Despite a recent decline in price, major holders—often called “whales”—have expanded their positions in PEPE by over 5% during the past month.

The frog-themed memecoin PEPE (PEP) dropped close to 6% in the past 24 hours, rattled by market uncertainty as traders reacted to the looming deadline for Trump’s reciprocal tariffs, which added fresh geopolitical tension to an already fragile crypto landscape.

PEPE’s price fluctuated within a significant 16.5% trading range, highlighting how quickly market sentiment can shift, particularly in an environment where lower trading volumes leave prices vulnerable to sharp moves.

However, beneath the surface, large investors remain active. Blockchain analytics platform Nansen reports that whale wallets have boosted their PEPE holdings by more than 5% over the last month, accumulating tokens now worth about $3 billion—representing over 70% of the memecoin’s total supply.

Meanwhile, PEPE’s supply on exchanges has dropped to a two-year low of around 247.2 trillion tokens, marking a nearly 3% decrease since the beginning of July, according to the same data.

Technical Analysis Snapshot

PEPE has struggled to sustain momentum after testing resistance near $0.0000106, where selling pressure has consistently pushed prices back down.

The token has found support around $0.00000965, preventing deeper declines for now. CoinDesk Research’s technical analysis indicates the overall trading range continues to reflect heightened volatility.

Charts reveal that PEPE’s recent price action is forming a descending channel, with sellers stepping in whenever prices attempt to rally. Trading volumes show a pattern of distribution during price spikes, suggesting that traders are more inclined to take profits than to establish new long positions.

Despite the bearish tone, occasional rebounds and bursts of buying activity indicate that PEPE could still see a recovery. A recent spike in volume lifted prices modestly off recent lows, hinting that some traders remain optimistic about a potential bounce if broader market conditions stabilize.