PEPE Falls 6% Amid Sell-Off, Whales Continue to Buy the Dip

PEPE Dips 6% Amid Crypto Sell-Off as Whales Step In

Meme cryptocurrency PEPE fell nearly 6% in the past 24 hours, hitting $0.0000107, even as major holders continued to accumulate. The decline occurred alongside a broader market pullback, with the CoinDesk 20 (CD20) index dropping 1.8%. Memecoins were particularly affected, with the CoinDesk Memecoin Index losing nearly 5%, while bitcoin slipped only 0.8%.

Trading volumes for PEPE surged into the trillions as the token struggled to hold support amid heavy selling pressure. The drop follows growing excitement around altcoins, fueled by speculation that the Federal Reserve may cut interest rates soon, potentially benefiting risk assets.

On-chain data from Nansen shows the top 100 non-exchange Ethereum wallets holding PEPE increased their stakes by 1.38% over the past week, reaching 307.33 trillion tokens. Exchange wallets, in contrast, reduced holdings by 1.45% to 254.4 trillion tokens, indicating that long-term holders are taking advantage of the dip.

Technical Snapshot
According to CoinDesk Research’s technical analysis, PEPE’s price action reflects market weakness. The token slid from $0.000011484 to $0.000010782, with sellers dominating. It briefly tested resistance at $0.000011732, where volumes spiked to 5.5 trillion tokens before the price turned lower.

Support weakened as PEPE brushed $0.000010746, with trading activity increasing to 7.7 trillion tokens, reinforcing bearish sentiment. Intraday swings reached 9%, signaling uncertainty among traders about whether key support levels will hold.