Saad Ullah
PEPE fell 3% in the past day as heavy selling hit the meme coin, though whale accumulation continues behind the scenes.
PEPE took a hit yesterday, dropping 3% as traders dumped tokens in unusually high volumes. The meme coin couldn't catch a break, with volatility spiking to 7.74% as sellers dominated the market. It's part of a broader crypto selloff that's got everyone on edge.
The token peaked at $0.00001268 before crashing down to $0.00001169 early in the day. While there were a few bounce attempts, they didn't stick. PEPE ended up stuck near $0.00001206, which is now acting as resistance. The crazy thing is trading volume hit over 3.47 trillion tokens - that's massive and shows just how much activity was happening.
This selloff isn't happening in isolation either. The whole crypto market is getting hammered, with the CoinDesk 20 index down 2.95% and the memecoin index falling 3.9%. So PEPE's struggles are part of a bigger picture.
PEPE Price Sees Whale Accumulation Despite Market Weakness
Here's where it gets interesting - while everyone's selling, the big players are actually buying more. Data from Nansen shows PEPE whales on Ethereum added 1.4% to their stash over the past week. They're now holding 305.26 trillion PEPE tokens, which is pretty significant.
At the same time, PEPE sitting on exchanges dropped by 1.14% to 251.2 trillion tokens. This usually means people are moving their coins to private wallets, often a sign they're planning to hold longer term.
When whales are accumulating while prices are falling, it often signals they see value others are missing. These guys typically have better market intel and aren't fazed by short-term volatility.
Technical Analysis Shows PEPE Price in Bearish Territory
From a technical standpoint, PEPE's looking pretty rough right now. The 3% drop happened on relentless selling pressure, with prices swinging wildly across an $0.00000980 range. That's some serious volatility.
Bulls tried to push things higher, getting PEPE up to $0.00001268, but sellers stepped in hard at $0.00001267. From there, it was all downhill to the $0.00001169 low.
There was a brief recovery attempt that got PEPE back up to $0.00001217, but it fizzled out quickly. The token settled back near $0.00001206, and that level is now acting as resistance.
The massive trading volume of 3.47 trillion tokens shows how active traders were, probably doing some major position adjustments or taking profits. Until PEPE can break above that $0.00001206 resistance and start absorbing the selling pressure, it's likely to stay in this bearish pattern. The key thing to watch is whether buyers show up at these levels or if we see more downside ahead.
Saad Ullah
