Whale Sell-Off and Exchange Withdrawals Trigger Nearly 5% Slide in PEPE

PEPE Slumps as Memecoin Market Sees Steep Declines

The memecoin market saw sharp losses on Tuesday, with PEPE leading the downturn. The token dropped nearly 5% in the last 24 hours, contributing to a 6% fall in the CoinDesk Memecoin Index (CDMEME), significantly underperforming the broader crypto market.

PEPE fell from $0.000012023 to $0.00001119, pressured by a wave of liquidations and record-high trading volumes. At its peak, hourly volume surged to 6.91 trillion tokens, briefly establishing resistance around $0.000011692, according to CoinDesk Research’s technical analysis model.

The sell-off intensified later in the session as the token faced renewed rejection at $0.000011549. Volumes climbed past 85 trillion tokens, driving the price down toward intraday lows. Even a test of support near $0.000011525 failed to attract sustained buying, signaling continued market weakness.

Compared to the broader crypto market—tracked by the CoinDesk 20 Index (CD20), which dropped 1.35%—the memecoin sector showed pronounced underperformance.

Data from blockchain analytics firm Nansen highlighted a drop in confidence among large holders. Whale wallets reduced their PEPE exposure by 0.1% over the past week, while exchange balances declined by 0.5%, suggesting increased selling or off-platform transfers.

Technicals also point to further downside, with PEPE showing a pattern of lower highs and mounting sell pressure—a bearish setup that could mean additional losses ahead.