Pepe (PEPE), the frog-themed memecoin that surged in popularity earlier this year, fell roughly 4% in the past 24 hours. The decline came as trading activity across the meme token sector cooled from highs seen earlier this week.
The wider memecoin market, based on the CoinDesk Memecoin Index (CDMEME) saw a 3% decline in the last 24-hour period, significantly underperforming the wider market. Measured through the CoinDesk 20 (CD20) index, the wider market lost just 0.1% of its value over the period.
Whale accumulation has nevertheless been ongoing, with the top 100 PEPE addresses on the Ethereum network seeing their holdings rise 1.5% in the last 30 days, while PEPE on exchanges dropped by 0.5% over the same period according to Nansen data.
Technical Analysis Overview
PEPE traded in a $0.0000081 range over the past 24 hours, marking a 7% spread between the high and low, according to CoinDesk Research’s technical analysis data model.
The peak came at $0.0000126621, but repeated breakout attempts above $0.000012 met selling pressure. Critical intraday support was tested around $0.0000118094. The token then moved into a tight consolidation channel between $0.00001181 and $0.00001198, signaling indecision among traders.
The day ended with PEPE settling at $0.0000118, slightly above support but under clear distribution pressure from sellers. Unless its price can reclaim and hold above the $0.000012 resistance zone, momentum may favor a retest of lower support levels.
Volume patterns during the session suggest waning buyer strength compared to earlier in the week, which could limit the chances of a sustained upside breakout without renewed market catalysts.