PEPE price under pressure near $0.00000336 as memecoin sector lags and shorts pile up

According to CoinMarketCap and Glassnode, the memecoin market cap has fallen 48% over the past year and 6.9% over the past month, while PEPE remains notably weak. PEPE is trading below the $0.00000342 support with bearish short- and long-term charts, and large overhead short liquidation levels suggest a possible short squeeze if prices reverse. However, with Bitcoin recently dropping below $70k and at risk of testing the $63k–$65k region or lower, traders are urged to be patient.