PEPE Slides 7% as Memecoin Market Sees Broad Pullback Amid Heavy Trading
PEPE, the popular meme-inspired cryptocurrency, dropped 7% over the past 24 hours, with trading volumes surging above 2.29 trillion tokens, according to CoinDesk Research’s technical analysis.
The token fell from $0.00000995 to $0.00000931, briefly finding support around the $0.0000093 level. PEPE had earlier hit a session high of $0.00001014 before profit-taking pushed the price lower. High trading volumes suggest the decline was driven by active market participation rather than low-liquidity fluctuations.
The wider memecoin sector also pulled back, with the CoinDesk Memecoin Index (CDMEME) down roughly 4.3%, while the CoinDesk 20 (CD20) lost 3.35% over the same period.
Market analysts attribute the sell-off to whale profit-taking and investor caution amid growing political uncertainty, including Japan’s fiscal policy developments. Insider control remains under scrutiny, as blockchain analytics firm Bubblemaps flagged YEPE, a PEPE-inspired token, for having 60% of its supply held by insiders.
Data from Nansen shows that the top 100 PEPE addresses on Ethereum increased holdings by 0.26% over the past week, while exchange balances grew 0.35%, indicating selective accumulation amid the broader market retreat.
