PEPE Extends Losses as Whale Activity and High Volumes Weigh on Memecoin Sector
PEPE continued its slide on Tuesday, falling nearly 5% over the past 24 hours amid intensified selling pressure and historic trading volume. The downturn helped drag the CoinDesk Memecoin Index (CDMEME) 6% lower, marking a sharp divergence from the broader crypto market.
The memecoin dropped from $0.000012023 to $0.00001119 as bearish momentum built across the session. A one-hour volume spike of 6.91 trillion tokens briefly set resistance around $0.000011692, according to CoinDesk Research’s technical analysis model.
Late-session trading saw another wave of rejection near $0.000011549, with total volume climbing past 85 trillion tokens—pushing PEPE toward its session low. A brief test of support at $0.000011525 failed to ignite buying interest, underscoring weak sentiment and setting the stage for potential further losses.
While major cryptocurrencies, tracked by the CoinDesk 20 Index (CD20), dropped just 1.35% during the same period, the memecoin segment showed deeper vulnerability.
Blockchain analytics from Nansen revealed a 0.1% decrease in whale holdings of PEPE over the past week, along with a 0.5% drop in exchange balances, pointing to ongoing sell-offs or wallet withdrawals by large holders.
From a technical standpoint, PEPE continues to form lower highs amid accelerating sell volume—a classic bearish structure that often signals continued downward movement.
