PEPE Slides 7% Amid High Trading Volumes and Broader Memecoin Pullback
Meme-inspired cryptocurrency PEPE dropped 7% in the last 24 hours, even as trading volumes surged above 2.29 trillion tokens, according to CoinDesk Research’s technical analysis.
The token fell from $0.00000995 to a low near $0.00000931, briefly finding support in that range. Earlier, PEPE reached a session high of $0.00001014 before profit-taking by large holders drove the decline. The heavy trading activity indicates that the sell-off was fueled by active market participation rather than thin liquidity.
The broader memecoin market also retreated, with the CoinDesk Memecoin Index (CDMEME) down roughly 4.3% and the CoinDesk 20 (CD20) declining 3.35% over the same period.
Analysts attribute the correction to whale profit-taking and cautious positioning amid macro and geopolitical uncertainties, including shifts in Japan’s fiscal policy. Insider concentration remains a concern: Bubblemaps flagged YEPE, a PEPE-inspired token, for having 60% of its supply controlled by insiders.
On-chain data from Nansen shows that the top 100 PEPE addresses on Ethereum increased their holdings by 0.26% over the past week, while exchange balances rose 0.35%, signaling selective accumulation despite overall market pressure.
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