PEPE Slips 6% as Whales Load Up, Technicals Hint at Possible Bounce Amid Market Jitters

PEPE (PEP), the frog-themed memecoin, experienced a nearly 6% price drop in the last 24 hours. This decline correlates with the impact of Trump’s reciprocal tariff deadline on the cryptocurrency market, highlighting PEPE’s volatility. The token’s price fluctuated within a significant 16.5% trading range, demonstrating the market’s heightened sensitivity to geopolitical and macroeconomic factors, especially during periods of reduced trading volume.

Despite the price decrease, substantial PEPE holdings remain largely unaffected. Data from Nansen, a blockchain analytics firm, reveals that whale wallets have increased their PEPE holdings by over 5% in the past month, accumulating tokens currently valued at approximately $3 billion—representing over 70% of PEPE’s total supply. This accumulation suggests a degree of confidence among significant investors, counteracting the overall market downturn.

Concurrently, the total supply of PEPE on exchanges has reached a two-year low of roughly 247.2 trillion tokens, a decrease of almost 3% since the beginning of July (Nansen data). This reduction in exchange-listed tokens implies a potential shift towards long-term holding strategies.

Technical analysis indicates that PEPE has struggled to maintain gains after encountering resistance near $0.0000106. Subsequent selling pressure pushed the price downward, although support around $0.00000965 prevented a more substantial decline. CoinDesk Research’s technical analysis model confirms the ongoing volatility, characterized by a descending channel pattern on price charts. This suggests consistent selling pressure during upward price movements.

Trading volume patterns reveal a distribution trend during price spikes, indicating that traders are selling rather than accumulating. However, brief price rebounds and increased buying interest suggest that the memecoin’s price action isn’t entirely bearish. Recent modest price increases, fueled by increased volume, hint at potential for a bounce if broader market sentiment improves. The interplay between whale accumulation, reduced exchange supply, and persistent volatility paints a complex picture of PEPE’s current market dynamics.