Despite a 5% Slide and Volume Surge, PEPE Sees Whale Buying Activity

PEPE Slides 5% on Elevated Volume, but Whale Demand Offers Underlying Support

PEPE saw a sharp 5.2% decline on July 23, falling from $0.000014167 to $0.000012915 amid heavy selling and a broader cooldown in meme tokens. The drop was intensified by a volume spike, with more than 13 trillion tokens traded within a single hour—well above the typical hourly average of 3.2 trillion, according to CoinDesk Research.

Despite the downside move, whale activity suggests a more constructive long-term trend. Wallets holding large amounts of PEPE increased their holdings by 3.2% over the past 30 days, while token balances on centralized exchanges fell 2.5%, indicating accumulation and decreased short-term selling pressure.

The selloff followed a surge in retail interest, with Google Trends data showing heightened PEPE-related searches on July 22. However, the token failed to break through key resistance at $0.000014150, leading to a steep pullback during U.S. trading hours.

Support near the $0.000013000 level showed resilience, with trading volumes stabilizing between 300 billion and 400 billion tokens per hour in the aftermath. The market now looks to broader risk sentiment and memecoin rotation for clues on PEPE’s next move.