PEPE Drops 3% on Heavy Selling Despite Ongoing Whale Interest
PEPE declined nearly 3% in the past 24 hours as traders engaged in significant selling, reflecting fresh concerns and profit-taking in the broader crypto market.
Data from CoinDesk Research shows that PEPE’s volatility surged to 7.74%, with the token reaching highs of $0.00001268 before falling sharply to a low of $0.00001169. Although there was a brief rebound attempt, momentum quickly faded, leaving PEPE stuck below resistance at around $0.00001206.
Trading volumes spiked above 3.47 trillion tokens, signaling major liquidations or rapid shifts in trading positions. The broader market also saw declines, with the CoinDesk 20 (CD20) index slipping 2.95%, and the Memecoin Index (CDMEME) dropping 3.9% over the same period.
Despite the market downturn, whale activity remains strong. According to Nansen, PEPE whales on Ethereum increased their holdings by 1.4% over the past week, accumulating a total of 305.26 trillion PEPE. Meanwhile, exchange balances fell 1.14% to 251.2 trillion tokens, indicating that some investors are moving assets off exchanges for longer-term storage.
Technical Analysis Overview
- Price Movement: PEPE fell 3% amid persistent selling pressure.
- Volatility: Intraday swings reached nearly 8%, with lows at $0.00000980 and highs at $0.00001268.
- Resistance Levels: Sellers established strong resistance around $0.00001267.
- Rebound Attempt: PEPE briefly bounced from $0.00001210 to $0.00001217, but gains were short-lived.
- Current Range: The token is consolidating near $0.00001206, now acting as a resistance zone.
- Trading Volume: Over 3.47 trillion tokens changed hands in the past 24 hours, reflecting heightened market activity.
Until PEPE can convincingly break through resistance and absorb continued selling pressure, the outlook remains tilted toward consolidation and potential further declines.
