PEPE Plunges 5% on Volume Spike, but Whale Wallets Are Accumulating
PEPE experienced a significant drop of more than 5% in the past 24 hours, with its value plummeting from a high of $0.000014167 to a low of $0.000012915 before showing signs of recovery. The trading volume surged to 13.02 trillion tokens per hour during the sell-off, surpassing the session average of 3.2 trillion tokens, as per CoinDesk Research’s technical analysis data model.
Despite the price decline, there are indications of sustained investor interest in PEPE. Google search queries for PEPE spiked on July 22, peaking just before the market crash. Additionally, the holdings of whale wallets on Ethereum, represented by the top 100 addresses, increased by 3.2% over the last 30 days. Meanwhile, the supply of PEPE tokens on exchanges decreased by 2.5% during the same period, suggesting a reduction in available tokens.
Towards the end of the trading session, PEPE managed to recover some of its losses and stabilized around $0.0000131. The volume of recovery trades remained high, averaging between 300 and 400 billion tokens per hour, indicating renewed buying interest following the downturn.
In terms of technical analysis, the price movements of PEPE exhibited sharp fluctuations with clear levels of resistance and support. The token struggled to surpass the $0.000014150 range, forming a barrier that deterred buyers. On the flip side, the $0.000013 level served as a strong support, prompting price rebounds.
The sell-off was characterized by heightened selling pressure, likely driven by forced exits and profit-taking. However, the consistent buying activity towards the end of the session hinted at a potential rebound. This trading pattern reflects the typical behavior seen in memecoin markets, with hype-driven rallies followed by sharp corrections, presenting opportunities for long-term holders to capitalize on volatility.
It is important to note that this article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, please refer to CoinDesk’s full AI Policy.
