PEPE Slides Nearly 5% as Heavy Selling Hits Memecoin Market
The memecoin sector took a hit Tuesday, with PEPE falling nearly 5% and dragging the CoinDesk Memecoin Index (CDMEME) down by 6%, marking a sharp contrast to the broader crypto market’s more moderate pullback.
PEPE slipped from $0.000012023 to $0.00001119 amid a surge in selling pressure and exceptionally high trading activity. At one point, hourly volume soared to 6.91 trillion tokens, briefly capping the price near $0.000011692, based on CoinDesk Research’s technical model.
As the session progressed, the token faced renewed rejection at $0.000011549, while trading volume surged beyond 85 trillion tokens—pushing PEPE toward a fresh low. Even a retest of the $0.000011525 support level failed to attract meaningful bids, highlighting market reluctance to step in.
The broader crypto market fared better by comparison, with the CoinDesk 20 Index (CD20) slipping just 1.35% during the same 24-hour period.
According to data from Nansen, large PEPE holders, or “whales,” reduced their holdings by 0.1% over the past week, while exchange balances fell by 0.5%—a sign of continued outflows or selling from key players.
Technicals remain bearish, with a pattern of lower highs and increasing sell pressure, suggesting that further downside could be ahead for the token and the broader memecoin space.
