PEPE Drops 5% on Volume Spike as Whales Quietly Accumulate

PEPE saw a sharp 5.2% decline on July 23, falling from $0.000014167 to an intraday low of $0.000012915 amid heightened selling pressure. The move was accompanied by a spike in trading volume, with more than 13 trillion tokens exchanged in a single hour—well above the average session volume of 3.2 trillion.

Despite the drop, on-chain data suggests that large investors are accumulating. Wallets among the top 100 Ethereum addresses holding PEPE increased their balances by 3.2% over the past 30 days. Meanwhile, exchange-held PEPE supply decreased by 2.5%, signaling a move toward longer-term storage and reduced sell-side liquidity.

Google Trends data also shows a surge in search interest for PEPE on July 22, preceding the price dip, pointing to rising awareness and speculative momentum.

Technically, PEPE faced repeated rejection near the $0.000014150 level, which now acts as firm resistance. The $0.000013000 zone, however, held as key support, with buy-side volume intensifying on the pullback. During the rebound phase, hourly trading stabilized at 300–400 billion tokens, suggesting traders are cautiously re-entering.

While memecoins remain highly volatile, sustained whale accumulation during market weakness could offer a bullish undertone—especially if overall market sentiment turns risk-on in the days ahead.