Peter Smith
The frog-themed memecoin PEPE dropped 4% in 24 hours, but smart money keeps accumulating with top holders boosting their stash by 1.5% this month.
PEPE took a hit yesterday, falling 4% while the rest of crypto barely budged. The meme coin that had everyone talking earlier this year is now trading at $0.0000118, and it's not alone in its struggles.
The whole memecoin space got hammered, with the CoinDesk Memecoin Index (CDMEME) dropping 3% compared to just 0.1% for the broader crypto market. It's clear that meme tokens are having a rough time right now, but there's more to this story than meets the eye.
PEPE Price Drops But Smart Money Keeps Accumulating
Here's where things get interesting: while retail traders seem to be backing away, the big players are doubling down. The top 100 PEPE wallets on Ethereum have actually increased their holdings by 1.5% over the past month, according to Nansen data. Even more telling? PEPE holdings on exchanges dropped by 0.5% during the same period.
This tells us that whales aren't just hodling – they're actively buying the dip while everyone else is panicking. When big money moves tokens off exchanges, it usually means they're planning to hold for the long haul, not dump at the first sign of green.
What the Charts Are Saying About PEPE Price
The technicals aren't pretty right now. PEPE bounced around in a $0.0000081 range yesterday, hitting a high of $0.0000126621 before sellers stepped in. Every time it tried to break above $0.000012, it got smacked down hard.
The token found some support around $0.0000118094 and spent most of the day stuck between $0.00001181 and $0.00001198. That's classic indecision territory – nobody knows which way this thing is going next.
Right now, PEPE is sitting at $0.0000118, just barely above support but still getting pushed around by sellers. Unless it can punch through that $0.000012 resistance and actually stay there, we're probably looking at a test of lower levels.
The volume tells its own story too. Buyers just aren't showing up like they were earlier this week, which makes any breakout attempt that much harder. Without some fresh catalyst or renewed meme coin mania, PEPE might be stuck in this range for a while.
Peter Smith
