cpeditor
PEPE Falls 3% Amid Heavy Selling, but Whales Continue Accumulating
Despite intense selling pressure, whale accumulation in PEPE remains strong, with major holders on Ethereum boosting their stakes by 1.4% over the past week.
Over the last 24 hours, PEPE dropped nearly 3% as traders sold off large volumes of tokens, reflecting renewed market anxiety and widespread profit-taking. According to CoinDesk Research’s technical analysis model, PEPE experienced significant volatility, reaching 7.74% during the session.
The token hit intraday highs of $0.00001268 before falling sharply to lows around $0.00001169 early in the day. While there was a brief rebound attempt, the recovery was short-lived, leaving PEPE trading close to resistance near $0.00001206.
Trading volume surged above 3.47 trillion tokens in the past 24 hours, signaling significant liquidations or rapid repositioning by traders. This volatility coincided with a broader market downturn, with the CoinDesk 20 (CD20) index declining 2.95% and the CoinDesk Memecoin Index (CDMEME) dropping 3.9% over the same period.
Despite the selling, whale activity remains notable. Data from Nansen shows that in the past week, PEPE whales on Ethereum increased their holdings to 305.26 trillion PEPE, while exchange balances decreased by 1.14% to 251.2 trillion PEPE.
Technical Analysis Snapshot
- Price Action: PEPE slid 3% over 24 hours amid heavy selling pressure.
- Volatility: Intraday price swings reached nearly 8%, with lows at $0.00000980 and highs at $0.00001268.
- Resistance Levels: A strong barrier formed at $0.00001267, where selling pressure intensified.
- Short-Lived Bounce: After falling, PEPE briefly recovered from $0.00001210 to $0.00001217, but momentum quickly faded.
- Current Level: The token has settled near $0.00001206, establishing it as a new resistance zone.
- Volume Surge: Trading volumes exceeded 3.47 trillion tokens, highlighting significant activity as traders reacted to shifting price levels.
Until PEPE can decisively clear resistance levels and absorb ongoing selling pressure, the market trend remains tilted toward bearish consolidation.
