Whales Buy the Dip as PEPE Falls 5% on Elevated Volume

PEPE Sheds 5% Amid Heavy Volume, But Whale Accumulation Offers Support

PEPE fell over 5% on July 23, sliding from $0.000014167 to an intraday low of $0.000012915 as a wave of selling pressure swept across the memecoin sector. The selloff was accompanied by a surge in trading activity, with more than 13 trillion PEPE tokens changing hands in just one hour — far exceeding the average hourly volume of 3.2 trillion.

Despite the downturn, on-chain metrics revealed ongoing accumulation by large holders. Top 100 Ethereum-based PEPE wallets grew their holdings by 3.2% over the past month, while centralized exchange balances declined by 2.5%, indicating a shift toward self-custody and long-term positioning.

Search activity around PEPE also surged ahead of the decline, with Google Trends registering a notable spike on July 22, reflecting renewed retail interest.

Technically, PEPE faced strong resistance at the $0.000014150 level, where repeated breakout attempts failed. The $0.000013000 support zone held under pressure, prompting moderate buying interest during the pullback. Hourly volumes normalized between 300 billion and 400 billion tokens during the recovery phase, suggesting some stabilization.

While short-term sentiment remains fragile, continued whale accumulation and reduced exchange supply may provide a foundation for renewed upside if broader market conditions improve.