PEPE Sinks 6% Amid Market Sell-Off as Whales Buy the Dip
Meme cryptocurrency PEPE fell nearly 6% in the last 24 hours, dropping to $0.0000107, even as large investors continued to accumulate. The decline came amid a broader crypto market pullback, with the CoinDesk 20 (CD20) index losing 1.8%. Memecoins bore the brunt of the sell-off, with the CoinDesk Memecoin Index sliding nearly 5%, while bitcoin dipped just 0.8%.
Trading volumes surged into the trillions as PEPE struggled to find support amid intense selling pressure. The drop comes amid growing altcoin optimism, fueled by speculation that the Federal Reserve may cut interest rates soon, potentially boosting risk assets.
On-chain data from Nansen shows that the top 100 non-exchange Ethereum wallets holding PEPE increased their holdings by 1.38% over the past week, reaching 307.33 trillion tokens. In contrast, exchange wallets reduced holdings by 1.45% to 254.4 trillion tokens, signaling accumulation by long-term holders.
Technical Analysis
CoinDesk Research’s technical model highlights continued bearish pressure. PEPE fell from $0.000011484 to $0.000010782, with sellers dominating the chart. The token briefly tested resistance at $0.000011732, where trading volume hit 5.5 trillion tokens before turning lower.
Support levels weakened as the price brushed $0.000010746, with trading activity spiking to 7.7 trillion tokens, reinforcing negative sentiment. The token experienced a 9% intraday range, reflecting ongoing uncertainty over whether support levels can hold.
