PEPE Drops 3% on Intense Selling Despite Ongoing Whale Accumulation
PEPE fell nearly 3% over the past day as traders unloaded tokens in high volumes, reflecting renewed caution and widespread profit-taking across the crypto market.
According to CoinDesk Research’s technical analysis, PEPE posted 7.74% intraday volatility, climbing to $0.00001268 before dropping sharply to $0.00001169 early in the session. While prices briefly recovered, the rebound quickly lost steam, leaving the token pinned below resistance near $0.00001206.
Trading volumes exceeded 3.47 trillion tokens, pointing to major liquidations or repositioning. The decline coincided with broader market weakness: the CoinDesk 20 (CD20) index slipped 2.95%, while the Memecoin Index (CDMEME) fell 3.9% over the same period.
Even so, whale buying appears resilient. Data from Nansen shows that over the past week, PEPE whales on Ethereum added 1.4% to their holdings, bringing their cumulative balances to 305.26 trillion PEPE. Meanwhile, exchange reserves fell 1.14% to 251.2 trillion tokens, suggesting accumulation is happening off-platform.
Technical Breakdown
- Price Action: PEPE slid 3% under sustained selling pressure.
- Volatility: Intraday swings reached nearly 8%, from lows of $0.00000980 to highs of $0.00001268.
- Resistance: Sellers emerged at $0.00001267, capping upward moves.
- Recovery Attempt: A brief bounce lifted prices to $0.00001217, but momentum faded quickly.
- Current Level: The token is consolidating near $0.00001206, now acting as resistance.
- Volume Spike: More than 3.47 trillion tokens traded in 24 hours highlights significant activity.
Until PEPE can decisively hold above resistance and absorb the persistent selling, the market bias remains tilted toward consolidation with a bearish undertone.
