The memecoin Pepe achieved a new all-time high (ATH) yesterday, surpassing its previous peak price of $0.0000259. This milestone brought attention to the currency within the crypto community. However, the joy was short-lived as the price was quickly rejected, leading to increased anxiety among investors about a potential retracement.

The swift rejection following Pepe's ATH has raised concerns that the price might dip below its previous levels, which could trigger a wave of selling pressure. Such fluctuations are not uncommon in the volatile world of memecoins and could signify either a temporary setback or the beginning of a downward trend for Pepe.