PEPE Slides Nearly 5% as Memecoin Sector Lags Broader Crypto Market

The memecoin market continued to struggle on Tuesday, with PEPE’s sharp downturn helping drag the CoinDesk Memecoin Index (CDMEME) down by 6%, underperforming the broader crypto space.

PEPE, a popular meme-based token, fell nearly 5% over the past 24 hours, weighed down by a surge in liquidations and intense trading activity. The token declined from $0.000012023 to $0.00001119 as bearish momentum erased earlier recovery attempts.

According to CoinDesk Research’s technical model, trading volume spiked to a staggering 6.91 trillion tokens within a single hour, setting resistance near $0.000011692. Subsequent rejection at $0.000011549 during late-session trading sent prices lower again, even as volume soared above 85 trillion tokens.

Although the token approached a potential support level at $0.000011525, a lack of sustained buying interest failed to generate a reversal, suggesting downside risks remain.

Overall, the memecoin sector has significantly underperformed the broader market. While the CoinDesk 20 Index (CD20), which tracks major crypto assets, fell 1.35% over the same period, CDMEME plunged 6%, highlighting sector-specific weakness.

The decline comes amid signs of waning investor confidence. Blockchain analytics platform Nansen reported a 0.1% drop in whale holdings of PEPE over the past week, alongside a 0.5% reduction in exchange balances—an indication of possible repositioning by large holders.

Technically, the chart shows a pattern of lower highs and sustained selling pressure—conditions that often precede deeper losses.