, known as a “memecoin”, could potentially face a significant decline of up to 50%, according to an article on The Daily Hodl.

A well-known trader in the cryptocurrency industry predicts that a popular memecoin known as Pepe may experience a significant drop in value due to breaking a crucial support level. The analyst, Ali Martinez, shared his belief with followers on X, stating that Pepe is preparing for its next move amidst recent struggles in price.

Martinez warns that if Pepe’s price falls below the range of $0.00000793 to $0.00000664, it could result in a 54% decrease in value for the coin. Currently, Pepe is being traded at $0.0000058, which is already below Martinez’s mentioned support level. If this correction occurs, Pepe could potentially reach as low as $0.000003.

The decline in Pepe’s value continued after Coinbase International Exchange announced its support for PEPE perpetual futures. In September, Coinbase’s international branch received approval to offer perpetual digital asset futures to non-US investors. Along with Pepe, Coinbase International Exchange also added support for perpetual futures of Worldcoin (WLD) and ORDI, a project that aims to bring NFT capabilities to the Bitcoin blockchain.

According to CoinGecko, Pepe reached its peak value of $0.00001064 on March 14th.

Moving on to Bitcoin, Martinez points out that if BTC reaches $71,700, there could be a considerable amount of liquidations, estimated at $23 million, on Binance. Currently, Bitcoin is being traded at $67,045, experiencing a nearly 6% decrease in the last 24 hours.

It is important to note that the opinions of The Daily Hodl do not serve as investment advice, and investors should conduct their own research before making risky investments in cryptocurrencies or digital assets.