The meme coin PEPE is experiencing a surge in trading activity, with daily volume increasing by an impressive 160%. Despite this jump, the broader cryptocurrency market has seen a slight decline, impacting its total market capitalization. Notably, while the meme coin market cap has hit $71 billion following a brief spike, PEPE itself has fallen by over 12% in the past seven days to close at around $0.000012. The price experienced a high of $0.00001417 before falling back to its current level of $0.00001264. The meme coin’s trading volume has reached $2.21 billion, with a significant $6.67 million PEPE liquidation recorded. analysis suggests the bears are currently in control, as price momentum continues to decline. Will PEPE see a breakout or will it face further downward pressure?