PEPE Plunges 5% on Volume Spike, but Whale Wallets Are Accumulating

PEPE experienced a significant price correction on July 22nd, plummeting over 5% within 24 hours. The price dropped from a high of approximately $0.000014167 to a low of $0.000012915 before partially recovering. This sell-off was characterized by an extraordinary surge in trading volume, reaching a peak of 13.02 trillion tokens per hour—more than four times the average hourly volume.

Despite the sharp decline, several indicators suggest underlying investor interest remains strong. Google Trends data reveals a marked increase in Google searches for “PEPE” on July 22nd, peaking just before the price crash, indicating heightened public attention. Furthermore, analysis of whale wallet holdings on Ethereum shows a 3.2% increase in the top 100 addresses over the past month. Simultaneously, data from Nansen indicates a 2.5% decrease in PEPE tokens held on exchanges during the same period, suggesting a reduction in readily available supply.

By the end of the trading period, PEPE had recovered some lost ground, stabilizing around $0.0000131. While the recovery momentum waned, sustained buying pressure, averaging 300 to 400 billion tokens per hour, signaled renewed interest.

Technical analysis reveals distinct levels of resistance and support. The $0.000014150 price point acted as a significant resistance level, repeatedly preventing further price gains. Conversely, the $0.000013 mark served as support, with prices consistently bouncing back from this level. The intense selling pressure, coinciding with the peak in hourly volume, suggests potential forced liquidations and profit-taking by some investors.

The price action reflects a pattern common in memecoin markets: periods of rapid price appreciation fueled by hype, followed by sharp corrections. This volatility, however, appears to be attracting long-term holders who view price dips as opportune entry points. The sustained elevated trading volume post-correction further supports this interpretation. The combination of increased search interest, whale accumulation, decreased exchange supply, and post-correction buying activity suggests a complex market dynamic beyond a simple price drop.