Popular meme-inspired cryptocurrency PEPE has seen a 7% drop in the last 24-hour period, while trading volumes topped 2.29 trillion tokens, according to CoinDesk Research’s technical analysis data model.
The token slid from $0.00000995 to $0.00000931 during the sell-off, testing key technical support near the $0.0000093 mark. This zone briefly attracted buyers, but the broader trend remained under pressure.
PEPE’s price hit a high of $0.00001014 early in the session before sellers pushed the asset into a downtrend. Volumes remained high throughout, a sign that the pullback was driven by significant activity rather than low-liquidity noise.
A short-lived stabilization occurred later on, with PEPE closing marginally higher at $0.0000094. The drop has seen PEPE underperform the wider market, which, as measured by the CoinDesk 20 (CD20) index, lost 3.35% of its value over the last 24-hour period.
The broader memecoin sector is down around 4.3%, based on the CoinDesk Memecoin Index (CDMEME).
The market saw a correction amid profit-taking after whales’ gains swelled and as investors sought cover from rising political risks, including growing tensions in Japan’s fiscal policy.
Concerns over insider control in newer memecoins are also back in focus. Blockchain analytics firm Bubblemaps recently flagged YEPE, a PEPE-inspired token, for having 60% of its supply controlled by insiders.
Data from Nansen shows that for the 100 largest PEPE addresses on Ethereum, holdings have grown by 0.26% over the last week, while funds on exchanges grew by 0.35%.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.