PEPE Falls by 4% Amid Weakening in Memecoin Sector

Overview

Pepe (PEPE), the popular frog-themed memecoin, experienced a 4% decline over the past 24 hours as trading activity in the memecoin sector has diminished. This drop contrasts with the broader cryptocurrency market, which only lost 0.1% during the same timeframe as measured by the CoinDesk 20 index.

Whale Accumulation Continues

Despite the price drop, whales are still accumulating PEPE, with the top 100 addresses increasing their holdings by 1.5% in the last month on Ethereum. The CoinDesk Memecoin Index, which tracks the overall memecoin market, reported a 3% decline, outpacing PEPE’s drop.

Technical Analysis

PEPE has shown volatility with trading ranges as wide as $0.0000081 over the last 24 hours, signaling a 7% spread between highs and lows. Key resistance remains at $0.000012; failure to reclaim this level may see PEPE testing lower support levels around $0.0000118.

PEPE Price Chart
(CoinDesk Data)

For ongoing updates, consider following the news on CoinDesk.