The popular PEPE memecoin is under renewed pressure, losing around 5% in the last 24 hours and almost a quarter of its value last week.
With a current price of $0.0000075 and a market cap hovering around $3 billion, PEPE is facing growing bearish signals that could extend the recent downturn, according to CoinDesk Research’s technical analysis data model.
Trading volume increased to nearly $927 million over the past 24-hour period, reflecting increased volatility.
PEPE is already down 31% this year. During the recent $500 billion cryptocurrency sell-off, it fell more than 30% in one hour as volume skyrocketed to over 2.2 trillion tokens.
Still, not everyone is a bear. Some long-term headlines are piling in and an X user known as Pepe Whale has called for a new all-time high this month.
PEPE whales, according to Nansen data, shed more than 0.5% of their holdings over the past week, while funds on exchanges fell 0.33% in the same period.
The memecoin sector as a whole, according to the CoinDesk Memecoin Index (CDMEME), is down 23.4% in the last 24 hours.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
