PEPE Falls 6% Amid Market Sell-Off, Whales Accumulate on the Dip
Meme cryptocurrency PEPE tumbled nearly 6% over the past 24 hours, reaching a low of $0.0000107, even as major investors continued to buy. The drop came amid a broader market downturn, with the CoinDesk 20 (CD20) index falling 1.8%. Memecoins were hit particularly hard, with the CoinDesk Memecoin Index sliding almost 5%, compared with bitcoin’s 0.8% decline.
The token’s trading volumes surged into the trillions during the sell-off, reflecting intense market activity and failed attempts to find support. The decline follows renewed optimism around altcoins, fueled by expectations of a potential Federal Reserve interest rate cut, which could boost risk assets.
On-chain data from Nansen shows that the top 100 non-exchange Ethereum wallets holding PEPE increased their stakes by 1.38% over the past week, reaching 307.33 trillion tokens. Meanwhile, exchange wallets reduced holdings by 1.45% to 254.4 trillion tokens, signaling accumulation by long-term investors.
Technical Overview
According to CoinDesk Research’s technical analysis, PEPE’s price action points to a market under pressure. The token fell from $0.000011484 to $0.000010782, with sellers dominating. Resistance was tested at $0.000011732, where trading volume reached 5.5 trillion tokens before the price turned lower.
Support levels weakened as PEPE brushed $0.000010746, with trading activity spiking to 7.7 trillion tokens, reinforcing bearish sentiment. The cryptocurrency experienced a 9% intraday range, highlighting ongoing uncertainty over whether key support levels can hold.
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