Memecoin PEPE endured a steep pullback on Tuesday, dropping more than 5% from an intraday high of $0.000014167 to a low of $0.000012915 before staging a modest recovery. The selloff came amid surging volume, with hourly trading activity topping 13.02 trillion tokens—more than quadruple the session average of 3.2 trillion, according to CoinDesk Research’s technical model.
Despite the sharp decline, several key indicators point to growing investor conviction. Google Trends data shows that search interest in PEPE spiked on July 22, peaking just ahead of the price drop. On-chain signals were similarly constructive: whale wallet holdings among Ethereum’s top 100 addresses increased by 3.2% over the past month, while PEPE’s exchange balances fell by 2.5% in the same period, per Nansen data—suggesting reduced liquid supply and long-term positioning by large holders.
By the end of the trading session, PEPE had stabilized near $0.0000131, with buying volume remaining robust. Between 300 billion and 400 billion tokens were traded per hour during the rebound phase, indicating continued interest from market participants despite earlier volatility.
Technical Outlook
The session was marked by clear resistance and support levels. PEPE repeatedly failed to break above $0.000014150, which has now formed a near-term ceiling. On the downside, the $0.000013 zone acted as a reliable support area, with multiple intraday bounces.
The heaviest selling pressure coincided with peak volume spikes, likely reflecting stop-loss triggers and profit-taking. However, sustained buy-side activity through the close suggests a potential for short-term stabilization.
While volatility remains a hallmark of memecoin markets, the latest data shows long-term holders are using pullbacks as buying opportunities—potentially setting the stage for renewed momentum if broader market sentiment improves.
