PEPE Drops 5% Amid High-Volume Selloff, but On-Chain Data Shows Whale Accumulation
PEPE declined 5.2% over the past 24 hours, slipping from $0.000014167 to $0.000012915 as the memecoin sector came under renewed pressure. The selloff was accompanied by a sharp increase in trading activity, with over 13 trillion tokens exchanged in a single hour—well above its average hourly volume of 3.2 trillion.
The correction follows a failed attempt to breach key resistance near $0.000014150, which triggered aggressive profit-taking during U.S. market hours. Still, support around $0.000013000 held firm as volumes normalized to the 300–400 billion token range.
Despite short-term weakness, on-chain signals remain constructive. Whale wallets increased holdings by 3.2% over the past month, while exchange balances declined by 2.5%, pointing to accumulation and reduced selling pressure from large holders.
While retail enthusiasm has cooled since its July 22 peak, as shown by Google Trends data, analysts note that PEPE remains a key beneficiary of the ongoing memecoin rotation. A clear move above resistance could revive momentum, but traders remain cautious amid broader market volatility.
