PEPE Slips 5% as Whale Selling and Market Turmoil Weigh on Memecoin Sector

Popular memecoin PEPE is under renewed pressure, shedding about 5% in the past 24 hours and nearly a quarter of its value in the past week.

With a current price of $0.0000075 and a market cap hovering around $3 billion, PEPE is facing mounting bearish signals that could extend the recent downturn, according to CoinDesk Research’s technical analysis data model.

Trading volume surged to nearly $927 million over the last 24-hour period, reflecting increased volatility.

PEPE is already down 31% this year. During the recent $500 billion crypto sell-off, it dropped more than 30% in a an hour as volume spiked to over 2.2 trillion tokens.

Still, not everyone is bearish. Some long-term holders are accumulating, and one X user known as Pepe Whale has called for a new all-time high this month.

PEPE whales, according to Nansen data, have gotten rid of over 0.5% of their holdings over the past week, while funds on exchanges dropped by 0.33% in the same period.

The broader memecoin sector, based on the CoinDesk Memecoin Index (CDMEME), is down 23.4% in the last 24 hours.

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.