The popular memecoin PEPE is under renewed pressure, losing around 5% over the past 24 hours and almost a quarter of its value over the past week.
With a current price of $0.0000075 and a market cap hovering around $3 billion, PEPE is facing increasing bearish signals that could extend the recent downturn, according to CoinDesk Research’s technical analysis data model.
Trading volume jumped to nearly $927 million in the past 24 hours, reflecting increased volatility.
PEPE is already down 31% this year. During the recent $500 billion cryptocurrency selloff, it fell more than 30% in an hour as volume reached over 2.2 trillion tokens.
However, not everyone is pessimistic. Some long-term holders are piling on, and an X user known as Pepe Whale called for a new all-time high this month.
PEPE whales, according to Nansen data, shed more than 0.5% of their holdings over the past week, while stock exchange funds fell 0.33% over the same period.
The broader memecoin sector, based on the CoinDesk Memecoin Index (CDMEME), is down 23.4% over the past 24 hours.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
