As Market Anxiety Grows, PEPE Falls 6%, but Whale Buying and Charts Point to Possible Recovery

Even as PEPE’s price has dipped recently, large holders—often referred to as “whales”—have increased their holdings by over 5% in the past month, signaling continued interest in the token despite market turbulence.

The frog-inspired memecoin PEPE (PEP) saw its value drop nearly 6% in the last 24 hours, affected by growing market unease as traders weighed geopolitical risks tied to the approaching deadline for Trump’s reciprocal tariffs. This uncertainty added more pressure to a crypto market already facing fragile sentiment.

Over the past day, PEPE’s price swung dramatically within a 16.5% range, underscoring how vulnerable the market remains, especially amid lower liquidity that allows sharp price movements.

Still, whale activity shows confidence behind the scenes. According to blockchain analytics firm Nansen, large holders have expanded their PEPE positions by more than 5% over the past month. These whales now control tokens valued at roughly $3 billion, representing over 70% of the total circulating supply.

Additionally, the supply of PEPE on centralized exchanges has fallen to a two-year low of about 247.2 trillion tokens, reflecting a decrease of almost 3% since the start of July, per Nansen’s data.

Technical Analysis Highlights

PEPE has struggled to break through resistance near $0.0000106, repeatedly facing sell pressure that pushes the price lower each time it approaches that level.

On the downside, the token has established support around $0.00000965, which has so far prevented deeper losses. CoinDesk Research’s analysis suggests PEPE remains locked in a volatile trading range.

Recent price charts show a descending channel forming, with sellers stepping in whenever the price attempts to rally. Trading volumes suggest many traders are using price spikes as opportunities to sell rather than accumulate new positions.

Despite the overall bearish sentiment, there are signs that PEPE could rebound. A recent uptick in trading volume pushed prices off recent lows, hinting that some investors remain hopeful for a bounce if broader market conditions improve.