Over $1 Million Lost in $PEPE Liquidations: Is More Downside Ahead?

Pepe (PEPE), the popular memecoin, finds itself under mounting pressure as technical indicators and on-chain data suggest further downside. With a steep drop in price over the past week and cascading liquidations triggered across major wallets, PEPE is nearing a critical inflection point.
The broader market sentiment has turned bearish, and unless bulls step in decisively, the token could face deeper losses. A series of failed support retests and increasing sell volume have put #PEPE in a vulnerable position, and many eyes are now on its next move.
🔸 Liquidation Cascade Adds Fuel to the Fire
According to Lookonchain, James Wynn’s PEPE long position in a separate wallet suffered a severe liquidation event. The total losses from this position exceeded $1 million, leaving only $14,850 in the account.
This loss adds to the growing wave of forced sell-offs in PEPE-linked wallets as price support continues to erode. Wynn’s liquidation highlights how vulnerable leveraged positions have become amid growing market volatility.
Besides the losses, this liquidation spree is also impacting trader confidence. With each major account falling under margin pressure, the probability of more downside increases. These liquidations create a snowball effect, amplifying selling pressure across exchanges.
💬 James Wynn's PEPE long position in another wallet also got hit with a cascade of liquidations, with total losses exceeding $1M, and only $14,850 left in the account — Lookonchain
🔸 Technical Signals Turn Cautious
Ali Martinez, a crypto analyst, emphasized that PEPE must reclaim the $0.0000118 level to avoid a confirmed bearish breakdown. As of press time, the price is trading at $0.00001041, down over 10% in the past 24 hours.
If bulls fail to regain control above $0.0000118, downside targets could extend toward $0.00001080 and even $0.00000970. Significantly, the chart shows a consistent pattern of lower highs and lower lows since PEPE peaked near $0.00001450.